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Vietnam’s Technology Approach to Economic Advancement

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Vietnam’s journey toward fostering an environment conducive to innovation and startup development is a testament to its unwavering commitment to leveraging science, technology, and innovation as strategic pillars for economic growth and societal advancement. At the heart of this endeavour lies a multifaceted approach encompassing policy formulation, infrastructure development, investment strategies, and collaborative initiatives aimed at nurturing a thriving innovation ecosystem.

Over the past years, Vietnam has made significant strides in enhancing its innovation landscape, as evidenced by its steady ascent up the Global Innovation Index (GII) rankings. From its position of 59th in 2016, Vietnam has climbed to 46th place in 2023, emerging as a frontrunner among the member states of the Association of Southeast Asian Nations (ASEAN). This upward trajectory underscores the country’s commitment to embracing innovation as a driver of economic progress and competitiveness on the global stage.

Central to Vietnam’s innovation agenda is the recognition of the pivotal role played by science, technology, and innovation in driving productivity gains, improving quality standards, enhancing operational efficiency, and bolstering overall economic competitiveness. The Party and State have consistently reaffirmed their commitment to positioning leveraging science, technology, and innovation as a strategic breakthrough and a primary engine for fostering sustainable development and prosperity.

Vietnam unveiled the Provincial Innovation Index (PII) in March 2024, aiming to bolster grassroots innovation. The PII offers vital insights into each locality’s innovation capabilities, aiding in identifying strengths, weaknesses, and opportunities for socioeconomic development. Empowering provincial authorities with actionable data, the PII facilitates tailored interventions and policy formulation to address regional challenges effectively.

The Government has implemented extensive investment solutions and policies to enhance the nation’s innovation ecosystem, notably through the establishment of a robust national innovation system. This system aims to leverage the expertise of scientists, entrepreneurs, and industry players, fostering collaboration and knowledge exchange to drive technological advancements and entrepreneurship, thus unlocking new growth opportunities.

Vietnam has implemented various policies and incentives to foster innovation, particularly among businesses. Acknowledging the pivotal role of startups and innovative enterprises in driving economic growth and job creation, the Government has established the National Startup Support Centre to offer comprehensive support services, mentoring, and funding access to aspiring entrepreneurs. Additionally, policies focused on intellectual property rights protection, administrative procedure streamlining, and regulatory environment enhancement have been introduced to cultivate an enabling ecosystem for innovation-driven progress.

Vietnam’s dedication to fostering entrepreneurship is evident in the emergence of innovation hubs and startup incubators nationwide. These centres, spanning from Hanoi to Ho Chi Minh City and beyond, offer aspiring entrepreneurs vital resources, mentorship, and networking. They catalyse collaboration, creativity, and knowledge exchange, fostering an innovative and entrepreneurial culture that knows no bounds.

Crucially, Vietnam’s innovation initiatives are paying off, seen in its thriving startup ecosystem and the rise of innovative enterprises. With around 3,800 startups, including 11 valued over $100 million, Vietnam’s innovation landscape is attracting substantial investment and fostering confidence. Backed by investment funds, incubators, and business promotion groups, these startups are spearheading transformative change across industries.

Vietnam is dedicated to innovation beyond its borders, engaging in regional and global collaborations to foster knowledge exchange and technology transfer. Through partnerships with global innovation hubs, Vietnam is on track to become a regional innovation leader and a knowledge-based economy.

Vietnam’s steadfast dedication to innovation drives its ambition for an inclusive, dynamic economy fueled by science and technology. By nurturing a supportive ecosystem and embracing emerging technologies, Vietnam paves the way for sustainable growth and prosperity. As it advances, Vietnam remains focused on leveraging innovation to tackle challenges and create a brighter future for its citizens.

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