Minister Nguyen Manh Hung meets with AI startups in Vietnam.
In his exchange with startups, Minister Nguyen Manh Hung emphasized the need for a correct understanding of the nature of startups.
According to the Minister, startups are not small businesses, but rather organizational models born to create breakthroughs. If they position themselves as ordinary businesses, startups will be at a disadvantage from the start due to limitations in capital, customers, and brand. The core mission of startups is to solve big problems, even replacing old, long-standing models, not just to provide supplementary solutions.
Minister Nguyen Manh Hung stated that innovation needs to be understood correctly in both its meaning and approach. Innovation is the adoption and application of new technologies to improve productivity and efficiency; while creativity is the way in which those technologies are used to create new, differentiated value. Clearly distinguishing these two concepts will help startups choose the right path, avoiding chasing slogans without creating products with practical value.
In the field of AI, the Minister noted that Vietnam currently lacks the resources to compete directly in core technologies. Instead, the appropriate approach is to focus on innovative applications, using existing technologies to solve specific problems in socio -economic life. This is seen as a way to accumulate resources, market share, and experience, while also creating a foundation for gradually mastering more advanced technologies in the future.
AI startups posed questions to Minister Nguyen Manh Hung.
Minister Nguyen Manh Hung also pointed out that the fundamental difference between startups and large enterprises lies in their approach to risk. For startups, mistakes are not failures, but rather data for learning and adjustment. Rapid experimentation, acceptance of errors, and continuous improvement are essential conditions for finding a suitable model. Meanwhile, large enterprises usually prioritize stability, perfection, and risk mitigation in operations.
A consistent message repeatedly emphasized by Minister Nguyen Manh Hung is that startups need to choose sufficiently large-scale problems. According to the Minister, many startups fail prematurely due to setting short-term goals and lacking the ambition to create a significant impact. Only by pursuing issues of long-term significance, at the national or international level, will startups have the motivation and space for sustainable development.
Regarding AI, the Minister recommended a "problem first, technology second" approach. Possessing and deeply understanding a crucial practical problem will determine a startup's position in the value chain. Technology, capital, and other resources will come after the problem is clearly defined and its value proven. Drawing from practical experience in state management and business operations, the Minister suggested several major challenges for AI, such as improving governance efficiency, accumulating organizational knowledge, and resolving overlaps and conflicts in the legal framework.
Discussing the role of large enterprises in the startup ecosystem, the Minister stated that the most effective relationship between businesses and startups is not a "contractor-employer" relationship, but rather a partnership for mutual development. Large enterprises need to act as first customers, creating a real-world testing environment for startups. Capital investment is only truly meaningful when accompanied by a commitment to using the product, thereby helping startups refine their solutions and demonstrate their value in the market.
Providing further information on policy direction, Minister Nguyen Manh Hung stated that the Ministry of Science and Technology will adjust the allocation of science and technology resources to strengthen support for businesses. Accordingly, approximately 70% of the annual science budget will be prioritized for businesses, including startups, to conduct research and develop products linked to market needs. The criteria for evaluating research effectiveness will also shift strongly towards commercialization potential and revenue from products.
Minister Nguyen Manh Hung poses for a commemorative photo with AI startups.
Minister Nguyen Manh Hung also mentioned the goal of developing "mini unicorns," businesses valued at around $100 million, as a practical approach suitable to Vietnam's conditions. The formation of many medium-sized enterprises with international competitiveness is expected to create a solid foundation for the domestic innovation ecosystem.
"Innovation is only truly meaningful when technology is applied to solve specific problems in daily life. AI startups need to persistently pursue challenging problems, making good use of the domestic environment as a 'foundation' to develop products, and from there gradually expand to regional and international markets," the Minister emphasized.
Source: https://mst.gov.vn/bo-truong-nguyen-manh-hung-startup-ai-phai-bat-dau-tu-nhung-bai-toan-du-lon-197260117004646929.htm
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