Breakthrough under Resolution 57: Let private resources contribute to innovation

Photo caption — Resolution 57 not only reflects the strategic vision but also guides specific steps for the country's sustainable development. Illustration photo: Dong Thuy/VNA

The Government also issued Resolution No. 03/NQ-CP implementing the Government's Action Program to implement Resolution No. 57-NQ/TW. The above documents and guiding policies clearly identify that science, technology, innovation and digital transformation are the "backbone" of modernization, promoting growth, attracting and effectively using all resources, especially private resources, to contribute to realizing the aspiration of making Vietnam a developed, high-income country by 2045.

Particularly in the field of innovation, Minister of Science and Technology Nguyen Manh Hung stated: “Innovation is the key to connecting science and technology into practice, creating new products and services, bringing strong practical value to society. While science and technology have been considered a national policy, innovation is truly the decisive factor to create strong and sustainable changes in the economy.”

Innovation Highlights

In recent years, Vietnam has been recognized as a bright spot in innovation when cooperating with and attracting the world's leading technology enterprises in the fields of semiconductors, artificial intelligence, digital transformation, green transformation, investment, business and technology transfer such as NVIDIA, Marvell, Google, Meta, Cadence, Qualcomm, Siemen...

The Global Innovation Index (GII) 2024 report shows that Vietnam ranks 44/133 countries and economies in terms of innovation index, up 2 places compared to 2023. Vietnam continues to improve its innovation input ranking, up 4 places compared to 2023 (from 57th to 53rd). Similarly, innovation output also increased 4 places compared to 2023 (from 40th to 36th).

Also according to the GII 2024 Report, Vietnam maintains its 2nd position in the group of lower-middle-income countries. The lower-middle-income country ranked above Vietnam is India at 39th. In addition, there are 5 upper-middle-income countries ranked above Vietnam (China ranked 11th, Malaysia ranked 33rd, Turkey ranked 37th, Bulgaria ranked 38th and Thailand ranked 41st), the rest of the countries ranked above Vietnam are all industrially developed countries, belonging to the high-income group. In the ASEAN region, Vietnam ranks 4th (after Singapore, Malaysia and Thailand).

Vietnam is also one of three countries that have outperformed their level of development for 14 consecutive years (including India, Moldova and Vietnam). For 14 consecutive years, Vietnam has consistently outperformed its level of development in terms of innovation. This demonstrates its effectiveness in converting resource inputs into innovation outputs. Vietnam scores higher than lower-middle-income countries in all pillars and even higher than upper-middle-income countries, except for pillar 2 on Human Resources and Research.

Mr. Daren Tang, Director General of the World Intellectual Property Organization (WIPO), commented: "We know that Vietnam highly values innovation and values intellectual property. Vietnam is effectively using tools to measure, evaluate and encourage innovation. And the more innovative Vietnam is, the more it attracts high-quality investment capital."

Many experts say that Vietnam has formed a comprehensive innovation and startup ecosystem with the participation of many domestic and international partners. At the same time, Vietnam has built an attractive business environment with many specific mechanisms, policies, and special incentives that have been issued. This is considered a solid foundation to attract private investment capital into this field.

Diversifying private capital

In Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo on private economic development, one of the tasks and solutions proposed in the Resolution is to promote and diversify capital sources for the private economy.

According to the Vietnam Innovation and Private Equity Investment Report 2025 announced by the National Innovation Center (NIC) and partners at the Vietnam Innovation Investment Forum 2025, Vietnam recorded 2.3 billion USD in investment capital disbursed through 141 deals in 2024. The level of investor participation is very positive with nearly 150 venture capital funds operating in 2024 in Vietnam, mainly from Singapore, Japan and Vietnam.

On a macro level, Vietnam's GDP growth is impressive, reaching 7.1% in 2024, outperforming most Asian economies. The economy is growing and is expected to reach 1,100 billion USD in 2035, 2.5 times larger than the current size.

Notably, Vietnam is also emerging as a "hot spot" for new-generation technology fields, with investment in artificial intelligence (AI) startups increasing eightfold compared to the previous year, investment in high-tech agriculture increasing ninefold, and the number of investment deals in green technology doubling.

According to Deputy Prime Minister Nguyen Chi Dung, Vietnam is being evaluated as a strategic destination for global technology investors. Along with the strong supply chain shift policy, Vietnam has become an attractive investment destination for large technology corporations in the world. According to the Deputy Prime Minister, to realize the potential of the digital economy, the Vietnamese Government is creating favorable conditions to attract investment in science - technology and innovation. The Government will continue to have incentive mechanisms and policies to attract private sector investment in the fields of science - technology and innovation. "The Government will continue to improve the legal environment, encourage innovation, testing and commercialization of technology, while strengthening cooperation, connection and experience sharing with international partners in this field," Deputy Prime Minister Nguyen Chi Dung affirmed.

Mr. Vinnie Lauria, member of the Board of the Vietnam Private Investment Development Organization, commented that Vietnam currently has a well-trained, highly skilled and hard-working workforce. From an investor's perspective, these are factors for sustainable development. However, in the coming time, Vietnam needs to make strong changes. That is, allowing Vietnamese people to own shares of foreign companies, especially technology companies; facilitating visa issuance for experts to work in Vietnam as well as simplifying procedures at the airport.

Sharing opinions from the technology business sector, Mr. Do Ba Dan, Chairman of the Board of Directors of Tri Nam Technology Joint Stock Company, said that in any country, the production of daily material wealth is mainly concentrated in private enterprises. Promoting the development of the private economy and individual business households is inevitable and will help Vietnam's GDP increase rapidly. To do this, it is necessary to focus on supporting small and medium enterprises, turning ideas into start-up businesses and then into small businesses, we will have a private economic chain, thereby contributing to the overall development of the economy. In addition, the State needs to join hands and cooperate with businesses to have good products, a developed business environment, and attract many sources of capital. For technology enterprises, in the context of the whole country implementing Resolution 57, and recently Resolution 68, it is necessary to focus on research on science and technology, innovation to apply to digital transformation, and upgrade products to adapt to new conditions.

Source: https://doanhnghiepvn.vn/cong-nghe/dot-pha-theo-nghi-quyet-57-de-nguon-luc-tu-nhan-dong-gop-cho-doi-moi-sang-tao/20250512090437528