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Prime Minister Pham Minh Chinh acknowledged that innovation is a critical driver for Vietnam’s development in the new era, particularly as the country aims to strengthen its position in the global digital economy.
Speaking at the Innovate Vietnam 2024 event, which marked the 5th anniversary of the National Innovation Center (NIC), the Prime Minister highlighted the need for comprehensive reforms in institutions and policies that encourage investment in science, technology, and innovation.
Prime Minister Pham outlined the government’s vision for fostering innovation. He stressed the importance of improving the national infrastructure system, with a specific focus on strategic transport, energy, digital, telecommunications, data, and education infrastructure. According to him, enhancing these critical sectors is necessary to support the country’s ongoing technological and economic transformation.
Pham also called for the development of high-quality human resources to drive innovation, particularly in key areas such as artificial intelligence (AI) and semiconductor technology. He stressed the need for greater collaboration between universities, research institutes, and businesses to cultivate a workforce capable of leading Vietnam’s future technological advancements. To that end, the government has launched a program to train 50,000 engineers in AI and semiconductors to meet the demands of these rapidly evolving fields.
The Prime Minister underscored that in addition to improving human capital, Vietnam must also secure financial investments to support its innovation goals. He stressed the importance of mobilising resources from the state budget, domestic and foreign businesses, and other organisations to fund research and development (R&D) in cutting-edge technologies such as AI, semiconductors, and green energy. By attracting investment in these areas, Vietnam can lay the foundation for sustainable development and become a global leader in technology and innovation.
Moreover, the Prime Minister highlighted the need for a modern, effective governance system to facilitate innovation. He emphasised the importance of creating a favourable regulatory environment that promotes technological advancements without stifling creativity. The government aims to strike a balance between regulation and innovation, ensuring that policies protect national interests while encouraging businesses to explore new technologies.
Vietnam’s innovation framework will focus on inclusivity, ensuring that the benefits of technological progress reach all citizens, while also safeguarding data privacy, intellectual property rights, and sustainable development.
International cooperation will play a key role in Vietnam’s innovation strategy, the Prime Minister noted. He urged greater collaboration with global partners on technology transfer, R&D, and the application of modern technologies.
Vietnam is eager to participate in international initiatives that promote science, technology, and innovation, and the country aims to be a leader in these areas, contributing to global advancements.
The Innovate Vietnam 2024 event, organised by the Ministry of Planning and Investment, attracted 1,500 in-person delegates and 10,000 online participants. It featured a wide range of exhibits, with more than 100 booths showcasing the latest advancements in AI, semiconductors, and green energy.
Vietnam’s innovation ecosystem has seen remarkable growth in recent years. The country now has over 4,000 startups, 208 investment funds, 84 incubators, 35 business promotion organisations, and 20 creative startup centers. Vietnam’s startup ecosystem ranks 5th in Southeast Asia and 12th in the Asia-Pacific region, with Hanoi and Ho Chi Minh City recognised among the top 200 global startup ecosystems.
As the Prime Minister reiterated during his speech, innovation will be a key pillar of Vietnam’s development strategy moving forward. By fostering collaboration among businesses, educational institutions, and global partners, and by improving infrastructure and governance, Vietnam is positioning itself as a leader in the global digital economy.
The government’s proactive approach to innovation underscores its commitment to driving economic growth and ensuring the country remains competitive in the rapidly changing technological landscape.
