On 2 May 2019, at Vietnam Private Sector Economic Forum, our Vice Chairman, Mr. Csaba Bundik, participated in the session on New business models and creative start-ups in Vietnam.
Here he had chance to share his experience in this field, especially with the 3-billion USD fund.
Mr. Csaba Bundik – Vice Chairman of CEEC. Photo by VNExpress
His recommendation was firstly about education for start-up and businesses as well as training the bank to understand and invest for start-ups. For example, at first, angel investors don’t have much knowledge on start-ups, that’s why it’s necessary to focus on education, then gather knowledge from the early stage to IPO stage.
Secondly, Vietnam can learn from many countries. Mr. Csaba gave an example on Malaysian government who has taxation incentives for angel investors. If you invested in a start-up, you will get income tax deduction. The second thing was the sandbox testing mechanism, which could be useful in short term but may not work in the long run. In addition to tax incentives, if angel investors bared the loss, the Government may reimburse a part of it, so as they can be assure for their upcoming investment. From which the process will be faster and more balanced between public and private sectors.
And last but not least, Mr. Csaba thought it is necessary to bring start-up education program into the school. In addition, technological factors need to be promoted in startups in Vietnam for better competition at country level.