That was the message delivered by Vice Chairman of the municipal People’s Committee Ho Quang Buu at the three-day Da Nang Venture and Angel Summit (DAVAS) on May 26 – which featured 5,000 participants, including 30 venture capital funds and 62 start-up projects.

Buu said Da Nang has rapidly expanded its ecosystem over recent years with a series of successes in new regional and global companies, helping establish the city as ‘Vietnam’s fastest-growing start-up ecosystem’.

“It took us only two years to climb 342 places in the world’s Top 1,000 start-up ecosystems in StartupBlink’s 2024 global ranking," Buu said.

"Currently, Da Nang is ranked 554th in the world following efforts to establish the Free Trade Zone and launch the first Vietnam International Finance Centre in Da Nang (VNIFC-DN).

“Da Nang has been focusing on completing the VNIFC-DN and speeding up the development of regulatory sandboxes, AI, FinTech, Blockchain, semiconductors and the digital economy that allow local tech firms to test new models within a flexible legal framework.”

Buu added that the city will do all it can to support start-up projects and encourage local innovators to think big.

Pham Hong Quat, Director of the Agency for Innovation and Technology Enterprises under the Ministry of Science and Technology, said that a strong start-up ecosystem needs not only loans from traditional banks, but also venture capital funds and financial support from international major international technology companies.

Quat said: “This year’s DAVAS has drawn 30 capital funds – including Quest Ventures, Do Ventures, ThinkZone Ventures, Antler, Daiwa Corporate Investment, MEXC Ventures and Lotte Ventures Vietnam, with total funding of 5 billion USD for 62 start-up innovation projects.

"It’s a positive promotion for Da Nang as the country wants to turn the city into a global technological innovation centre with huge investments from international hi-tech industries.

“The Government will set up clear mechanisms and legal bases for development of all innovative ideas and pilot projects. It will help to boost a ‘Deeptech hubs network’ and Da Nang will be one of the key elements.”

The city’s Department of Science and Technology reported that 189 start-up projects have been launched, with 83 businesses being formed, while three support centres, 12 incubators, eight co-working spaces, three makerspaces and dozens of university-based start-up clubs have emerged.

Many universities and research institutes expanded creative spaces, incubation centres and technology-transfer activities, and 32 start-up projects have been given a total fund of 6.1 billion VND (244,000 USD).

Nguyen Chuong, Vice Chairman of the city’s Young Business Association, said that Dat Bike, a Da Nang-based electric motorcycle manufacturer, is seen as one of the most successful clean mobility companies in Vietnam.

He said the 2019-founded company, with the goal of replacing gasoline-powered motorcycles in Vietnam, has been building its own effective mechanism and policies and has grown from nine electric bikes per month to 10,000.

The company had raised 22 million USD in a Series B funding round co-led by F.C.C., a company listed on the Tokyo Stock Exchange, and Rebright Partners, with participation from venture funds and long-term strategic investors.

Chuong said: “Local battery-powered bike producers have launched 52 shops nationwide, and the number will increase to 100 by the end of 2026. It has achieved a localisation rate of 92% with domestic spare parts and accessories suppliers."

At the conference, Memoranda of Understanding (MoUs) on cooperation and development were signed between the central city’s Innovation and Start-up Supporting Centre (DISSC) and the Global On-chain Economic Alliance, BambuSP and Russian partners.

The city also awarded a certificate to ThinkZone Ventures, the largest locally funded venture capital firm in Vietnam./.