Innovation is an important factor for businesses to survive and develop.

Dear Deputy Minister, what role does innovation play for businesses and the economy in the current context?

- In the current context of rapid technological development, constant changes in the market and business environment, innovation becomes an important factor for businesses to survive and develop.

According to the Global Innovation Index 2023, Vietnam is ranked 46/132 countries and economies, up 2 places compared to 2022. According to the World Intellectual Property Organization, Vietnam is one of the 7 middle-income countries that have made the most progress in innovation over the past decade. Vietnam is also one of the 3 countries holding the record of outstanding achievements compared to the level of development for 13 consecutive years.

These results show that Vietnamese enterprises have been making efforts and are one of the pillars of the innovation ecosystem including the State; research institutes - universities; enterprises and other related entities. However, there is still a gap compared to some other developed countries, so Vietnamese enterprises need to: One, invest in R&D to create new products and technologies.

Second, build a culture of innovation, encourage employees to propose new ideas and experiment with breakthrough solutions, and at the same time, create mechanisms to encourage innovation.
Third, raise awareness of innovation. Proactively research and learn about innovation as well as create conditions for employees to participate in technology and innovation courses. Train employees in 4.0 technology skills to develop high-quality human resources.

Some opinions say that innovation is a “money-burning” race. What is your opinion on this issue?

- This view is not entirely correct because innovation does not only depend on having money but also on the smart and creative management of the business in using existing resources. Many successful startups apply creative solutions to overcome capital constraints. They can take advantage of external funding sources, cooperate with partners, apply flexible business models, exploit the strengths of available human resources and take advantage of information technology to save costs and increase operational efficiency.

When it comes to innovative businesses, I think the important thing businesses need to have is a flexible mindset to adapt to the changing business environment and be willing to accept risks.

The second is customer mindset. Shaping solutions and products based on real needs and desires, thereby creating value and building trust from customers.

Third is to think creatively at all levels and develop a work environment that provides space for experimentation with new ideas.

Next is collaborative thinking. Innovation cannot be done alone. Within the enterprise, it is necessary to enhance teamwork, regularly exchange information and develop partnerships to share ideas, knowledge and resources.

Ultimately, innovation is not just a short-term process but a long-term strategy. Businesses need to innovate and create a continuous process to discover and implement new ideas.

Sir, in the past, what support has the Ministry of Planning and Investment provided to encourage businesses to implement innovation?

- The Ministry of Planning and Investment has presided over and coordinated with ministries, branches, localities and enterprises to draft and submit to the National Assembly and the Government for promulgation many important mechanisms and policies to support and invest in the development of the innovation ecosystem. Timely support potential start-up projects, form a real and effective innovation investment environment as well as encourage the creation of innovation communities with a leading role in a number of key economic sectors and fields with competitive advantages.

The Ministry also coordinates with international organizations to mobilize resources to help solve the difficulties of innovative enterprises and startups. Initiate the Vietnam Innovation Initiative, assign the National Innovation Center to implement the goal of having 500 typical innovative enterprises by 2030, leading the Vietnamese economy.

In addition, the National Innovation Center is also assigned to cooperate with many international organizations, training institutions, incubators, and universities with training programs on innovation.

Thank you, Deputy Minister!

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