METI will hold the fourth Fast Track Pitch under the “ASEAN-Japan Co-Creation Fast Track Initiative” in Hanoi, Vietnam to accelerate global open innovation of Japanese companies/startups

1. Overview

Taking the opportunity of the 50th anniversary of ASEAN-Japan friendship and cooperation this year, METI and JETRO have decided to launch the “ASEAN-Japan Co-Creation Fast Track Initiative” to support the creation of open innovation through collaboration between startups and large companies from both ASEAN and Japan. This initiative proposes a new format of cooperation with ASEAN countries to create new innovations. 

Under this initiative, METI has held the Fast Track Pitch events in Singapore (April 20th, 2023) and in Bangkok (August 7th, 2023), in which more than 700 people from startups, large corporates, investors, and supporting organizations participated. Also, the third event is scheduled to be held in Jakarta on September 1st, 2023.

Today, METI announces that the “Inno Vietnam - Japan Fast Track Pitch 2023” will be held in Hanoi, Vietnam on November 3rd, 2023 to be co-organized by Ministry of Planning and Investment of Vietnam and Vietnam National Innovation Center as the fourth round of the “ASEAN-Japan Co-Creation Fast Track Initiative”.

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2. Challenge owners and challenges

At the fourth Fast Track Pitch Event to be held in Vietnam, 6 companies from Japan and Vietnam with strong business presence in Vietnam become challenge owners and provide challenges based on each company’s needs to create open innovation and call for solutions from startups to each challenge.

Each company's challenges are published on the following JETRO’s special website and application is opened for startups to submit proposals. Startups can submit their proposal through the special website. The deadline for proposals is 11:59 PM September 24th, 2023 (Vietnam time).

• Inno Vietnam - Japan Fast Track Pitch 2023

3. About the launching event

Launching event of the “Inno Vietnam - Japan Fast Track Pitch 2023”

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4. Supported By

The “Inno Vietnam - Japan Fast Track Pitch 2023” is supported by following partners from the startup eco-system of Vietnam, ASEAN, and Japan.

(As of August 25, 2023)

 

5. (Reference) About the ASEAN-Japan Co-Creation Fast Track Initiative

(1) Overview

In ASEAN, which is expected to become a growth center driving the world economy, leapfrogging startups have been creating many innovations that solve societal issues by utilizing digital technology in a wide range of fields such as logistics, payments, and finance. In addition, due to the young population structure and rapidly rising income levels, the size of the middle-income population that enjoys an affluent consumer lifestyle, especially in urban areas, is increasing.

For Japanese companies, it is becoming crucial to develop strategic collaborations with startups that are achieving rapid growth so that they can incorporate innovations that are newly created in the ASEAN region and improve their competitiveness in the growing ASEAN market.

With this understanding and taking the opportunity of the 50th anniversary of ASEAN-Japan friendship and cooperation this year, METI and JETRO have decided to launch the “ASEAN-Japan Co-Creation Fast Track Initiative” to support the creation of open innovation through collaborations between startups and large companies from both ASEAN and Japan. This initiative proposes a new format of cooperation with ASEAN countries to create new innovations.

In June, 2023, JETRO signed an MOU with ASEAN-BAC for cooperation to promote the ASEAN-Japan Co-Creation Fast Track Initiative.

(Reference) Press release by JETRO

• Three MOUs Signed with ASEAN Business Advisory Council (ASEAN-BAC)

Under the ASEAN-Japan Co-Creation Fast Track Initiative, startups from ASEAN and Japan will have the opportunity to (1) receive support not only from Japanese organizations such as JETRO, but also from the government agencies of ASEAN countries, and (2) access not only major Japanese companies but also a wide range of startup ecosystems, including global companies based in ASEAN.
 
Moreover, finalist startups will receive additional points in the selection process in the Asia Digital Transformation (ADX) Promotion Program to support their PoCs.

(Reference)

• Website of the Asia Digital Transformation (ADX) Promotion Program by JETRO

(2) Past event of the Fast Track Pitch

In Singapore, the first "Singapore-Japan Fast Track Pitch Event" was held on April 20th, 2023, co-organized with the Ministry of Trade and Industry, Enterprise Singapore, and Singapore Economic Development Board.
The second round, the “Zest Thailand ―Thailand-Japan Fast Track Pitch Event 2023―”, was held on August 7th, 2023, in Bangkok, co-organized with PTT Public Company Limited (PTT Group), the Thailand Board of Investment, and Ministry of Energy of Thailand.
For more information on the past events and the challenges, please refer to the press releases below.

(Reference)

• METI held the “Singapore-Japan Fast Track Pitch Event” in Singapore to accelerate global open innovation of Japanese companies/startups
• METI Held the “Zest Thailand ―Thailand-Japan Fast Track Pitch Event 2023―” in Bangkok to Accelerate Global Open Innovation of Japanese Companies/Startups

(3) Schedule of the future events

The next round of the Fast Track Pitch Event will take place in Jakarta, Indonesia, on September 1. Please refer to the JETRO’s special website below for more details.

• Indonesia-Japan Fast Track Pitch Event 2023

Division in Charge

Asia and Pacific Division, Trade Policy Bureau