Legal and policy corridors needed to develop national innovation startup ecosystem

The forum attracted the participation of policymakers, experts, and the business community. They discussed practical issues and suggested solutions for forming and developing local innovation startup support organisations, as well as proposed mechanisms to mitigate the difficulties organisations are facing when supporting startups.

Deputy Minister of Science and Technology Hoang Minh giving his speech at the policy forum

According to the deputy minister, the ultimate goal of developing an innovation startup ecosystem is to create a favourable environment for the formation and development of startups, creating outstanding value for the economy and society.

Therefore, there needs to be legal corridors, policies, and strong supporting entities, specifically innovation and startup support centres to mobilise, connect, and optimise resources in the ecosystem locally and centrally, from the private sector and from abroad

“Developing innovation startup centres, especially in localities with newly formed ecosystems, needs to be promoted in the coming period,” he noted.

Pham Hong Quat, head of the National Agency for Technology Entrepreneurship and Commercialisation Development, added that the model for innovation startup support centres is very diverse, currently being implemented by many parties with many different methods. The issue of coordination and linking resources together has to be raised, especially public-private and three-party cooperation.

“Developing centres in Vietnam will require resources and infrastructure, as well as a suitable location to connect everything. Personnel are critical, so there must be programmes to tap into and integrate these resources,” he noted.

According to the deputy minister, the Ministry of Science and Technology has been assigned by the government to build a scheme to develop a system of organisations to support innovation startups until 2035, and submit it to the government in January 2024. The content exchanged and discussed at the forum will be summarised and updated within the plan.

“We also expect to submit a decree to the government on mechanisms, policies, and incentives for organisations supporting innovation startups and related support centres. With a specific, clear, and transparent legal framework, and resources from national programmes and projects, we hope to develop a stronger ecosystem,” he said.

Since implementing Project 844 that has been supporting the national innovation startup ecosystem since 2016, Vietnam has seen improvements in its global ranking. According to the Global Innovation Index report released by the World Intellectual Property Organisation in October, Vietnam has moved up two places to 46^th out of 132 countries and territories.

The 2023 StartupBlink global startup ecosystem ranking index also shows that the ecosystems in Hanoi and Ho Chi Minh City have improved and continued to grow. The venture capital in Vietnam has grown from $634 million in 2022 to nearly $500 million in the first half of 2023.

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