The Ministry of Science and Technology is expected to propose two new initiatives for startups this October: a state-backed US$100 million venture capital fund designed to embrace risk, and a dedicated stock exchange to facilitate initial public offerings (IPOs) Starting business with own money After finding success with her side business selling snacks, chemistry teacher Cao Thi Cam Nhung made a bold decision to leave her teaching career and pursue entrepreneurship with young jackfruit. Her turning point came during the Covid-19 outbreak, when 10 hectares of jackfruit cultivated by her and other farming households in Nga Bay City, Hau Giang Province (now Nga Bay Ward, Can Tho City) faced a crisis due to the lack of market access. According to Nhung, approximately 30% of young jackfruit by-products in Vietnam—amounting to 320,000 tons and valued at US$46 million—are discarded annually. Her startup, Lemit, co-founded with colleagues, transforms these agricultural leftovers into plant-based food products. This “vegetarian meat” alternative can reduce greenhouse gas emissions by 60–90% compared to conventionally raised beef. After a challenging journey, Lemit successfully launched its first product in 2023. While initial revenue was modest, breaking into the market for plant-based meat alternatives proved difficult. Today, the company offers […]
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