Government creating most favorable conditions for startups and innovation

The government fully supports and creates the best possible conditions and most favorable environment for startups and innovation projects, Prime Minister Pham Minh Chinh has said.

“We must consider startup and innovation as significant political tasks that make significant contributions to economic growth, enhance competitiveness and business performance, boost workplace productivity, and create new space for development,” he said in his address to the national festival for innovative startups, Techfest - Whise 2023, which opened in Ho Chi Minh City on November 25.

Vietnam has more than 3,000 startups and 140 universities and research institutions carrying out startup and innovation activities.

In the Global Innovation Index 2023, Vietnam was ranked 46th out of 132 countries and territories, fourth in ASEAN, and one of the leaders among developing economies. 

Ho Chi Minh City secured its position within the top 100 emerging startup markets worldwide, placing in the 81-90 range, according to the Global Startup Ecosystem Report 2023 from Startup Genome.

According to the Prime Minister, many Vietnamese startups and innovation enterprises valued in the hundreds of thousands and millions of US dollars have been established and are developing not only in Vietnam but in many other parts of the world.

He emphasized that in order to soon narrow the development gap and make Vietnam one of leading countries in startups and innovation, ministries, sectors, localities, bodies, and units must adopt solutions to incorporate startups and innovation enterprises with knowledge and science and technology.

The Prime Minister outlined six tasks that need to be fully implemented.

First, intensify awareness of the position, role, and importance of startups and innovation.

Second, strengthen the leadership and direction of Party Committees and People’s Committees at all levels, and develop breakthrough tools and policies to speed up the application of technology and innovation to enhance the competitiveness of businesses, localities, and the nation.

Third, stay focused on building and perfecting institutions, mechanisms, and policies to promote capital markets, human resources, science and technology, and new products, among others.

Fourth, synchronously develop the innovation system in the country, sectors, regions, and hi-tech zones.

Fifth, strongly generate human resources for innovation.

Sixth, increase the attraction and diversification of financial resources for startups and innovation.