Ho Chi Minh City seeks ties with Silicon Valley-based platform to boost start-ups, global tech investment

Executives from Plug and Play joined a seminar on artificial intelligence and innovation ecosystems at Startup and Innovation Hub of Ho Chi Minh City on Wednesday, an event organized by the city’s Department of Science and Technology.

Le Thanh Minh, deputy director of the department, said the city viewed science, technology, innovation, and digital transformation as key new growth drivers.

Therefore, the city was seeking stronger cooperation with international organizations involved in global innovation ecosystems.

Minh said potential areas of cooperation between the city and Plug and Play could include start-up accelerator programs, international investment connections, open innovation programs for businesses, innovation workforce development, and support for Vietnamese start-ups seeking access to global markets and innovation networks.

He said the city wanted local start-ups to gain greater access to technology testing partners, mentors, investment funds, and international growth support programs.

Ho Chi Minh City is also continuing to expand international cooperation to connect its innovation ecosystem with global knowledge, technology, and markets.

Plug and Play, headquartered in Silicon Valley, has built a network of more than 100,000 start-ups and over 550 corporate partners worldwide.

It has made more than 2,500 investments in technology start-ups, including companies such as PayPal, Dropbox, Honey, and LendingClub.

The company operates in more than 60 locations globally across sectors including artificial intelligence, fintech, semiconductors, logistics, mobility, smart cities, and sustainable technology.

Jojo Flores, co-founder of Plug and Play, said the company hoped Ho Chi Minh City could become part of its global network, adding that Vietnam still had untapped potential within international innovation ecosystems.

Flores said Plug and Play’s Southeast Asia team reached only about 70 Vietnamese start-ups last year despite Vietnam having an estimated 3,000-4,000 start-ups.

He hoped Vietnam could soon become an official base for the platform in the region.

He also said Southeast Asia still had relatively few technology unicorns within Plug and Play’s ecosystem, expressing hope that more regional technology companies would grow into global-scale businesses over the next decade.