Vietnamese Prime Minister Nguyen Xuan Phuc pledged he would provide favorable conditions to young businesses and startups at a forum in the central city of Da Nang on Thursday.

PM Phuc delivered a speech at the Youth Startup Forum, a program organized by the Central Committee of the Ho Chi Minh Communist Youth Union and the Vietnam Youth Federation.

The premier referred to the event as a helpful dialogue channel between the government and young intellectuals for seeking effective paths to boost startups and innovative projects.

The Youth Startup Forum in Da Nang City on November 29, 2018. Photo: Tuoi Tre

“The government commits all possible support for young businesses and startups across the country to thrive in the near future,” PM Phuc remarked.

He assigned relevant ministries and agencies to consider constructive policies and mechanisms to create a legal framework and a level playing field for up-and-coming startups. 

The Ministry of Science and Technology was asked to acquire startup ideas to submit to the premier.

Prime Minister Nguyen Xuan Phuc answers questions from participants. Photo: Tuoi Tre

During the gathering, participants discussed the strengths and shortcomings of young Vietnamese startups, the efficiency of support centers in Vietnam, and relevant policies and mechanisms.

They also suggested measures to create breakthroughs in the development of Vietnamese startups based on lessons and successful models in other countries.

Le Quoc Phong, First Secretary of the Central Committee of the Ho Chi Minh Communist Youth Union, highlighted some existing challenges to local startups, namely incentives, capital, and investment mechanisms.

Such a forum is necessary for the startup community to discuss and suggest solutions to these obstacles, Phong said.

Participants at the forum. Photo: Tuoi Tre

Participants at the forum. Photo: Tuoi Tre

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