InnoLab

Asia
OPEN INNOVATION VIETNAM

Open Innovation Vietnam is a national initiative

launched by NATEC at TechFest 2018 to build an open
innovation platform to connect corporates, SMEs with
the startup ecosystem in Vietnam towards 2025.

The initiative is initiated by Mdm. Phi Van Nguyen -

Senior Advisor for Project 844 under NATEC with the
mission to build the startup and innovation ecosystem
of Vietnam towards 2025.

Innolab Asia has been appointed as the implementation partner for Open Innovation Vietnam. Our
vision is to create an innovative collaboration platform where all stakeholders in one innovation
ecosystem meet, collaborate and succeed together
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WHAT WE DO

01. Conferences, exhibitions & 02. Innovation Capacity

03. Crowdpitch 04. Investment & M&A
workshops Training

05. Corporate Innovation

06. Acceleration program 07. Market entry program 08. Tech services
Advisory
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Our Role in OPEN INNOVATION ecosystem

Innovative and tailored solutions

Tech services
Crowdpitch

Building trust, matching needs and ensure

1 STARTUPS a win-win cooperation
CORPORATES 2
Incentives

Incentives
Financial support
Legal support

3 GOVERNMENT / NGO
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Our Accelerator Ecosystem

1. Startups: developing IP, job creators, value

creators

2. Corporates: as customers and potentially

5. Government
strategic investors

3. Mentors & Advisors: providing coaching,

6. Universities 4. VCs
legal support and advice to startups

1. Startups 4. VCs and Angels: providing capital alongside

InnoLab Asia to fuel the startups growth

3. Mentors 5. Government: favourable policies for startup

7. Tech Services & Advisors
ecosystem development

2. Corporates 6. Universities: access to HR talent as startups

begin to scale

7. Tech Services: providing software expertise

and digitalization solutions for e-commerce,
InnoLab Asia Partner startups and enterprises. 5
InnoLab Asia Partner

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Our Services

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 INNOLAB ASIA
Partner of choice for Foreign Startups to expand
in Vietnam

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Vietnam: At a Glance
Economic Indicators

GDP Growth rate FDI inflows Inflation rate

8.02% (2022) US $27.7b (2022) 3.15% (2022)
3.32% (2023Q1) US$ 3.35% (2023Q1)

GDP per Capita Benchmark Interest Rate Ease of doing business

US$ 3607.23 (2022) 4.5% (Jul 2023) Global rank: 70/190 (2020)
Social Indicators

Population Government Literacy

Nearly 100m (Single-party) Communist 96% (2019)

Global Index of Digital Entrepreneurship Global Innovation Index Internet Usage

Global rank: 63/113 (2022) Global rank: 48/132 (2022) ~74% of population (2022)
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Investment deals

165

Total investment and number of deals in Vietnam startups (in USD million) Investment amount breakdown by industry in 2022

Source: Nextrans

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Potential challenges for Foreign startups

1. Cultural Differences: Understanding and respecting Vietnamese culture is essential. Building

relationships and trust can take time, and missteps in cultural norms can hinder business success

2. Language Barrier: Although English is becoming more prevalent, especially among the younger
population, a language barrier may still exist. Localizing your products and services in Vietnamese can be
crucial for reaching a wider audience

3. Regulatory and Legal Hurdles: Navigating the legal and regulatory landscape in Vietnam can be
complex. Understanding the local business laws, permits, and licenses required for your industry is
essential

4. Competition: The tech industry in Vietnam is competitive, with both local and international players
vying for market share. You'll need a strong value proposition and differentiation strategy

5. Talent Acquisition: Hiring skilled and knowledgeable employees can be challenging. Vietnam has a
growing tech talent pool, but competition for top talent is fierce.

6. Local Partnerships: Building relationships with local partners and distributors can be crucial for market
penetration. Finding the right partners who understand the market will be key to success

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Market Entry Process

A comprehensive market entry plan includes thorough market research, legal

and regulatory compliance, strategic partnerships, effective localization, talent
acquisition, marketing strategies, operational setup, and financial planning. This
plan ensures a smooth entry into the market, enabling the company to navigate
challenges and capitalize on opportunities in the Vietnamese market.

Legal and Regulatory Strategic Localization Operational Setup and

Market Research Compliance and Marketing
Partnerships Financial Planning

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Innolab Services for Foreign Startups

Continuous
Improvement
Profit
Maximization
Reinvent parts of
Scale the business
Increase through new
Progress

operational solutions in line

Setup efficiency to with development
Drive growth
and further grow profit in Vietnam
Validation development of market
Provide support
the venture
to setup
Discovery business entity
aggressively
Validate the
solution through and customize
feedback from product for
Assess whether Vietnam market
local experts
the venture
solves a relevant
problem in
Vietnam

Time 13
Market entry for startups in Malaysia

● Client: Malaysian Business Angel Network (MBAN)

● Timeline: 2018
● Deliverables:
○ Support 4 Malaysia startups connect and engage with 5 local business
partners in VN

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Market Entry for Malaysia Tech Startups

InnoLab Asia serves as an advisory to Malaysia Digital Economy Corporation on Vietnam’s tech ecosystem key partners for collaboration,
providing online consultancy and advisory services to Malaysian tech companies relevant to market expansion in Vietnam.

● Client: Malaysia Digital Economy Corporation

(MDEC)
● Timeline: September 2021 to February 2022
● Deliverables:
○ 1 webinar with sharing from 6 experts
○ Support 4 Malaysia startups connect &
engage with 8 local business partners
○ Connect MDEC with 5 potential partners

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RISING X Demo Day Startup Runway

● Client: The Invention Lab @Korea

● Timeline: August to October 2019
● Deliverables:
○ 3 webinars
○ 1 Pitching competition
○ 1 Demo day showcase startups
○ 36 hours mentoring
○ Support 8 Korean startups entry VN market

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WHY INNOLAB

We are the only startup-focused consulting

company who acts as Single Point of Contact
for providing full lifecycle support to aspiring
foreign startups to setup, pilot and scale their
businesses in Vietnam

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THANK YOU
Email: assistant@innolab.asia
Hotline: +84 933 574 688

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