Creative startups: Need specific mechanisms and policies

In recent years, science, technology and innovation have been receiving attention and focus from the Party, State and Government.

The socio-economic development strategy for the 2021-2030 period affirms that science, technology and innovation are among the important strategic breakthroughs. On the sidelines of the event in response to the World Creativity and Innovation Day - April 21 every year, organized by the Ministry of Science and Technology on April 19, Director of the Department of Science and Technology Enterprise and Market Development Pham Hong Quat discussed with the press about the development of the Vietnamese innovation and startup ecosystem in recent times as well as the growth orientation of this field in the coming time.

How do you evaluate the current development of the Vietnamese innovation and startup ecosystem? What are the challenges for startups, sir?

In the eyes of international experts, consultants, and investors of Vietnam's innovative startup ecosystem, our country is an attractive destination with a young generation that is dynamic, creative, and adapts quickly to business models. In particular, after COVID-19, when countries are experiencing a disruption in the value chain of capital supply and market development, Vietnam still maintains its connection; domestic and international entities are still linked together by quickly shifting activities from offline to online. The recovery rate is very fast with smart agricultural models; smart services, training, and tourism. Vietnam continues to be an attractive destination for regional and international investors.

The biggest challenge for startups today, regionally and globally after COVID-19, is the supply chain of technology, raw materials, output markets, and capital. Therefore, we must have creative solutions right from the institutions and policies. Currently, for Ho Chi Minh City, the National Assembly has issued Resolution 98/2023/QH15 dated June 24, 2023 on piloting a number of specific mechanisms and policies for the development of the City, which includes a very important content on encouraging and calling for investors to support investment and creative startups, and at the same time has many preferential policies for creative businesses as well as incentives for experts and consultants. Da Nang City is also proposing a similar mechanism. The Ministry of Science and Technology is also proposing to the Government a new decree on policies to promote innovation and creative startups; including providing incentive mechanisms for intermediary organizations, localities, creative startup support centers, and innovation centers, suitable for domestic needs as well as the international integration process.

In the process of creative startups, Vietnam has seen the emergence of 4 technology unicorns (VNG, VNLIFE, MOMO, SKY MAVIS). With the current policies to promote creative startups, what do you expect from the emergence of new technology unicorns in the near future?

Having many technology unicorns is the common goal of all national ecosystems in the region as well as in the world. Countries are also competing fiercely to attract and retain talent. Vietnam has the potential for high-quality human resources. These are Vietnamese people in the country, Vietnamese people working at large corporations abroad as well as multinational corporations present in Vietnam. We expect that it is not only the number of unicorns but also how many new technologies and new models Vietnam can master.

The development potential of an entire ecosystem needs to be more sustainable. Unicorns can appear at this time, in this country, or that country when there are temporary attractive policies on taxes and investments. However, for an entire ecosystem to develop, the previous generation must support the next generation, and training facilities must be linked to the private sector and the Government's creative policies. This requires a sustainable, long-term development process.

We expect to set many targets, from a young age, high school students will learn about STEM, and have access to new models. From there, Vietnam will have future technology unicorns in a sustainable way. The ecosystem approach needs to be for people, with people as the master.

To develop the ecosystem, we must experiment with policies. Accordingly, policy experiments must have active pioneering cities before being replicated nationwide. Currently, some cities in Vietnam are actively proposing policy experimentation mechanisms. For specific technology experimentation policies, ministries, sectors as well as corporations will be the first destination for new technologies and new business models to enter the experimentation process.

Starting a business from indigenous values is one of the new directions for young people. What do you think about this direction?

Starting a business from indigenous values such as cultural, historical, and human values is always a very important source of inspiration for all countries as well as the process of comprehensive innovation. Innovation based on indigenous resources is a very "hot" and topical topic. This is also a topic that TechFest 2024 is aiming for. We are inviting international organizations such as UNDP, ADB, and green growth funds to participate.

Currently, the Women's Union, Youth Union, Farmers' Association, and Cooperative Alliance have committed to supporting this topic. These actions are an important source for us to innovate added values based on technology, based on new business models based on exploiting the resources and inherent strengths of each locality.

2024 is the 10th year of the Innovation and Startup Festival organized by the Ministry of Science and Technology. Could you please tell us what is new about TechFest 2024?

TechFest is the largest annual event for the Vietnamese creative startup community, organized under the direction of the Ministry of Science and Technology and a number of central ministries, branches, and socio-political organizations. The event aims to raise awareness of the role of innovation and creative startups in contributing to sustainable socio-economic development; encouraging the community to join hands to promote creative startup activities.

The theme of TechFest each year is closely linked to issues that need to be focused on in the creative startup ecosystem, attracting the attention and cooperation of the community in finding effective and timely solutions. TechFest 2024 is expected to be held in late November and early December 2024 in Hai Phong, to summarize activities and demonstrate outstanding technologies and business models of the creative startup ecosystem in 2024 as well as throughout the 10-year journey of TechFest since 2015.

Hai Phong is a dynamic city, with many projects on developing semiconductor technology, green growth technology, and blue ocean technology. I hope this will be an attractive destination for startups, experts, and technology consultants from Vietnam and around the world this year.

The theme of TechFest 2024 emphasizes integrating Vietnam's innovative startup ecosystem with the region and the world, especially in the topics: Creating social impact, green growth and sustainable development; creating a foundation to establish a coalition of innovative startup nations; emphasizing new technologies, high technologies associated with green transformation, circular economy and digital transformation, comprehensive innovation, leaving no one behind.

It is expected that nearly 150 activities will be held from now until the conclusion at the national TechFest with the participation of nearly 30 technology villages.

Within the framework of the national TechFest, it is expected to hold the Asia High-Tech Startup and Unicorn Summit with the participation of high-tech innovative startups, unicorn innovative startups and startups with the potential to become unicorns (soonicorn) in Asia. In addition, there will be an international conference on building an innovative startup ecosystem with the participation of state management agencies, important socio-political organizations from the central to local levels, international organizations such as UNDP, ADB, USAID, WB, etc.

Thank you very much.

According to Thu Phuong/VNA

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