Innovation investment activities still smolder
Speaking at the opening ceremony of the Vietnam Innovation Investment Fund Forum 2023 on October 30, Deputy Minister of Planning and Investment Tran Duy Dong said that investment activities for innovation in the world still have optimistic signs.
Specifically, the Global Innovation Index (GII) 2023 report showed that, although the speed and total value of venture capital transactions declined significantly over the past year, the number of transactions increased to an all-time high.
Total spending on R&D from both the government and private sectors globally continues to increase in real terms and remains at an all-time high. The wave of innovation in the digital age and advanced science is taking place strongly with the development of fields such as information technology, healthcare, and energy.
"These things show that investment activities for creative startups are like a "smoldering fire", which can flare up strongly only when the environment and "catalysts" are favorable. Vietnam is creating an environment and favorable factors for innovation in general and investment in creative startups in particular," said Deputy Minister Tran Duy Dong.
In terms of policy, Vietnam is actively promoting the development of an innovation and startup ecosystem, aiming to become a dynamic ecosystem in the region.
The Party and State have set out a socio-economic development strategy for the 2021-2030 period with the main driving force relying on science and technology, innovation and digital transformation.
The Government and the Prime Minister are resolutely directing and operating ministries, branches and localities to deploy tasks and solutions to implement the policy on promoting science and technology, innovation and proactively participating in the 4th Industrial Revolution as set out by the Party and State. In particular, focusing on 3 strategic breakthroughs: Institutional system; human resources, especially high-quality human resources and infrastructure.
Deputy Minister of Planning and Investment Tran Duy Dong (Photo: Le Son).
Vietnam's startup ecosystem ranks 3rd in Southeast Asia
In the context of the volatile world economy, Vietnam continues to achieve positive economic results. Total registered FDI capital in the first 9 months reached nearly 20.21 billion USD, up 7.7% over the same period, of which newly registered FDI increased by 43.6%. Implemented FDI reached more than 15.9 billion USD, up 2.2%.
In addition, production and business activities continued to change. The number of newly registered and re-entered enterprises in September reached nearly 18,500, up 12% over the same period last year.
Vietnam's innovation and startup ecosystem has made positive developments. Vietnam is currently ranked 46th out of 132 countries and economies according to the Global Innovation Index 2023 Report and is one of three countries with innovation results surpassing the level of development for 13 consecutive years.
Vietnam's startup ecosystem has risen from 5th to 3rd among the top 6 economies in Southeast Asia, reflected in the rate of investment capital in the innovative startup market as well as the number of investors and investment funds operating in Vietnam.
In the first 6 months of the year, total investment capital in the technology sector in Vietnam still ranked 3rd in Southeast Asia, with a total investment value of 413 million USD.
According to a report by the National Innovation Center and Golden Gate Ventures investment fund, the five main areas predicted to dominate Vietnam's economic growth in the future include: Medical technology, financial technology, logistics support technology, green economy and education technology.
Per capita healthcare spending in Vietnam has tripled in the past five years. Fintech transactions are expected to grow at a CAGR of 15% over the next four years to meet the financial needs of the 70% of Vietnamese who are still unbanked.
Meanwhile, the technology sector supporting logistics and small business models also plays an important role. In addition, for the green economy, Vietnam is leading the effort to develop clean energy in Southeast Asia with innovations in wind and solar energy. Finally, the education technology sector is assessed to have natural growth momentum, increasingly attracting foreign investment into the Vietnamese market.
In this year's forum, these five sectors will come together to create an innovation ecosystem that is aligned with the ambition of becoming a developed country by 2050, as well as global innovation needs.
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