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ADB Ventures offers Vietnamese startups 1 million USD for 2021-2023

The ADB Ventures - Supporting Impact Startups, a joint project between Vietnam National Innovation Centre (NIC) and the Asian Development Bank (ADB), has been launched, offering 1 million USD for Vietnam between 2021 and 2023.

At the launching ceremony on October 7, Deputy Minister of Planning and Investment Tran Duy Dong stressed that the project will contribute to solving the problem of capital for the operation of innovative and start-up enterprises in Vietnam.

The project prioritises those operating in the sectors of clean energy, finance, agriculture, and health, helping them access finance and building business skills. It encourages entrepreneurs to develop technological solutions that can produce positive changes to climate change and gender equality.

Dong said he believes the ADB Ventures will realise its targets in contribution to assisting innovative and startup firms in developing the solutions as well as Vietnam in achieving it sustainable development goals.

Vu Quoc Huy, director of the NIC, said the centre will work with the ADB in searching and selecting potential firms operating in Vietnam that meet the project’s requirements.

Vietnam will participate in the implementation of two technical support components, namely the ADB Ventures Lab and ADB Ventures SEED. Via the components, ADB will help startups reduce market risks, connect them to potential customers, and help them pilot their technical solutions in new markets.

It is expected that there will be 15 viable business ideas tested in the ADB Ventures Lab, and ten innovative Vietnamese enterprises receiving assistance of up to 200,000 USD each in the ADB Ventures SEED./.