On the morning of April 19, the Ministry of Science and Technology (MOST) held a ceremony to respond to the World Creativity and Innovation Day 2024.

According to the Ministry of Science and Technology, innovation activities in Vietnam have achieved many remarkable results. Vietnam's Innovation Index (GII) has continuously improved over the past 13 years, showing the efficiency in converting input resources into output results.

Vietnam currently ranks 46th out of 132 countries and economies and is one of the seven middle-income countries that have made the most progress in innovation over the past decade.

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Office of MoMo - a unicorn-ranked technology startup. Photo: MoMo

Vietnam's innovative startup ecosystem is also growing, creating a new generation of businesses that operate based on intellectual property and have the capacity to access global markets.

The Ministry of Science and Technology estimates that by 2023, Vietnam will have about 3,800 innovative startups. Of these, 11 are valued at over 100 million USD. Vietnam currently ranks third in the region in terms of investment deals for innovative startups, after Indonesia and Singapore.

According to the World Bank's assessment, Vietnam still has a lot of room to promote innovation in businesses, especially small and medium enterprises, which account for 98% of the total number of businesses.

Ms. Pauline Tamesis - UN Resident Coordinator in Vietnam, said that innovation is not only limited to the high-tech field with scientists but also inclusive, by creating conditions for innovators at the grassroots level, especially youth and ethnic minority groups.

“ Vietnam’s journey to achieving the Sustainable Development Goals and realizing its aspiration to become a high-income developed country by 2045 depends heavily on unleashing and facilitating innovation. This will be a core tool to turn Vietnam into a regional innovation hub ,” said the UN representative.

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Minister of Science and Technology Huynh Thanh Dat. Photo: Trong Dat

In recent years, innovation activities in Vietnam have achieved some remarkable results. However, the role and contribution of innovation are still not commensurate with the level of national development as well as the general trend of the world.

According to Minister of Science and Technology Huynh Thanh Dat, Vietnam's innovation capacity needs to continue to be improved more strongly, in order to directly contribute to increasing labor productivity and product quality, protecting the environment and development.

The Ministry of Science and Technology will raise awareness, promote and popularize innovation activities. At the same time, develop a national innovation system that closely connects the State, the production and business sectors, investment, educational research sectors and society.

On the occasion of World Creativity and Innovation Day 2024, the Ministry of Science and Technology launched many response activities including: National Innovation and Startup Festival 2024 (Techfest 2024); deploying the PII Innovation Index.

According to Mr. Pham Hong Quat, Director of the Department of Science and Technology Enterprise and Market Development (Ministry of Science and Technology), Techfest 2024 is expected to organize a large-scale international conference. This is a summit on high-tech startups with the participation of unicorns and pre-unicorns of the Asian region.

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