Strengths of Vietnam's creative startup ecosystem
Science, technology and innovation are identified by the Party and State as a content in strategic breakthroughs for socio- economic development, growth model innovation, creating breakthroughs to improve productivity, quality, efficiency and competitiveness of the economy, contributing decisively to bringing Vietnam beyond the low middle income level, by 2030 it will be a modern industrial country with high average income, by 2045 it will become a developed country with high income.
In recent times, with the attention, direction and close management of the Government and the Prime Minister , the close and effective coordination of ministries, branches, localities and the response of domestic and foreign organizations and individuals, the creative startup ecosystem has developed dynamically and strongly, creating a new generation of businesses operating based on intellectual property and accessing the global market. Along with that, the creative startup support network has been developing dynamically and effectively with the active participation of entities in the ecosystem; the culture and spirit of creative startups have been strongly spread.
Currently, Vietnam is estimated to have nearly 4,000 innovative startups, including unicorns valued at over 1 billion USD, many of which are valued at over 100 million USD. Investment funds, incubators, business promotion organizations, and local and national innovative startup centers are growing in both quantity and quality. The National Innovation Center has come into operation, and the National Innovative Startup Support Center is being established in Hanoi , Da Nang, Ho Chi Minh City and several other localities.
More than 20 localities have established innovative startup organizations to connect resources from localities, regions and countries. In 2024, Vietnam's innovative startup ecosystem rose 2 places to 56th in Startup Blink's Global Startup Ecosystem Index. Hanoi and Ho Chi Minh City are the two most vibrant innovative startup hubs in the country, ranked in the top 200. Recently, Da Nang city entered the top 1,000 cities globally for innovative startups.
The characteristics that create the strengths of Vietnam's innovative startup ecosystem that are highly appreciated by international experts and organizations are the participation and attention of the entire political system, youth and high-quality human resources, improved business environment, international integration and Vietnam's increasing position in the international arena.
Create unity and synchronization in policy making
In addition to the achieved results, in practice, the implementation of policies, guidelines and strategies on science, technology and innovation still faces many difficulties, obstacles and lack of synchronization and unity in understanding as well as in implementing policies and laws.
Citing this shortcoming, Deputy Minister of Science and Technology Hoang Minh stated that in legal documents and administrative documents, the terms innovation and creative startups are currently used in different ways, causing inaccuracies, confusion, inconsistencies, and overlaps in the implementation of professional activities and in state management. There is no consistency in the identification and division of functions and tasks of organizations related to innovation and creative startups. In legal documents and administrative documents, many different names are used and many different regulations on conditions, criteria, authority, mechanisms, and policies for the establishment and operation of organizations and individuals operating or supporting innovation and creative startups.
In addition, legal documents with scope and subjects of regulation related to innovation and creative startups are developed and issued by many different presiding agencies but there is no consistent consistency, leading to difficulties, even failure to implement preferential mechanisms and policies, support for innovation and creative startups.
The above practices show that, in order to develop a creative startup ecosystem, it is necessary to quickly build and perfect the legal corridor, create unity and synchronization in building, amending and supplementing mechanisms, policies, and allocating resources to promote innovation and creative startups.
Deputy Minister of Science and Technology Hoang Minh said that in Decree No. 28/2023/ND-CP dated June 2, 2023, the Ministry of Science and Technology is assigned by the Government to be the Government agency to unify the management of innovation activities; build, guide, inspect and organize the implementation of mechanisms and policies to encourage and develop innovation, creative start-up activities and mobilize investment resources for innovation and creative start-ups. Currently, the Ministry of Science and Technology is drafting the revised Law on Science and Technology, which will unify, synchronize and legalize major and fundamental issues such as: policies on using budget capital to invest in innovation, creative start-ups, national fund model for innovation, creative start-ups, preferential policies on taxes, use of public assets, etc.
While waiting for the revised Law on Science and Technology to be passed by the National Assembly and documents guiding the implementation of the revised Law on Science and Technology to be issued, the Ministry of Science and Technology has recently reported and been assigned by the Government to develop a Decree regulating a number of contents related to innovation and creative startups, focusing on solving a number of urgent issues such as: clearly defining the concept and content of innovation and creative startups; distinguishing innovation and creative startups from different subjects; regulating the functions, conditions, criteria... for the establishment and operation of organizations and individuals supporting innovation and creative startups; the model of the national fund for innovation and creative startups; applying incentive and incentive mechanisms and policies to promote and support organizations and individuals supporting innovation and creative startups.
Source: https://nhandan.vn/hoan-thien-hanh-lang-phap-ly-cho-doi-moi-sang-tao-va-khoi-nghiep-sang-tao-post830805.html
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