Opportunities for innovative creation

In an interview with Vietnam Economic Times - VnEconomy, Mr. Nguyen Quoc Huy, Director of the National Innovation Center (NIC), affirmed that innovation is still valued in Vietnam for its potential and that there are opportunities in investment and development.

Though 2021 is considered to have been the most difficult year since the Doi Moi (Renovation) process began in the late 1980s, investment in innovative startups still reached nearly $1.4 billion; the highest result from 2016 to present. The number of startups is also constantly rising, standing at 3,800, together with more than 200 investment funds and over 100 business promotion organizations or operating incubators. This shows that Vietnam is becoming among the most attractive investment destinations for international investors.

The startup and innovation movement has been active, with many projects bringing positive values to businesses and society. Many innovative startups have grown rapidly and gained a foothold in the market. Enterprises have the ability to adapt well to market fluctuations thanks to business model innovation, digital transformation at enterprises, and research and production of products in line with trends. Many large enterprises have set up R&D centers to research technologies in Industry 4.0.

Organizations that incubate startups and support innovation have accumulated a lot of practical experience and have sufficient capacity and facilities to support startup and innovation activities. In particular, the legal environment for innovation startup investment is being increasingly improved. The NIC has clearly shown its role as a national center in connecting resources to promote innovation and business-centered activities, according to Mr. Huy.

There are fields with potential for development, such as fintech, healthtech, logtech, AI, blockchain, and so on. This is an opportunity for Vietnam to have more “unicorns” in the future.

But to be successful, startups need a lot of factors in their favor to design suitable products, such as opportunities, ideas, business models, capital, team, and support from related organizations. The NIC will actively take suitable measure to support the movement this year.