Call for a Stronger Innovation Ecosystem
Deputy Prime Minister Nguyễn Chí Dũng is leading a powerful and urgent initiative, calling for a strong push to foster a dynamic entrepreneurial ecosystem driven by innovation, technology, and digital platforms. Speaking at a recent meeting in Hà Nội, the Deputy PM highlighted the critical need for a comprehensive and holistic approach that nurtures startup ideas from their very first stage of conception all the way through to commercialization. This includes providing structured support for critical milestones such as pilot production, investment trials, and final market entry. This initiative underscores the Vietnamese government’s deep-seated commitment to supporting the entire lifecycle of a startup, recognizing that sustained growth and innovation require consistent support at every turn. By prioritizing technology and digital platforms, the government signals a forward-looking strategy that aims to propel the national economy into a more modern, competitive, and high-value-added phase, moving beyond traditional industries to foster a more resilient and agile economic landscape for the future.
Revitalizing the National Startup Scheme
As a direct result of this strategic push, Deputy PM Dũng has given clear instructions to the Ministry of Science and Technology to undertake a comprehensive and immediate revision of the national startup scheme. The primary objective of this revision is to create a more robust and clear framework that is firmly grounded in strong political and legal foundations while also incorporating international best practices. This move is designed to ensure that the regulatory environment is both predictable and supportive for new ventures. The Deputy PM specifically instructed the ministry to tailor the new scheme to provide targeted support for both emerging startups and larger, more established “unicorn” enterprises, demonstrating a commitment to nurturing companies at all stages of their growth. He also emphasized the importance of identifying and addressing any existing gaps in current policies and proposing new, innovative solutions that can truly accelerate the development of the national ecosystem.
Urgency and Breakthrough Solutions
The Deputy PM’s message to the Ministry of Science and Technology was not just a suggestion but a firm directive, underscoring the urgency and high expectations associated with this initiative. He urged the ministry to refine the scheme’s guiding principles, objectives, and proposed solutions to ensure they are directly aligned with and can effectively meet the dynamic needs of these enterprises. He emphasized that the updated plan must contain new and truly “breakthrough” elements that are capable of delivering tangible and meaningful results for Việt Nam’s innovation and startup ecosystem. To highlight the gravity of the situation, the Deputy PM has set a strict deadline for the final draft of the revised scheme to be submitted to the government by August 15. This firm timeline signals the government’s recognition that a thriving startup ecosystem is critical for driving national economic growth and maintaining a competitive edge in the global market, making this a top priority for the administration.
