Vietnam government launches ‘Silicon Valley Project’
Vietnam’s Ministry of Science and Technology will build two accelerators under its Silicon Valley Project for technology commercialization - turning research into practical applications.
The project is currently looking to put $400,000 towards building an ecosystem for incubation, acceleration, seed funding, and eventual exits. The accelerators will be based in Hanoi and Ho Chi Minh city, and will support at least two batches of start-ups in 2014.
Minister of Science and Technology Nguyen Quan said they had invited experts from Silicon Valley as advisers for the project. Funding has been sourced from businesses, organizations and individuals, not from the state budget.
"If scientists use the state budget for research and fail, they would face inspection, audit and even have to return the capital they used to the state budget. With venture capital funds, the investors and the scientists share the risks," Quan said.
Many investors have stayed away from Vietnamese start-ups because of legal complications.
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