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- METI Held the "Inno Vietnam-Japan Fast Track Pitch Event 2023" in Hanoi to Accelerate Global Open Innovation of Japanese Companies/Startups
METI Held the "Inno Vietnam-Japan Fast Track Pitch Event 2023" in Hanoi to Accelerate Global Open Innovation of Japanese Companies/Startups
November 6, 2023
The Ministry of Economy, Trade and Industry (METI) and The Japan External Trade Organization (JETRO), co-organizing with the Ministry of Planning and Investment and the Vietnam National Innovation Center, held the “Inno Vietnam-Japan Fast Track Pitch Event 2023” in Hanoi to accelerate global open innovation of Japanese companies and startups.
1. Overview
METI and JETRO, co-organizing with the Ministry of Planning and Investment and the Vietnam National Innovation Center, held the “Inno Vietnam-Japan Fast Track Pitch Event 2023” in Hanoi on November 3rd.
In front of more than 350 participants (more than 240 in-person and more than 110 online), 12 startups from Japan, Vietnam, and other regions presented their proposals on the open innovation challenges provided by the 6 challenge owners, including Japanese companies and Vietnamese companies.
Prior to the presentations, Mr. NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan, and Mr. Nguyen Chi Dung, Minister of Planning and Investment, gave opening remarks, stressing the importance of strengthening cooperation for the creation of innovation between the two countries.
Mr. NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan
Mr. Nguyen Chi Dung, Minister of Planning and Investment
2. Pitch session by the finalist startups
During the application period, about 90 startups from all over the world submitted proposals to challenges provided by challenge owner companies, including 6 Japanese companies and Vietnamese companies. From among these, the following 12 startups selected as finalists by each challenge owner presented their proposals.
Please refer to JETRO’s special website for the detailed challenge statements and finalist startups.
Inno Vietnam-Japan Fast Track Pitch Event 2023
3. Networking session
At the pitch event venue, participants, including challenge owners, startups, VCs, accelerators, government organizations, and co-organizers, actively engaged in the network session and built networks with other participants. Also, seafood products, including scallops from Hokkaido, together with Sake, and Shochu, were served at the venue and highly regarded by participants.
4. Co-organizers and Supporters
The “Inno Vietnam-Japan Fast Track Pitch Event 2023” was co-organized by JETRO, METI, and the Embassy of Japan in Vietnam from Japanese government, and the Ministry of Planning and Investment and the Vietnam National Innovation Center from Vietnam, with extensive support from more than 50 supporting companies and organizations.
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
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.
(2) Past event of the Fast Track Pitch
1: Singapore
In Singapore, the "Singapore-Japan Fast Track Pitch Event" was held on April 20th, co-organized with JETRO, Embassy of Japan in Singapore, Enterprise Singapore, and Singapore Economic Development Board.
For more information on the Singapore-Japan Fast Track Pitch Event and the challenges, please refer to the press release below.
2: Thailand
In Thailand, the "Zest Thailand Thailand-Japan Fast Track Pitch Event" was held on August 7th, co-organized with JETRO, Embassy of Japan in Thailand, PTT Public Company Limited (PTT Group), the Ministry of Energy of Thailand and the Thailand Board of Investment.
For more information on the Thailand-Japan Fast Track Pitch Event and the challenges, please refer to the press release below.
3: Indonesia
In Indonesia, the "Indonesia-Japan Fast Track Pitch Event" was held on September 1st, co-organized with JETRO, Embassy of Japan in Indonesia, and the Coordinating Ministry for Economic Affairs.
For more information on the Indonesia-Japan Fast Track Pitch Event and the challenges, please refer to the press release below.
Division in Charge
Asia and Pacific Division, Trade Policy Bureau