Vietnam continues to maintain a good rank on the national innovation index

In 2021, Vietnam ranked 44th on the global innovation index. Vietnam's startup ecosystem ranks 59 out of 100 countries. Vietnam ranks third in the group of three most dynamic innovative startup ecosystems in Southeast Asia, just behind Indonesia and Singapore. This is the information given at the Startup Festival 2022 taking place on January 19, in Hanoi.

Nguyen Duc Hien - Deputy Head of the Central Economic Commission - assessed that the results in 2021 show that Vietnam continues to maintain a good rank on the national innovation index. Startup and innovation activities in Vietnam have developed strongly with useful technology products and platforms for life.

The socio-economic development strategy 2021-2030 and vision to 2045 define the goal that by 2025, Vietnam will be a developing country with modern industry, surpassing the low-middle income level. Vietnam strives to be a developing country with high income by 2030 and to become a developed country with high income by 2045.

In order to promote the innovative startup ecosystem, Mr. Pham Hong Quat - Director of the Department of Science and Technology Enterprises and Market Development (Ministry of Science and Technology) - said that a new mechanism is needed for new models. Government should be the first to use these new technological initiatives.

​​According to Mr. Pham Hong Quat, the crowdfunding model is currently developing strongly in the world. It is necessary to create conditions and have a mechanism to allow testing of this model so that everyone can become an angel investor for Startups. “Currently, it is difficult for startups to raise capital, and funds are "frozen" and cannot be disbursed. Countries in the region have deployed exchanges to raise capital for startups which do not have enough conditions for an IPO - the activity of first issuing shares and listing on the stock exchange of a company with the aim to raise capital widely from investors - in order to raise capital, we should experiment", emphasized Mr. Pham Hong Quat.

Recently, we have connected with 21 foreign technology villages, science and technology associations. Besides, there are expatriates abroad who are very potential. Mr. Pham Hong Quat said that these are open orientations that need more attention to create breakthroughs in 2022. The establishment of a national innovation network including three important regional representatives namely Hanoi, Ho Chi Minh city, Da Nang is the highlight connecting Vietnam into an ecosystem.

As the 2nd country in the innovation support index, with the fast-growing economy and the stable legal environment, Switzerland is creating a good environment for innovative startups, said Mr. Ivo Sieber - Ambassador of Switzerland in Vietnam, every year, about 300 new start-ups are formed in Switzerland, compared with about 5 years ago, this number has increased 4 times. Startups in Switzerland mainly start up in fields such as health technology, biotechnology, energy, and finance. This is also a place to attract high-tech enterprises to invest and develop. At the same time, it attracts the world's leading innovative enterprises. Every year, the amount of capital invested in startups is up to 3.15% of GDP.

Regarding lessons for Vietnam in supporting innovative startups, Mr. Ivo Sieber said that the role of the Government is extremely important. The government must be active in creating a favorable legal framework to promote individuals and enterprises to participate in startups. “Entrepreneurship also needs to be promoted in educational institutions. In Switzerland, the Swiss Institute of Technology is the place to promote innovative business models in the educational environment,” said Mr. Ivo Sieber.

Mr. Pham Tan Cong - Chairman of VCCI; Mr. Nguyen Duc Hien - Deputy Head of the Central Economic Commission; Ms. Caitlin Wiesen - Resident Representative, United Nations Development Program - UNDP Vietnam awarding certificates, trophies and flowers to the champion of the National Startup Development Program 2021: Cyberpurify Project - creating the safer Internet for children - representative from TP. Ho Chi Minh

Also on the afternoon of January 19, there was an award ceremony for the Excellent Startup Project 2021 and the Launch of the National Startup Program in 2022. The organizers honored 3 universities and 3 provinces/cities with their contributions for the startup ecosystem in 2021.

Mr. Pham Tan Cong - Chairman of the Vietnam Confederation of Commerce and Industry (VCCI) - said that in 2021, the National Startup Project Development Program has made a mark and made a difference compared to the previous years in receiving input projects. This year's regulations are more strict: only projects that have established enterprises with operating time of no more than 3 years; The enterprises already have a product. The quality of this year's projects is highly appreciated. “This year's startup projects have focused on solving the pain of society related to the environment and society for sustainable development according to the criteria of the United Nations," emphasized Mr. Pham Tan Cong.

Nguyen, H., 2022. Việt Nam tiếp tục duy trì thứ hạng khá về chỉ số đổi mới sáng tạo quốc gia | Báo Công Thương. [online] Báo Công Thương điện tử. Available at: <https://congthuong.vn/viet-nam-tiep-tuc-duy-tri-thu-hang-kha-ve-chi-so-doi-moi-sang-tao-quoc-gia-171033.html> [Accessed 28 February 2022].

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