Three major challenges of Vietnam's innovation ecosystem

According to experts, Vietnam's innovation ecosystem is among the most dynamic and rapidly developing, but there are still some challenges.

Sharing at the Vietnam Technology Day event, co-organized by the Ho Chi Minh City Computer Association, Saigon Innovation HUB and Binance Academy, on April 19, Mr. Nguyen Manh Cuong, Deputy Chief of Office of the Ministry, Director of the Southern Office of the Ministry of Science and Technology , said: "The world's prestigious rankings all rate Vietnam as the country with the most dynamic innovation ecosystem in the region. The World Intellectual Property Organization (WIPO), in 2023, ranked Vietnam at 46/132 countries and economies in the Global Innovation Index (GII)".

According to Mr. Cuong, over the past year, the Government has paid special attention to the field of innovation, removing difficulties for the ecosystem to develop rapidly. Many policies to support small and medium-sized enterprises to quickly apply new technologies have also been improved.

However, he noted that the innovation ecosystem in Vietnam still faces three major challenges. "First is the issue of high-quality human resources. Next is the technology life cycle that is changing very quickly, Vietnam needs large resources to keep up with this pace of development. Third is the financial issue because technology is a game that requires a lot of money."

Mr. Nguyen Manh Cuong spoke at the Vietnam Technology Day event on April 19. Photo: Khuong Nha

Responding to this issue, Dr. Nguyen Thanh Binh, Senior Program Manager, RMIT University Vietnam, said that the biggest problem with the new technology sector is the orientation of the legal framework. He explained: "Many companies and startups can still raise capital from large investment funds in the world . However, because Vietnam lacks a legal framework, companies have to register their businesses abroad to access capital. Money wants to flow into Vietnamese startups but faces difficulties due to the lack of clear regulations."

From a business perspective, Ms. Lynn Hoang, Binance Country Director, believes that new technologies such as GenAI and blockchain are giving Vietnam a golden opportunity to start at the same level as the rest of the world. Particularly in the blockchain field, Vietnamese businesses have even faster momentum, with products that solve the world's problems. However, this is a long race, whether Vietnam can maintain its initial advantage still depends on many factors.

Speakers discussed the topic of applying new technology in the public and private sectors on April 19. Photo: Khuong Nha

Ms. Lynn said that in the blockchain field alone, businesses are having to find a balance between technology and policy. Vietnam is still in the observation phase. Being cautious is good, but some countries in the region have clear legal corridors for new technologies and have achieved certain advantages. "Hopefully, in the near future, Vietnam will have clear regulations for new technologies like blockchain," Ms. Lynn said.

Dr. Tran Viet Huan, Chief Technology Officer of Son Kim Group and Chairman of CIO Vietnam, further illustrated that in 2008 a cloud computing center in Vietnam was successfully established. A year later, Vietnamese experts organized a conference in Thailand to share experiences. "At that time, everyone commented that 'going fast but the foundation was not as sustainable' as other countries in the region," said Dr. Huan. Thailand is going very fast because it has a good legal corridor and a solid foundation. "Until now, cloud computing in Vietnam is far behind the world, even though it started early," Mr. Huan emphasized.

According to experts, in order for Vietnam to have a sustainable innovation ecosystem, in addition to policies, it is necessary to pay special attention to the issue of human resources. Dr. Nguyen Thanh Binh, Senior Program Manager, RMIT University Vietnam, said that our country is still in the golden population period. If we grasp new technologies in time, it can help Vietnam achieve higher income levels.

Meanwhile, Dr. Le Khanh Duy, Head of the Human-Machine Interaction Research Group, Ho Chi Minh City University of Science, said that creating an attractive working environment in a business is also an important issue when it comes to human resources.

"The reality shows that in the field of technology, the level of Vietnamese students is not inferior to the world. However, when graduating, talented students continue to study abroad in countries with developed science and technology. Will these talents return and what Vietnamese businesses have to attract these technological talents is still a big question in the innovation process," Dr. Duy commented.

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