Impressive Vietnamese Start-ups Capture the Attention of Foreign Investors

Three Vietnam-based companies emerged as winners in the final round of the "Inno Vietnam - Japan Fast Track Pitch 2023" after a tough competition against various international start-ups. The success of these three companies can be attributed to their innovative and adaptable tech solutions, showcasing their dynamic and creative approach.

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The final round of the “Inno Vietnam – Japan Fast Track Pitch 2023” took place on November 3 in Hanoi.

Foreign Investors Impresses With Vietnamese Start-ups
Foreign Investors Impresses With Vietnamese Start-ups

The “Challenge Owners” at the final round are six entities in the innovation and tech sector from both Japan and Vietnam, namely VinFast, FPT Information System, MoMo (Vietnam), Becamex Tokyu Group, Money Forward, and Fujikin Group (Japan).

The competition is co-hosted by the Ministry of Investment and Planning of Vietnam and the Ministry of Economy, Trade and Industry of Japan (METI). It is a part of the “ASEAN-Japan Co-Creation Fast Track Initiative”, which was launched by METI and the Japan External Trade Organization (JETRO). The goal is to support the creation of open innovation through collaboration between startups and large companies from both ASEAN and Japan.

The 12 finalists had the opportunity to pitch their solutions to “Challenge Owners”. To win, they must show that their solutions match the enterprises’ pressing challenges. Also, the finalists must present their contribution to solving common urgent issues in the region and the world.

All of the contestants in this round receive additional points when applying for the Asia Digital Transformation Promotion (ADX) Program. This will benefit them in getting funding of up to 50 million Yen (about US $334,000).

Three out of the six winners are representatives from Vietnam. They are Rikkei AI Vietcetera and Ecotek. In particular, Rikkei AI won the “Challenge Owner Award” by Fujikin Group for their solution in developing artificial intelligence technology systems for manufacturing plants, heightened works, and hazardous environments. Meanwhile, “Challenge Owner Award” winner Vietcetera bagged the “Audience Award” for coming in 1st place in the audience’s vote poll.

Foreign Investors Impresses With Vietnamese Start-ups
Foreign Investors Impresses With Vietnamese Start-ups

The “Challenge Owners” will support the winners in scaling up and attracting foreign funding, thereby securing their positions in the global supply chain.

Addressing the success of the competition, JETRO Executive Vice President Kazuya Nakajo believed that the values brought by the “Inno Vietnam – Japan Fast Track Pitch 2023” have a great impact in Vietnam, Asia, and globally.

“Their dynamic will contribute to the future of Vietnam – Japan cooperation,” said Kazuya Nakajo.

Zoey Nguyen