Tác giả góc nhìn thanh niên: Thu Hang

Innovation and Startups: A General Trend

Since the early 2010s, the globalization process in Vietnam has been significantly accelerated through policies that promote and develop new socio-economic trends. Notably, concepts such as “startups” and “innovation” have emerged across various sectors, including technology, finance, education, agriculture, and tourism. Alongside this trend, growing attention has been directed towards climate change, driven by concerns over environmental pollution, waste, and activities deemed unsustainable for societal development. In tandem with the rising environmental awareness, renewable energy projects began emerging in the mid-2010s. Both of these transformative movements have now become more pronounced than ever before.

Vietnam is currently experiencing strong growth in clean energy investments, not only in terms of the number of projects and electricity output but also in terms of public awareness. By 2019, renewable energy (RE) had become a key topic at investment forums, with private equity inflows into this sector surpassing more popular fields such as e-commerce and pharmaceuticals, ranking just behind fintech and education. In 2020, Vietnam’s renewable energy market exploded, attracting $7.4 billion in investments, surpassing countries like France and Germany, and placing Vietnam among the top 10 countries globally in terms of clean energy usage, with an accumulated capacity of over 16.6 GW.

Startup Ecosystem: Untapped Potential

With favorable natural and climatic conditions and a high demand for energy, Vietnam holds significant potential for the growth of renewable energy types such as solar, wind, and wave energy. However, in order to meet the goals of combating climate change, improving living environments, and pursuing sustainable development, the market still requires many innovative solutions and greater attention from both the government and key actors within the startup ecosystem, including young entrepreneurs.

According to a recent survey by New Energy Nexus Vietnam (NEX VN), only around eight organizations currently support startups in the clean energy sector. It seems that attention and investment continue to be heavily focused on large-scale solar farms and wind energy projects with high output, while small-scale startup projects are being overlooked.

In terms of development and implementation within renewable energy and energy efficiency projects, Vietnam’s market is in dire need of a technically skilled, highly specialized workforce, coupled with an innovative mindset, to address the technological challenges through breakthrough solutions. During its operation of clean energy startup support projects, NEX VN has had the opportunity to engage with and support a large number of students from universities across the country who are interested in renewable energy and energy efficiency, as well as startup project groups within the industry. NEX VN has identified a significant potential in the capabilities, expertise, and innovative thinking of these groups, which deserves more attention.

However, the activities that foster collaboration among stakeholders to help these young groups enhance their skills and access development opportunities remain limited.

Beyond these challenges, many projects face difficulties in accessing financial capital. Companies with projects in need of funding often struggle to find suitable investors, while many project proposals fail to meet the criteria set by investment fu nds. This creates a gap in the market and signals a need for support from startups, incubators, and accelerator programs within the ecosystem.

Accelerators: A Model to Propel the Ecosystem

Accelerator programs are a crucial component for driving the growth of the ecosystem. Unlike incubators, which focus on the early stages of startups, accelerator programs assist startups in their growth phase by offering advanced training programs, facilitating connections with investment funds, and supporting market expansion and development. These programs are specifically designed to provide intensive training for founders, significantly shortening the learning curve and acting as catalysts to help startups gain greater access to investment programs and collaboration with industry leaders.

Notably, some of the programs that New Energy Nexus Vietnam has implemented include the “Building Energy Challenge 2020,” which promotes interest in and the adoption of energy-efficient solutions for green buildings and smart buildings in Vietnam. Additionally, the “Accelerator 2020” program supported five standout startups in the fields of electric vehicles, construction design, electricity management, and the Internet of Things (IoT) technology. These programs have garnered enthusiastic support from leading industry experts, startup projects, and investment funds in developing and connecting the critical elements of the clean energy startup ecosystem.

The clean energy ecosystem and market, with its substantial growth potential, requires greater attention and support from all stakeholders, particularly regarding breakthrough and innovative ideas and solutions. Clear investment policies, a well-defined legal framework, and the attention of government agencies are crucial for creating the foundation for cooperation between businesses, support organizations, and financial investment programs. This would elevate Vietnam’s clean energy market to a new level, allowing it to fully realize its inherent strengths and potential.

Thu Hằng, Co-founder & CEO of Wiibike

Concerns about Sustainable Development
Although I currently work in the green transportation sector, my background is in banking. My journey into research and business related to electric-assist bicycles has been both a matter of opportunity and a long-held aspiration. While working as a banker, I always held an interest in sustainable development and often pondered my future career path over the next ten years: “In the next decade, what will I be doing? What will I contribute? Will I remain in the banking sector?”
Fond of places with clean, fresh air and lush greenery, my family and I once considered moving away from the dusty, hectic urban environment to settle in a more tranquil area. However, I decided that, rather than relocating to a cleaner place, I could contribute to the development of green transportation, improving the environmental quality of the place where we already live.
After a long day of work, I ride my Wiibike home and feel enriched in terms of both time and spirit. I experience happiness returning home to my family in a relaxed state, cycling for exercise rather than enduring the stress and exhaustion of traffic jams. The electric-assist bike optimizes my commuting time, allowing me to balance my physical well-being. I’ve come to see how this type of bicycle fosters healthy habits while providing numerous physical and mental benefits to users. To me, Wiibike represents a mission and an exploration of my passion for new challenges. It allows me to create positive impacts on both lifestyles and the environment.

The Drive to Start a Green Bicycle Business
Today, many countries and businesses aim for the highest possible growth, but if economic benefits are prioritized at the expense of environmental concerns, nature will suffer, and human lifestyles will become caught up in a fast-paced, unbalanced rhythm with insufficient physical activity. I was once caught in that fast-paced, pressured lifestyle—overly absorbed in work and not dedicating enough time to relaxation, exercise, or health.
In Vietnam, approximately 60,000 deaths each year are linked to air pollution, and cities like Hanoi have ranked among the most polluted in the world. The primary source of urban emissions is traffic, with motorcycles being the predominant polluters. Electric bicycles are considered a safer alternative to gasoline-powered vehicles. However, lead-acid batteries used in many electric bicycles can pose serious environmental and health risks when disposed of improperly. So, are we truly pursuing sustainable development when such issues persist?
These concerns drove me to develop Vietnam’s first electric-assist bicycle, a mode of transportation that allows individuals to make the most of their commuting time by balancing life, relaxing the mind, and promoting physical health.

Challenges and Difficulties
After ten years in finance, I made the unexpected shift to an entirely new field, where challenges and difficulties were inevitable—especially since this product was still quite unfamiliar to Vietnamese consumers.
Starting from zero, my team at Wiibike and I spent two years researching and developing a fully made-in-Vietnam electric-assist bicycle. However, we faced countless obstacles in bringing the product to market and into consumers’ hands. Many people were still unfamiliar with the concept of an electric-assist bicycle. They didn’t understand how it differed from a regular bicycle or an electric bike. Some even confused lithium-ion batteries with lead-acid batteries.

As the leader of a young company with limited resources, I had to manage numerous tasks, sometimes staying at the office until 1 a.m. to gather customer data. Despite these challenges, I still made time each day to exercise on the very bicycle my company produced. The commute from home to work became more than just travel; it turned into moments of relaxation for me.
For me, the most important aspect of this journey is building a team that shares the goal of contributing to green transportation and fostering a sustainable business. “In this pioneering journey, we are not alone. Everyone who values health and sustainable happiness is our companion.”
Thu Hằng – Bachelor of Marketing, National Economics University (NEU) with 10 years of experience in marketing and business development in the finance and banking sectors. She has participated in strategic initiatives and digital transformation projects at Techcombank.