Techfest, the largest startup event in Vietnam, organized annually by the Ministry of Science and Telecommunication (MoST), was held in Seoul on April 13. 

The Invention Lab, which is promoting Korean startups to enter Vietnam, participated as a sponsor of the event. 

TechFest, which is similar to ComeUp, the largest startup event in Korea, is the largest startup event and festival organized annually by MoST. Mr. Tran Van Tung, Deputy Minister of Science and Technology, who is in charge of fostering the startup ecosystem of the Ministry, Mr. Pham Hong Quat, Director of NATEC, which leads the startup ecosystem in Vietnam, and other attachés from the Embassy of Vietnam in Seoul were the main guests. 

Speaking at the event, named ‘Techfest in Korea 2023’, Deputy Minister Tran Van Tung emphasized that “Vietnam and Korea are like brotherly countries, and there is a lot of room for mutual growth.” “We will consider inviting Korean startups to participate in Techfest, Vietnam’s startup event, to create synergies with each other,” he said. 

The event featured presentations by five outstanding Vietnamese startup teams and a panel discussion with seven investors and support organizations from both countries. The startups that pitched at the event include 

• SoBanHang: Winner of TechFest 2022, building a system for one-person and small business sales in Vietnam. 
• FINA: Vietnam’s #1 online home mortgage service 
• Smulie: Combining piano lessons with games
• GoStream: a live streaming service that won the 2020 TechFest.

“In order for the Vietnamese startup ecosystem to move forward in a more developed direction, active approaches such as open innovation, business and technology partnerships between local large and medium-sized enterprises and Korean tech startups are needed,” said Kim Jin-young, CEO of The Invention Lab, a sponsor of the Techfest Korea event and a panelist. “In the future, institutional procedures such as establishing investment unions in Vietnam will be very important so that Korean capital can flow into Vietnam.”

An official from Vietnam’s MoST said, “We know that Korea’s TIPS program is a very successful model. Vietnam should also create an R&D-linked investment program that plays the same role as Korea’s TIPS to actively expand local VC funds and facilitate the flow of funds to high-quality early-stage startups.”