The event is expected to gradually develop and establish a community of angel investors and venture capital funds in Da Nang.

This marks the first time that DAVAS has been held in the central city, bringing together about 10 large domestic and foreign investment funds, including Quest Ventures, Do Ventures, TheVentures, TRIVE Singapore, BK Fund, and FundGo.

Duong Hoang Van Ban, deputy director of the Department of Science and Technology of Da Nang City, emphasised that the city has exerted great efforts over recent years to develop an innovative startup ecosystem.

The city has established the Innovation Startup Support Center under the local Department of Science and Technology to connect and organise creative support activities specifically for start-ups.

It has also focused on developing technical infrastructure for startups, including headquarters and innovation space in the High-Tech Park, Software Park No. 2, and the Innovation Startup Support Center Building, said the official.

Currently, Da Nang is co-ordinating with the Ministry of Science and Technology to establish the National Creative Startup Support Center in the city.

Ban went on to reveal that the city’s innovative startup ecosystem has been expanding, with many startups successfully raising capital worth millions of US dollars.

Da Nang has been honoured three times as an Attractive City for Innovative Startups in 2020, 2022, and 2023 by the Vietnam Software and Information Technology Services Association (Vinasa).

Innovative projects and startups are expected to contribute to transforming growth models and creating more added value, said Ban, adding that the city hopes to attract further large businesses, investment funds, angel investors, and scientists to accompany innovative startups moving forward.

For his part, James Tan, representative of Quest Ventures Venture Capital Fund, suggested that to develop an effective startup ecosystem, local authorities should actively seek solutions to support businesses.

Da Nang is one of the localities that has succeeded in strengthening linkages to find support in terms of capital sources for start-up businesses, noted Tan.

He pointed out that during the event a number of large corporations have participated and are willing to purchase services and products from startups.

He expressed hope that the city would continue to successfully call on many large corporations to participate in supporting the innovative startup network moving forward.

A wide range of activities will be held during the two-day event, including trade exchanges between investors and businesses, investment forums on innovative startups, and a signing ceremony on future cooperation between the local Department of Science and Technology and KILSA Global.

In addition, the event will also see the debut of the innovation collaboration space of Quest Ventures investment fund in Da Nang.