Speaking at Session 2, Mr. Pham Hong Quat - Director of the Department of Startups and Technology Enterprises, Ministry of Science and Technology said: In recent years, Vietnam has recorded remarkable progress in startups and innovation. The strong development of digital technology, digital platforms and the sharing economy model has opened up completely new industries such as livestream, streamer, KOL, KOC, gamer, freelancer..., with a market size far exceeding many traditional industries.
Mr. Pham Hong Quat, Director of the Department of Startups and Technology Enterprises, spoke at the discussion session.
According to the Global Innovation Index (GII) Report, in 2024, Vietnam ranked 44/133, up 2 places compared to 2023. In 2025, the startup ecosystem ranked 55th globally, with major startup centers: Ho Chi Minh City entered the top 5 in Southeast Asia for the first time, Hanoi and Da Nang increased sharply in the world rankings. Currently, the country has about 4,000 innovative startups, including unicorns such as MoMo, Sky Mavis, and many businesses valued at over 100 million USD, focusing on strengths in the following areas: Fintech, edtech, e-commerce and blockchain.
However, to become a creative startup nation, Vietnam still faces many challenges: The number of entrepreneurs is still low compared to the population size, there are few technology unicorns, the ability to expand internationally is still weak; venture capital tends to decrease, and domestic capital is not strong; the culture of innovation has not yet permeated deeply into society, the spirit of daring to experiment, accepting risks and learning from failure is still not popular. Startup activities are still scattered, lacking systematic orientation, and have not effectively promoted the potential for commercializing research results.
In that context, the Department of Startups and Technology Enterprises proposed a number of key tasks, such as: Innovating thinking and spreading the culture of creative startups to the whole population; developing infrastructure and a support ecosystem based on digital technology; perfecting the legal framework for new models, products and services; nurturing creative ideas and startups; developing capital markets and venture capital; incubating and accelerating to create breakthroughs in the pillar industries of the economy . Some breakthroughs are emphasized as follows: Selecting a number of strong universities and research institutes to build deep technology incubators; investing and supporting platform startups in strategic areas such as artificial intelligence, digital technology, e-commerce, high technology, green economy, circular economy, and dual-use economy.
In line with that aspiration, the international community has expressed a strong commitment to cooperation. Mr. Darren Ong - Director of Public Policy, Global Digital Services and Retail, Amazon Corporation said that e-commerce, cloud computing and digital services will be the driving force for innovation, helping small and medium enterprises and startups expand the global market at low cost. Mr. Darren Ong recommended that Vietnam focus on developing safe digital infrastructure, perfecting the legal framework for the digital economy, training digital skills and high-quality human resources, and promoting public-private partnership to create a comprehensive innovation ecosystem.
Mr. Darren Ong spoke at the forum.
Sharing the same view, Mr. James Tan - Founder, Managing Partner of Quest Ventures Venture Capital Fund shared the five pillars of the startup ecosystem including: Government, corporations, universities, venture capital and startups. Mr. James Tan proposed that Vietnam establish an International Advisory Council, build a local startup association, develop an industry-specific investment fund with co-funding from the State and businesses, and promote the commercialization of research at universities to form startups from indigenous knowledge. According to him, potential areas in the next decade are AI, software and digital healthcare.
Mr. James Tan affirmed that Quest Ventures continues to connect domestic startups with international markets.
Mr. James Tan said: Quest Ventures, one of Asia's leading venture capital funds, has had many cooperative activities in Vietnam and is committed to continuing to connect Vietnamese startups with the international market.
The forum affirmed: Science, technology, innovation and digital transformation are not only the driving force, but also the shortest path for Vietnam to rise strongly. On the basis of 4 breakthrough Resolutions of the 'Quad Pillars', with two pillars of the spirit, culture of innovation spreading to all people and science and technology, innovation, digital transformation as the pillars, Vietnam is steadfastly aiming to rank 40th in the Global Innovation Index by 2030, 45th in the world in terms of creative startup ecosystem, with 10,000 startups and attracting 3 billion USD in venture capital. Striving for 2045, "every 10 people will have a startup, every 20 people will have a business, and every 5,000 people will have a creative startup", contributing to realizing the goal of a strong, prosperous and happy Vietnam. Center for Science and Technology Communication
Source: https://mst.gov.vn/xay-dung-chinh-sach-de-kien-tao-tinh-than-quoc-gia-khoi-nghiep-sang-tao-197250829121830459.htm
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