Experts: Start-up potential high for solution finders - Experts: Start-up potential high for solution finders - Website Ho Chi Minh City
A huge potential exists in the country for start-ups that find innovative solutions for existing problems, and young people must be the game changers for this to happen.
Leaders of local successful companies said at the Vietnam Young Leaders Forum held on December 15 that fear of failure most not make youth hesitate to launch start-ups.
They highlighted in particular the start-up opportunities presented by the agriculture and horticulture sectors in the coming 10 years.
Nguyen Thanh My, chairman of the Business Association of Overseas Vietnamese and general director of Rynan AgroFoods Co, said keeping rice cultivation profitable had become a stiff challenge, which meant opportunities for start-ups with clever solutions.
Competition in producing and exporting low-priced rice is no longer attractive, he said, adding: “We must change the game”.
My suggested young people study the whole agricultural value chain to understand the sector’s demands and stay updated on technology trends to come up with new solutions that can launch a start-up.
Le Dang Khoa, CEO of Ba La Xanh Fertiliser Co Ltd, the Bamboo Eco Village Resort and Zita.vn, also advised young people to observe, engage and gather experience in areas that interest them.
"They should dare to think differently and act differently to develop new products/services that better meet market demand," he said.
“Opportunities are all around us. For instance, the world’s fresh flower market is worth 92 billion USD. The Netherlands meets 50 percent of this and Ecuador 15 percent, while exports from Vietnam remain very modest.
“Holland has tulips, Ecuador is famous for roses. Why is not Vietnam the capital of hydrangea and sunflowers?”
With favourable climatic conditions, it is possible for Vietnam to gain a larger piece of the world flower market, Khoa said.
My said Vietnam had a good internet infrastructure, and Vietnamese people were also good at IT, which was a good foundation for exploiting Industry 4.0 opportunities.
“This is also an opportunity for start-ups if they can understand the market.”
Truong Ly Hoang Phi, director of the Business Start-up Support Centre (BSSC) and head of the forum’s organisation board, said this year had witnessed a strong start-up wave, especially in the use of technology platforms to modernise the traditional business landscape.
The forum aims to create opportunities for young leaders to learn from different generations of entrepreneurs and successful Vietnamese start-ups. This will strongly inspire entrepreneurship and a positive mindset among the younger generation, she said.
Other delegates at the forum recommended that young people who wanted to launch start-ups do not hesitate, and be ready to accept failure before finding their own paths to grow.
Organised by the BSSC in collaboration with the Young Businesspeople Association of HCM City and Vietnam Economic Forum, the Vietnam Young Leaders Forum, themed “Change the Game,” attracted 600 delegates, including leaders of enterprises and university students.