Some achievements in innovation and creative startups
The Ministry of Science and Technology is drafting a Decree on innovation and creative startups to promote these activities to contribute positively to socio-economic development.
The World Intellectual Property Organization released the Global Innovation Index Report 2024 (source: most.gov.vn).
Vietnam has developed many favorable policies, such as intellectual property rights, scientific innovation, simplified procedures, development of support funds, and at the same time built a set of local innovation indexes (PII), helping to evaluate and rank 63 provinces and cities, thereby exploiting the potential and strengths of each locality. Global results are shown through the GII ranking in 2024, Vietnam ranked 44/133 countries, up 2 places compared to the previous year.
Vietnam's startup ecosystem is growing, forming models based on intellectual property, ready to expand into the global market. In order to support innovative businesses, the government has established support centers in major cities and localities, building a network of resource connections. In 2022, Vietnam ranked 54th in Startup Blink's global rankings, and by 2023, there will be about 3,800 startup businesses, with 11 businesses worth over 100 million USD, 208 investment funds, 84 incubators and many angel investors, maintaining the third position in the region in terms of investment deals.
However, there are still many limitations in innovation and science and technology activities. Firstly, current legal documents are not clear and consistent in terms of terminology, conditions, and functions of relevant organizations and individuals; many regulations of many agencies are overlapping, not creating a clear legal system specifically for science and technology. Secondly, although there is overlap, innovation focuses on research and technology development, while science and technology mainly relies on capital mobilization and development of new business models; there needs to be a separate legal framework suitable for each field to maximize efficiency. Thirdly, these activities are currently managed together with the field of science and technology, causing difficulties in distinguishing subjects and processes, hindering the conversion of knowledge into practical value. While waiting for the Law on Science, Technology and Innovation to be officially promulgated, the Ministry will coordinate to develop a decree to clarify concepts and criteria, synchronize policies, and create a tighter legal corridor for these activities.