Building a national spirit of creative entrepreneurship

Building a creative startup nation is becoming a strategic orientation of Vietnam in the context of digital technology, artificial intelligence and new requirements for sustainable development that are reshaping the global economy. Innovation is not only a driving force for growth, but also a culture and a spirit that needs to be spread widely so that every citizen can participate in the journey of mastering the digital future.

Measure of competitiveness of modern nation

The development experiences of Israel, Singapore and South Korea show that start-up nations are not formed from copying models, but from the creativity of the people, a closely connected ecosystem and strategic leadership of the State.

Israel promotes entrepreneurship throughout society as a "national survival instinct", focusing on the overall results of the ecosystem rather than favoring a specific group. South Korea creates momentum by connecting large corporations with small and medium-sized enterprises, forming a cross-border cooperation network. Singapore takes advantage of its strategic location and open policies to attract talent and investment capital, becoming a global financial and technological center.

The common point of these successful models is the spread of innovation culture throughout the population, with science and technology as the mainstay. This shows that the entrepreneurial spirit must become the consistent spirit of a country that wants to break through in the new era.

Delegates visit exhibition booths at Techfest Vietnam 2024.

For Vietnam, the context of the 4.0 industrial revolution and the need for sustainable development are creating a special window of opportunity. Digital technology, the sharing economy and new business models such as KOL/KOC, livestream or digital content platforms are opening up a large startup space for all citizens.

2024 data shows that Vietnam ranked 44th in the Global Innovation Index, with more than 4,000 innovative startups and many technology unicorns valued at over 1 billion USD. However, the ecosystem still faces challenges, the number of businesses is still low compared to the population size, innovation thinking has not really become a popular culture, domestic venture capital is still limited and the ability of startups to reach out internationally is still not strong. This requires a new mindset, a new policy to "open the right channel", activating creativity of the whole society.

Forming a creative startup nation: From thinking to policy

Vietnam's orientation identifies science, technology, innovation and digital transformation as breakthrough pillars to overcome the middle-income trap and develop prosperously. In which, "innovation-based mass entrepreneurship" is considered a key foundation.

On this basis, many groups of tasks and solutions are proposed to create the most favorable environment for all people to start a business:

Firstly, to form a culture of innovation for all people. Innovation must become a way of life, a respected career choice. Starting a business is not only to make a living but also to solve market and social problems with new thinking and new ways of doing things. The role of entrepreneurs and businesses must be honored, and entrepreneurship education must be included in the curriculum from primary to post-graduate.

Second, take science and technology as the breakthrough pillar. Digital technology, artificial intelligence, big data and digital platforms are opening up unprecedented startup space. The "one-person business" model where digital platforms replace accounting, marketing, tax and sales activities will help every citizen start a business at the lowest cost.

Young people experience new technologies.

Third, perfecting the legal framework for new business models. Removing legal barriers, supporting registration and management of new business models and new products will create conditions for creative startups to develop more strongly. 100% of procedures related to individuals, business households and enterprises need to be carried out in the digital environment.

Fourth, develop a shared digital ecosystem and infrastructure. Investing in digital infrastructure and shared platforms helps reduce start-up costs; at the same time, build a network of "community advisory groups" in each commune and ward to support individual startups.

Fifth, expanding the capital market for startups. From developing national and local venture capital funds to operating stock exchanges for startups, opening up investment capital is the key to helping startups accelerate and reach international markets.

By 2030, Vietnam aims to be in the top 40 of the global innovation index, have 10,000 innovative startups and attract 3 billion USD in venture capital. Further, by 2045, it aims to have "one startup for every 10 people".

Center for Science and Technology Communication

Source: https://mst.gov.vn/kien-tao-tinh-than-quoc-gia-khoi-nghiep-sang-tao-197251121141933688.htm