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Prime Minister Pham Minh Chinh highlighted Vietnam’s commitment to fostering innovation-driven economic growth during his participation at the World Economic Forum’s Annual Meeting of the New Champions 2024, emphasising innovation as a key driver in the era of globalisation and the Fourth Industrial Revolution.
He outlined Vietnam’s strategic measures and priorities in technology, resources, and innovation development, noting their crucial role in overcoming global challenges and promoting sustainable development.
In recent years, Vietnam has implemented robust initiatives to bolster innovation, including prioritising policies to support startups and innovation and devising strategies focused on the digital economy, green economy, circular economy, sharing economy, and knowledge-based sectors such as big data, cloud computing, artificial intelligence, semiconductors, and hydrogen technologies.
These efforts are complemented by significant investments in digital and physical infrastructure, alongside rigorous human resource development aimed at cultivating high-quality talent.
PM Chinh underscored Vietnam’s approach of leveraging both internal and external resources to drive innovation forward. Internally, Vietnam harnesses its human, natural, cultural, and historical strengths as foundational elements, while externally mobilising financial, technological, and administrative resources to fuel breakthrough advancements. Public investment has been pivotal in guiding private sector participation, crucially supporting the burgeoning startup ecosystem and innovation initiatives across the country.
Highlighting Vietnam’s attractiveness as an investment destination, PM Chinh noted the influx of leading global technology firms underscoring their contributions to Vietnam’s technological landscape through substantial investments.
The government has also streamlined regulations and policies to nurture a conducive environment for startups, implemented national-level programs to bolster the innovation ecosystem, facilitated digital transformation among businesses, and provided robust support for student entrepreneurship.
Looking ahead, Vietnam remains committed to enhancing its technical infrastructure, advancing semiconductor industry capabilities with a targeted manpower development plan for 2030, and fostering international partnerships to bolster innovation capacities.
Addressing the role of foreign startups in Vietnam’s economic transformation, PM Chinh emphasised their pivotal role in technology transfer, knowledge exchange, fostering healthy competition, and enhancing global cooperation, thereby accelerating Vietnam’s transition towards a knowledge-based economy.
At the dialogue, PM Chinh also engaged in discussions on development strategies and opportunities for Vietnamese youth in emerging industries such as AI, semiconductor technology, and big data. His participation underscored Vietnam’s proactive stance in embracing innovation as a cornerstone of economic growth and resilience in an increasingly interconnected global landscape.
PM Chinh emphasised Vietnam’s open stance towards foreign investments, particularly in agriculture, industry, and services sectors that adhere to green and sustainable practices. He reiterated Vietnam’s commitment to multilateralism and international solidarity in tackling global challenges, expressing confidence in collective efforts towards achieving shared prosperity amidst global uncertainties.
OpenGov Asia reported that Prime Minister Pham Minh Chinh had emphasised the urgent need for robust implementation of Project 06, aimed at advancing Vietnam’s national digital transformation agenda from 2022 to 2030.
This initiative focuses on developing resident data, electronic identification, and authentication applications to enhance e-commerce, fortify tax systems, and improve public service accessibility. Acknowledging the progress made amidst regulatory and technological challenges, PM Chinh highlighted legislative reforms, cybersecurity advancements, and administrative simplifications as pivotal achievements.
He underscored the necessity of accelerating regulations, expanding digital infrastructure, and promoting widespread adoption of the VNeID app to propel Vietnam towards a digital economy, ensuring inclusive growth and sustainable development.
