In particular, for 14 consecutive years, Vietnam has always had innovation results higher than the level of development, demonstrating the effectiveness of the Government in converting input resources into output results. This result also shows that in recent times, the Vietnamese Government has used the global innovation index as an important and effective management tool.
Of course, everything is not entirely rosy. Because besides the achieved results, in our practice of innovation and creative startups, we still encounter many difficulties and obstacles. Especially the lack of synchronization and unity in understanding as well as in implementing policies and laws to support businesses.
It is worth noting that Vietnam currently has an estimated 4,000 innovative startups, including “unicorn” businesses valued at over 1 billion USD such as VNG, VNPay and Momo… and many businesses valued at over 100 million USD.
However, from 2021 to now, Vietnam has not yet seen any new “unicorns” in the startup sector. Meanwhile, companies approaching “unicorns” such as Kyber network, Tiki, KiotViet, Trustingsocial, Giao hang Tiet Kiem, Giao hang nhanh, Amanotes… also have certain difficulties in their operations.
In order for Vietnam to soon have more “unicorns” in the startup field, we still have a lot of work to do. The priorities, as affirmed by Deputy Minister of Science and Technology Hoang Minh, are to quickly build and complete the legal corridor, create unity and synchronization in building, amending and supplementing mechanisms, policies, and allocating resources to promote innovation and creative startups to promote the development of Vietnam's creative startup ecosystem.
For innovation to truly be “a strategic choice and top priority for countries in the process of rapid and sustainable development; leaving no one behind...” as well as “the viewpoint of taking people as the center, the subject and truly enjoying the fruits of innovation...” as emphasized by Prime Minister Pham Minh Chinh at the GII 2024 Report announcement event, we must have in-depth investment strategies as well as continuously improve legal corridors and policy mechanisms to promote and maintain healthy and sustainable development!
