Vietnam lures increased investment to innovation, startups
Vietnam is taking advantage of investment opportunities in innovation and startups, heard the Vietnam Venture Summit held by the National Innovation Centre (NIC) and the Golden Gate Ventures on October 30.
A model displayed at the Vietnam International Innovation Expo 2023. (Photo: VNA)
Hanoi (VNA) – Vietnam is taking advantage of investmentopportunities in innovation and startups, heard the Vietnam Venture Summit heldby the National Innovation Centre (NIC) and the Golden Gate Ventures on October30.
NIC Director Vu Quoc Huy said that during discussionsessions, speakers discussed urgent issuesrelated to innovation and startups in the region and Vietnam, thus providingmulti-dimensional perspectives to guide investment strategies for startups in the Southeast Asian nation.
Deputy Minister of Planning and Investment Tran Duy Dongsaid that Vietnam faces a lot of challenges and also opportunities.
Deputy Minister of Planning and Investment Tran Duy Dong speaks at the event. (Photo: VNA)
To take advantage of opportunities, it is necessary to clearlyunderstand the challenges, Dong stated. That is why they chose the theme "Innovating through Adversity: Strategies for a Transformative Vietnam”.
Delano Musafer, Head of Asia-Pacific Capital Markets on the NewYork Stock Exchange, said that Vietnam has emerged rapidly not only in Asia butalso in the global market. Many investors are paying attention to qualitycompanies with strong transformation strategies and high growth rates, and thatis a positive signal for Vietnam as it provides a clear strategy for domestic andforeign markets.
The Vietnamese innovation and startup ecosystem is on the rise, now ranked 46th out of the 132countries and economies according to the 2023 Global Innovation Index. It isone of the three countries with innovation results superior to the level ofdevelopment for 13 consecutive years.
Vietnam's startup ecosystem has increased from the fifth to the third position among the top six economies in Southeast Asia, reflected in theratio of capital invested in the innovation startup market as well as thenumber of investors and investment funds operating in the country.
In the first half of this year, investment in thetechnology sector in Vietnam still ranked third in Southeast Asia, with a totalcapital of 413 million USD./.
Innovative ways to reduce plastics pollution took center stage at the Plastic Innovation Hub Vietnam (Hub Vietnam) Demo Day 2023 held in Ho Chi Minh City on October 27.
AI is the next big shift in modern marketing, the MMA Impact conference titled "AI-Powered Business Innovation: Navigating Impact" heard in Ho Chi Minh City on October 26.
Prime Minister Pham Minh Chinh on October 28 attended the inauguration ceremony of a new establishment of the National Innovation Centre at Hanoi-based Hoa Lac Hi-tech Park (NIC Hoa Lac), and the opening of the Vietnam International Innovation Expo (VIIE) 2023, during which he affirmed science, technology, and innovation can help Vietnam board the world's “development and growth ship”.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
According to the Politburo’s Resolution No. 57-NQ/TW, dated December 22, 2024, on making breakthroughs in the development of science, technology, innovation, and national digital transformation, this is considered a decisive factor in the development of nations. It is seen as a prerequisite and the best opportunity for Vietnam to become prosperous and powerful in the new era of the nation’s rise.
Vietnam’s demographic advantage, including a youthful population of 100 million in a “golden age”, further bolsters its ambitions. Its dynamic workforce, with a natural inclination toward science, technology, engineering, and math (STEM), is a key asset in attracting private investment to innovation-driven sectors.
Vietnam views sci-tech as a decisive factor in national development and a key tool for achieving sustainable development goals, and is ready to boost sci-tech cooperation with Venezuela for mutual prosperity.
The Government will always accompany companies, including CMC, and request ministries, agencies, and Hanoi authorities to further support them by promptly removing any obstacles to their growth, said Prime Minister Pham Minh Chinh.
A model displayed at the Vietnam International Innovation Expo 2023. (Photo: VNA) 
Deputy Minister of Planning and Investment Tran Duy Dong speaks at the event. (Photo: VNA) 
