Most startups are in the technology sector as Vietnam has many technology talents. However, this is also a barrier because startups focus on technology rather than solutions to life issues.
He said young people need to go out more regularly, discover problems and think about how to solve them with technological solutions. The more problems they discover, the more opportunities they will have for startups.
Edward Jung, the co-founder of Window NT, Office and Microsoft Research, the author of over 1,000 patents, also thinks technology will be mainstream in Vietnam in the time to come with the greatest opportunities available in the fields of cameras, radio, bulbs, healthcare, games, automobile, aviation, lasers, computing and finance.
In Vietnam, the bulb filament semiconductor technology is a new field where start ups can succeed.
The expert advised Vietnamese youth to start with niche markets because differences are more likely to bring success. Uber, for example, has changed the entire taxi industry by using technology.
“One can start up with small ideas and in small niche markets and scale up the business later,” he said.
Mai Huong, the founder of Coco Sin, Fibér and 8870 Link brands, also showed interest in technology, especially Big Data.
“With huge information about users, you need Big Data to better understand clients. Big Data can solve many problems. For example, you can calculate how many products you need to make,” she said.
Vu Chi Kien from the HCMC Planning and Architecture Department said that local authorities want to build HCMC into a smart urban area, so startups using technologies that can solve social problems are always encouraged.
The municipal authorities, for example, decided to allocate a budget of US$15 million in 2017 for information technology development, which was triple that of 2016.
Mentioning the opportunities of Vietnamese companies in the world market, Jung said Vietnam’s level of development is lower than some other countries, but it is sustainable with good bilateral international relations, a great competitive edge.
He noted that the average time needed to open a business in Vietnam has shortened significantly compared with many other countries.
Besides, there are certain favorable conditions in Vietnam. In developed and populous countries, one idea may be thought of by 4,000 people. Having original and different ideas is difficult in Silicon Valley, but it is more possible in Vietnam.