Innovation: Revolutionising the economic growth

Innovation plays a central role in enhancing productivity and competitiveness, underpinning progress across industries and economies.

Innovation propels breakthroughs and self-transcendence, fostering creativity for advancement in the digital era and sustainable human development.

That was the message from Prime Minister Phạm Minh Chính speaking on Việt Nam's Innovation Day 2024 on Tuesday morning, which also marks the fifth anniversary of the National Innovation Centre (NIC).

The PM highlighted the Party and State's steadfast dedication to science, technology and innovation as vital components for the nation's rapid and sustainable growth.

The 13th Party Congress Resolution prioritises advancements in these areas to boost productivity, quality and competitiveness. Legal frameworks, such as the Science and Technology Law, explicitly define innovation's role in driving economic and social development.

PM Chính said there is a need for cohesive implementation strategies tailored to different sectors and regions.

Innovation plays a central role in enhancing productivity and competitiveness, underpinning progress across industries and economies, the PM added.

Việt Nam now boasts approximately 4,000 innovative start-ups, 208 investment funds, 84 incubators, 35 business promotion organisations and 20 creative start-up centres, said PM Chính.

The country's start-up ecosystem ranks 56th globally out of 100 countries, with both Hà Nội and HCM City making it to the top 200 innovative startup cities list worldwide.

The country holds the 44th position in the Global Innovation Index for 2024 and ranks 71st out of 193 countries in the E-Government Development Index for the same year.

Looking ahead, the PM noted that the rapid advancement of science and technology, alongside the Fourth Industrial Revolution, has sparked profound and far-reaching changes globally, affecting each country and region significantly.

Innovation is increasingly recognised for its pivotal role and has become an indispensable driver in the specific development of science and technology and the broader strategies for national progress. It stands as the anchor for swift and sustainable development, representing an objective trend that cannot be reversed.

For Việt Nam, innovation is a crucial element driving digital transformation, green initiatives and the sustainable development of the country in this new era of growth.

The PM outlined three key principles for fostering innovation: Innovation must be a strategic imperative, placing emphasis on industrialisation, modernisation and sustainable development.

It should prioritise people and businesses as central drivers, particularly focusing on the youth as future leaders.

Lastly, innovation requires bold thinking, action, risk-taking, and dedication to national interests and a prosperous future for the nation.

At the event, the PM also announced that October 1 annually will be celebrated as National Innovation Day.

New opportunities

Over the last five years, NIC has been instrumental in encouraging collaboration between the Government, universities and enterprises, with the Government playing a key role in connecting resources, shaping comprehensive development strategies, and supporting entrepreneurs in enhancing innovation capacity, especially start-ups in their development stages.

Apart from offering workspaces, workshops, seminars, and networking events for start-ups with local and international businesses, NIC also conducts training programmes in partnership with major companies like Google and Meta and collaborates with global innovation hubs to send startup groups abroad for incubation and training programmes in countries and territories such as Belgium, South Korea, Taiwan (China) and Japan.

“Innovation is the driving force behind revolutionising Việt Nam’s economic growth model. Our fifth anniversary celebration is not only an opportunity to reflect on the achievements we've made but also a springboard for breakthroughs in the future, shaping the technological landscape of Việt Nam,” Vũ Quốc Huy, Director of NIC, said.

Speaking to Việt Nam News, Dr Nguyễn Văn Thái, product manager at CT Semiconductor, said that Việt Nam’s innovation ecosystem is growing fast, which requires an adequate high-quality workforce and technological independence.

Also on Tuesday, CT Semiconductor launched the centre for specialised training in semiconductor chip assembly, testing and packaging. This initiative aims to equip electronics students to master ATP technology, with interns gaining practical experience on cutting-edge chip testing equipment and diverse chip varieties, according to Thái.

He believes that the sustainable development of Việt Nam’s semiconductor industry depends on seizing technological leadership and attracting top global talent.

This year’s Innovation Day is also a gathering of global key technology leaders, including Meta, NVIDIA, Qualcomm, AMD, Intel, Qorvo and Samsung.

With Việt Nam’s AI potential on the rise, Meta is dedicated to bolstering the country's ambition of integrating AI as a core element of its digital economy, said Nick Clegg, Meta’s President of Global Affairs.

“Through collaboration with the Government of Việt Nam, we look forward to the future opportunities coming out of Việt Nam,” Nick added.

He also shared about Meta's plans for cooperation and investment in the country in the future.

In 2025, Meta plans to enhance the production of its cutting-edge mixed reality device, the Quest 3S, in Việt Nam, Nick said, adding that this strategic move is anticipated to generate approximately 1,000 job opportunities in the country, underscoring Meta's trust in Việt Nam’s skilled workforce.

Moreover, Meta is set to introduce the Vietnamese-language virtual assistant "Meta AI" in the upcoming months. This initiative aims to empower businesses and individuals in Việt Nam by providing access to a versatile tool that can drive significant innovation and creativity.

“Việt Nam will lead in the deployment of Meta AI ahead of several European nations. The AI will support Vietnamese and will be provided to users free of charge,” Clegg said. — VNS