Enterprises pursuing technological innovations have helped build Viet Nam's technology capacity and ensured competitiveness in the context of economic integration.

Minister of Science and Technology Nguyen Quan made this statement at the opening ceremony of TechFest Vietnam 2015 at Ha Noi National University on May 15.

He said that the current mechanism does not really support start-up businesses, and hence, only a small number of firms venture into the science and technology field.

This might prevent the country from meeting its target of having 5,000 functional firms by 2020, he added.

"We believe that start-up companies must come from universities that generate young force that has ability, great passion, and strong will. We can start with a start-up university and in a short time, we will become a start-up city and then a start-up nation," he noted. "Without any systematic step, we cannot become a start-up nation and cannot compete alongside the global economy."

Attending the event, the FPT management board chairman Truong Gia Binh recalled the successful story of Nguyen Ha Dong, the developer of the game, Flappy Bird.

He remarked that Dong was one among thousands of Vietnamese young people who dreamed to change their lives. He gained success by thinking global when he was developing the viral game.

He said that people should spend time on learning, and enterprises should create an environment conducive to innovations, R&D activities, and new start-ups inside their companies.

Oren Simanian, founder of StarTau - the Tel Aviv University Entrepreneurship Centre, observed that innovations inspire people, encourage them to stay in the country and develop it, as well as contribute to solving the problem of unemployment.

He said that Viet Nam should learn from the experiences of other countries, and for that, it should invite international experts so that it can learn from them and can draw clear business plans before executing them.

"Although Viet Nam does not have a start-up ecosystem, it has a great potential to develop one. The government will provide all support; and I have seen good talents and young, motivated students at the university," he added.

The event, which will conclude on Sunday, has attracted participants from more than 50 science and technology start-up companies as well as local and foreign investors.

This is an opportunity for start-ups to promote their products and seek capital from investors. It will also help investors get a general view of the Vietnamese technology market.