Officials in Vietnam are on a mission to turn the country into a start-up nation by 2020.

Recently, the Vietnamese government approved an initiative that will pave the way to the creation of a "complete system of laws on start-ups and their operations," according to the government website. Under the project, the government will provide information as well as legal and financial support for an estimated 2,600 start-ups in the country over the next 10 years.

Vietnam also plans to launch an online portal—one that will provide start-ups with information on different issues, including technologies, policies and funding—and support centres, so businesses will have access to working space and internet for minimal fees. The government is also considering offering to help start-ups cover their initial costs for training, product testing and marketing.

The goal, according to Deputy Prime Minister Vuong Dinh Hue, is to have "one million start-up enterprises by 2020."

To achieve this, the deputy PM said cooperation between functional agencies and Ho Chi Minh authorities is needed.

The Ministry of Planning and Investment has already drafted a set of rules that will make it easier for local and international venture capital funds to operate in the country, Thanh Nien News reported. Most of the existing funds in the country are currently managed by local banks and big companies, which prefer to invest in projects that are already worth hundreds of thousands of dollars compared to start-ups that are still in their initial stages.

An estimated 67 local start-ups have received funding in 2015, a huge spike compared to the 28 start-ups from the year before, according to data from start-up accelerator Topica Founder Institute. About 25.8 per cent of those deals were in form of seed funding from foreign investors.