“Igniting” the Entrepreneurial Spirit

In 2017, the Prime Minister issued the Decision No. 1665/QD-TTg, which approved the Project "Supporting Students and Students to Start Businesses by 2025." The Ministry of Education and Training is in charge of project implementation.

Could you tell me about the Ministry's latest effort to encourage and support students in implementing startup projects?

Since 2018, the MoET has organized the Student Startup Idea Competition (SV-STARTUP), with the focus on National Student Startup Day, to promote the entrepreneurial spirit in students; to help them change their mindset, perception, dare to think, dare to do, and have a strong desire to make dreams and ideas a reality. Students that participate in the competition may express their thoughts and find ways to make their innovative company concepts a reality. At the same time, it is a crucial environment for connecting the "three houses": state, school, and enterprise.

The MoET has established a multitude of channels, rules, and financial incentives for student startups and educational institutions. In partnership with the Ministry of Finance, it published Circular 126/2018/TT-BTC to guide the use of career funds to carry out Project 1665.

What are the greatest resources and goals for students from this project, Madam?

The Project's primary purpose is to encourage students' entrepreneurial spirit and provide them with knowledge and skills concerning startups while they are in school. Create an atmosphere that encourages students to develop and implement startup ideas and initiatives, thereby contributing to employment creation for students after graduation.

The most valuable resource for pupils is new ideas and creative thinking. As a result, actively and proactively seeking information, particularly through participation in the student startup concept competition, will provide students with numerous possibilities to interact with others who share their enthusiasm, as well as with businesses, universities, and research institutions.

Could you share Project 1665's results after 5 years of implementation?

After 5 years of deployment, Project 1665 has achieved several beneficial results: Educational institutions' perceptions on student startups have shifted, and school funding in startup initiatives has expanded. Many firms are interested in and ready to invest in student ventures. Many colleges have made entrepreneurship a required or elective topic, with enrollment rising from 30% at the end of 2020 to 48% by the end of 2022.

The company Idea Contest has received nearly 4,000 company ideas and initiatives. Many initiatives have received significant praise in worldwide startup contests organized by Junior Achievement, such as Company of the Year and worldwide Trade Challenge.

So far, we have over 60 venture capital funds and over 3,000 successful businesses. Nearly 100 institutions have included entrepreneurship as a discipline. Many training schools provide a Student Startup Support Fund. There are 98 in-school incubators; 200 startup consulting and support personnel in training institutions; 60% of schools have created startup clubs; and 90 training institutions have set up common spaces to help students launch firms. 45 training institutions (about 25%) have developed student startup assistance centres. Of them, ten centers have been and continue to incubate student companies.

The MoET assisted 10 localities in piloting the construction of a startup ecosystem in general education institutions, 23 universities in piloting the construction of a startup ecosystem, and signed an agreement with 8 businesses to collaborate in mobilizing resources to implement Project 1665 Phase 2 (2022-2025). After 5 years, the rate of students participating in startups and launching enterprises remains strong, at more than 7% every year.

The startup movement has moved rapidly from cities to rural areas, as well as to distant, border, island, and ethnic minority communities. The entrepreneurial spirit and ambition to establish a business are spreading across all classes and generations, particularly among young people, schoolchildren, and students.

Thank you so much!