Technology businesses need real ecosystems for innovation

The recommendations range from financial technology (Fintech), real estate technology (Proptech) to high-tech agriculture , showing a panoramic picture of the challenges and aspirations of the Vietnamese science and technology business community.

"Untie" the legal corridor

Mr. Hoang Mai Chung - Chairman of Meey Group emphasized that in order for Vietnam to have technology "unicorns" reaching the world , the first thing is to protect them legally.

"Currently, the legal framework for innovative models is still unclear. To be licensed, we are forced to adjust the product, give up novelty and difference to return to the traditional model to comply with regulations. A great idea can be killed right from the beginning," Mr. Chung worried.

Mr. Nguyen Ba Diep - Co-founder, Vice President of MoMo Finance Technology Group.

Agreeing with this view, Mr. Nguyen Ba Diep - Co-founder and Vice President of MoMo Finance Technology Group pointed out the inadequacies in the licensing time.

"The technology life cycle is very short, but the time to get a license under the decree or circular model can take from 3 to 5 years. At that time, timeliness and creativity are no longer there," Mr. Diep said, suggesting that the Government should expand the sandbox model, shortening the licensing time to 2-3 months.

In addition, businesses also recommended that the Government should have a mechanism to protect them from "dirty news" and acts of exploiting the media to attack and blackmail, which are major barriers preventing many young startups from being able to survive.

Unblocking capital flows, enhancing Vietnamese values

To realize breakthrough ideas, capital is a vital factor. Business leaders proposed that there should be more open mechanisms in raising capital. Mr. Nguyen Ba Diep proposed allowing technology companies to IPO and list on the stock exchange with specific conditions, such as not requiring profits during the investment phase. Mr. Hoang Mai Chung also proposed allowing businesses to mobilize capital from the community (crowdfunding), including through the blockchain platform.

In the agricultural sector, Mr. Phan Minh Thong - General Director of Phuc Sinh Joint Stock Company, presented a vision to enhance the value chain. He proposed that the Government promote investment in deep processing technology in raw material areas to solve the problem of crop seasonality and increase the value of Vietnamese agricultural products.

Mr. Phan Minh Thong - General Director of Phuc Sinh Joint Stock Company.

Vietnam is the world's leading exporter of many raw materials. Why don't we establish commodity exchanges to become regional trading centers, attract capital and create countless jobs?", Mr. Thong asked.

In particular, Mr. Thong pointed out an urgent "bottleneck" regarding the 5% VAT policy for exported raw materials. This regulation is creating a huge procedural burden when businesses have to pay taxes and then go through tax refund procedures, wasting time and not creating added value. He recommended exempting VAT for businesses with a raw material export rate of over 80%.

Summarizing the opinions, Ms. Truong Ly Hoang Phi - Vice President of Ho Chi Minh City Young Entrepreneurs Association emphasized that the only way for Vietnam to become a regional technology center is to invest heavily and substantially in R&D and form science and technology funds.

"These initiatives will create a symbiotic model where large enterprises play a leading role, while small and medium enterprises and startups work together to make breakthroughs. This is the path for the private sector to truly become the driving force for innovation in the economy," Ms. Phi affirmed.

The Vice President of the Ho Chi Minh City Young Entrepreneurs Association also said that the business community is ready to shoulder responsibility in the implementation process. However, this requires the private economic sector to form a new generation of leaders with innovative thinking, global integration, capable of bringing Vietnam to a new level of competitiveness and escaping the middle-income trap.

The frank and enthusiastic recommendations at the forum showed the great aspirations of the private business community. An open legal corridor, a flexible capital mechanism and a "promotion" rather than "control" mindset will be the key to unlocking motivation, helping Vietnam break through on the global technology and economic map.

Moonlight

Source: https://doanhnghiepvn.vn/cong-nghe/doanh-nghiep-cong-nghe-can-he-sinh-thai-thuc-su-cho-doi-moi-sang-tao/20250917031823830