Young experts gather at Tech59 Summit to explore future of innovation

The Tech59 Summit took place on July 17, featuring six strategic discussions on Vietnam's innovation potential.

Greg Ohan, CEO of The Sentry and co-founder of Tech59 Summit, stressed that Vietnam no longer needs more conversations about its potential, but rather more people willing to invest for the long term by building companies, creating jobs, and supporting entrepreneurs.

"Tech59 is a non-profit initiative founded on the belief of a small group of people who wanted to create a platform connecting founders, investors, businesses, and government stakeholders in Vietnam," Ohan said.

He added that Tech59 Summit has evolved into a movement linking innovation ecosystems across Singapore, Malaysia, the United Kingdom, and France, united by a shared confidence in Vietnam's future.

Speaking at the event, Pham Thi Kim Phuong, deputy director of Quang Trung Software City (QTSC), highlighted the critical role of digital infrastructure and international cooperation in advancing Vietnam's innovation agenda.

"Science, technology, and innovation are now key determinants of a country's competitiveness. The implementation of Resolution No.57 on sci-tech and digital transformation is creating significant opportunities to attract high-quality investment," Phuong said.

With more than two decades of development, QTSC has grown into a dynamic digital technology ecosystem, home to over 120 enterprises and more than 22,000 employees and students.

"QTSC is translating Resolution No.57 into action by developing advanced digital infrastructure, operating a Tier III-certified data centre, and building a technology sandbox for testing emerging innovations. These efforts support our vision of creating a green, smart, and sustainable digital technology city," she added.

In his presentation, Michael Kokalari, chief economist at VinaCapital, said Vietnam is entering a promising new decade of investment, innovation, and economic opportunity, building on the strong growth momentum achieved in recent years.

According to Kokalari, Vietnam is following the East Asian development model, gradually moving from labour-intensive manufacturing towards higher-value activities such as product design, research and development.

However, he stressed that Vietnam needs to move beyond assembly and shift towards product design and research and development (R&D). At present, the country still relies largely on importing components for assembly before exporting finished products.

"Over the next 10 years, Vietnam needs more design, more R&D, and greater value added," he said.

Kokalari also identified the expanding middle class as the country's most important economic growth engine, driven by rising foreign direct investment (FDI) inflows, rapid industrialisation, urbanisation, and increasing incomes.

Kokalari argued that even a modest rise in average incomes could generate a disproportionately large increase in discretionary spending among upper-middle-income households, citing the economic concept known as the Aftalion acceleration.

“I believe Vietnam has the potential to become globally competitive in AI, thanks to its strong foundation in mathematics and algorithmic thinking, combined with its people's ability to adapt to dynamic and fast-changing environments,” he said.

He also stressed that Vietnam needs to maximise the spillover benefits of FDI. At present, the impact of overseas funding on the domestic economy remains limited, with local firms mainly supplying catering services, packaging, and other basic support services.

Looking ahead, he said Vietnam should focus on developing more domestic suppliers, fostering greater technology transfer, and creating higher value-added activities.

Experts at the event discussed a range of issues, including the pivotal role of technology in driving economic growth and supporting Vietnam's ambition to become a developed country by 2045. Speakers, including diplomatic representatives from the UK and France, as well as consultants from Boston Consulting Group, shared insights into strategic cooperation between countries.

A key message from the discussions was that technology is no longer a standalone industry but has become a fundamental driver of productivity growth and national competitiveness.

Participants also explored the concept of corporate diplomacy, highlighting the importance of building trust and fostering connections across global innovation ecosystems. The dialogue focused on how Vietnam can leverage technology capital and international partnerships to accelerate its digital transformation.

The combination of policy discussions and business perspectives was seen as essential to shaping the next chapter of Vietnam's economic development.

During a roundtable discussion on the future of venture capital in Vietnam, panellists highlighted the country's young workforce, strong digital adaptability, and the ongoing global supply chain realignment as key factors positioning Vietnam as an emerging innovation hub.

However, they noted that the market continues to face challenges, including limited capital depth, evolving corporate governance and regulatory framework, and, in particular, the lack of well-defined exit pathways for investors.

The experts advised founders to build strong financial fundamentals and prioritise sustainable business performance rather than relying solely on venture funding. The discussions reflected optimism about Vietnam's long-term potential, while underscoring the need to address structural constraints to attract more strategic investment.

TECH59 Summit was founded in 2024 by The Sentry, SPARK Hub and AVV with a deliberately humble premise: build the room first, the deals will follow.

By the end of 2025, the room had grown to roughly 1,900 attendees across a year of monthly events, with more than 600 startups, 1,000 investors and 1,500 tech brands cycling through.

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