Creative economy - unlimited potential

Although the creative economy is a fairly new concept, in Vietnam its development potential is almost limitless and is expected to bring more added value to the economy.

The story of "old wine in new bottles"

According to the study on creative economic development conducted by the Central Institute for Economic Management (CIEM) in collaboration with the German International Cooperation Agency (GIZ), Vietnam's creative economic sectors include handicrafts; fashion and design; culinary arts; performing arts; visual arts; film and media; information technology and software engineering; tourism and cultural heritage; music and entertainment; publishing and literature; digital content creation (blogs, vlogs, podcasts and creating content on social networks); digital marketing and advertising...

Kinh tế sáng tạo mở ra cơ hội phát triển cho nhiều ngành nghề ở thị trường trong nước và quốc tế

Creative economy opens up development opportunities for many industries
in domestic and international markets

The concept of creative economy is still in its infancy, but in fact it has permeated deeply into Vietnam's economic life. Mr. Nguyen Huu Hung, Chairman of the Board of Directors of Artex Dong Thap Joint Stock Company, said that handicraft products made from water hyacinth are not only present in most large and small markets and supermarkets across the country, but also appear in many countries around the world such as Japan, the US, Germany, Australia... because they are durable, beautiful and especially environmentally friendly. Each year, the company exports about 6 million USD worth of water hyacinth products such as carpets, baskets, newspaper racks, paper trays, vases, sofa chairs... This profession not only helps people who weave water hyacinth have jobs and stable income, but also contributes to the development of service professions in the input product chain such as: planting, cutting, drying water hyacinth for sale to establishments and weaving groups.

Creative services are also an important mark of the creative economy. In Vietnam, MISA is known as the most popular company providing financial accounting software for small and medium enterprises. With the desire to grow many times stronger, MISA has changed its goal to create more products and expand its market share. Therefore, the company has designed and exported MISA CukCuk software to the world. After 5 years of entering the international market, this software is now present in more than 20 countries around the world and has achieved sales of nearly 2 million USD. Notably, this product has recently officially entered the potential market of the US, the company strives to enter the top 3 POS software (sales support tools) in the world's largest economy with a sales target of 1 million USD in 2024 and 50 million USD in the next 5 years.

Need openness in mechanisms and policies

According to CIEM statistics, Vietnam ranked 3rd in the top 10 developing economies exporting creative goods in the world with 14.15 billion USD, accounting for 2.7% of the total creative goods exports in the world. The value of creative service exports far exceeded that of creative goods due to the strong increase in software exports, research and development services as well as the digitalization of some creative goods.

There are currently many supporting factors for Vietnam to develop the creative economy. Mr. Nguyen Anh Duong, Head of the General Research Department (CIEM) analyzed that Vietnam has a young population, knowledgeable about technology; rich cultural heritage; rapid digitalization; increased integration with the global economy... In addition, information technology infrastructure in Vietnam is being focused on investment; Vietnamese enterprises have a competitive advantage thanks to low labor costs; enterprises also focus on increasing added value in each creative product export project.

However, according to experts, because the creative economy is still relatively new, there are different understandings of the creative economy, even lacking a clear distinction with innovation; there is no solid basis on the basis of systematic scientific research, there are no sufficiently rigorous and feasible policy implications; policies and incentive mechanisms are still stuck in implementation; there is a lack of updated, regular and detailed data to analyze related contents.

To promote the development of the creative economy, in addition to investment and creative exploration of enterprises, management agencies need to support by perfecting policy institutions and laws to create a suitable legal framework for the development of the creative economy and protect intellectual property rights. In particular, thinking about the creative economy or software products for export needs to be supplemented and perfected in the operation and management work, thereby creating a favorable environment for enterprises to operate as well as innovate and join the global supply chain. Along with that, it is necessary to create support mechanisms (tax, finance, premises, connection, industry linkage...); promote digital transformation to more effectively support the creative economy.

In addition, according to experts, the creative economy is associated with intellectual property and the exploitation of intellectual property is continuous and increasing in scale. Most fields with high creativity that are accepted by the market and paid high and very high prices can become creative economic fields. Therefore, it is necessary to strengthen the role of intellectual property protection agencies and expand the level of influence so that creative resources are "economicized" and "valued" to promote breakthrough development of Vietnam's economy.

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