JETRO held the “Inno Vietnam–Japan Fast Track Pitch Event 2023” in Hanoi to accelerate global open innovation of Japanese companies/startups
—12 Startups pitched solutions to open innovation challenges provided by six Japanese and Vietnamese companies in total. Japanese seafood was also promoted.—

November 2023

The Ministry of Economy, Trade and Industry of Japan (METI) and JETRO, co-organizing with the Ministry of Planning and Investment (MPI) of Vietnam and the Vietnam National Innovation Center, held the “Inno Vietnam–Japan Fast Track Pitch Event 2023” in Hanoi on November 3.

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 six challenge owners, including Japanese and Vietnamese companies.

Prior to the presentations, NISHIMURA Yasutoshi, METI Minister of Japan, and NGUYEN Chi Dung, MPI Minister of Vietnam, gave opening remarks, stressing the importance of strengthening cooperation for the creation of innovation between the two countries.

During the application period, about 90 startups from all over the world submitted proposals to challenges provided by challenge owner companies, including six Japanese and Vietnamese companies. From among these, the following 12 startups selected as finalists by each challenge owner presented their proposals.

We introduced awards selected by Challenge Owners and participants. The Challenge Owner Award (Each Challenge Owners select the best proposal for its company’s) went to Faeger, Rikkei AI, Vietcetera Media, Handprint, Ecotek, and Emulsion Flow Technologies, while the Audience Award (voted on by participants) went to Vietcetera Media.

In the closing remarks, NAKAJO Kazuya, Executive Vice President of JETRO, said, “Each challenge is a difficult problem that Vietnam needs a solution for, but they were all excellent proposals.”

Please refer to JETRO’s special website for the detailed challenge statements and finalist startups.

Taking advantage of the opportunity of the participation of the ministers of Japan and Vietnam, a booth was set up at the venue to promote Japanese seafood. METI Minister Nishimura and MPI Minister Dung visited the PR booth, and JETRO Executive Vice President Nakajo explained the appeal of Japanese seafood. After tasting Butter-Grilled Hokkaido Scallops, Minister Dung commented, “It’s a Very special and delicious taste. I am a big fan of Japanese food.”

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.

The “Inno Vietnam–Japan Fast Track Pitch Event 2023” was co-organized by JETRO, METI, and the Embassy of Japan in Vietnam from Japan side, and the Ministry of Planning and Investment (MPI) and the Vietnam National Innovation Center from Vietnam side, with extensive support from more than 50 supporting companies and organizations.

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 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 supports 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) The Asia Digital Transformation (ADX) Promotion Program by JETRO(898KB)

1: Singapore

In Singapore, the “Singapore–Japan Fast Track Pitch Event” was held on April 20, 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.

(Reference) METI held the “Singapore–Japan Fast Track Pitch Event” in Singapore to accelerate global open innovation of Japanese companies/startups

2: Thailand

In Thailand, the “Zest Thailand Thailand–Japan Fast Track Pitch Event” was held on August 7, 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.

(Reference) METI Held the “Zest Thailand ―Thailand–Japan Fast Track Pitch Event 2023―” in Bangkok to Accelerate Global Open Innovation of Japanese Companies/Startups

3: Indonesia

In Indonesia, the “Indonesia–Japan Fast Track Pitch Event” was held on September 1, 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.

(Reference) METI held the “Indonesia–Japan Fast Track Pitch Event 2023” in Jakarta to accelerate global open innovation of Japanese companies/startups