Prime Minister Pham Minh Chinh attended the opening ceremony of the National Innovative Entrepreneurship Day (Techfest Vietnam 2024) themed “Joining hands to develop Vietnam's innovative startup ecosystem” in the northern port city of Hai Phong on November 27.

Prime Minister Pham Minh Chinh attended the opening ceremony of the National Innovative Entrepreneurship Day (Techfest Vietnam 2024) themed “Joining hands to develop Vietnam's innovative startup ecosystem” in the northern port city of Hai Phong on November 27.

In his remarks, the PM stressed that the Party and the State always pay special attention to science, technology, and innovation, considering them one of the top national policies for rapid and sustainable development.

Innovative startups are seen as a new motivation for growth, creating new productive forces for development in the new era, he noted.

Highlighting the contents of resolutions, strategies for socio-economic development, and laws and decrees related to innovation and startups, Chinh stated that under the decisive leadership of the Government and the Prime Minister, sectors and localities have implemented synchronously, decisively, and effectively tasks and solutions, achieving important results in developing the national innovative startup ecosystem.

He underlined the importance of time, intelligence, and decisiveness in order to catch up, move forward, and make breakthroughs in this scheme. He praised the efforts and important initial results that sectors, localities, and the Vietnamese startup community have achieved in recent times.

He held that Vietnam faces a great opportunity but also many challenges in science, technology, and innovation, and that the key requirement for developing the national innovative startup ecosystem is to attract resources from national and international corporations; and nurture and develop more tech unicorns in emerging technology fields.

He stressed that innovative startups require the collective effort, consensus and unity of the entire political system, the community, citizens, and businesses, noting that it is necessary to place people, especially youths; and businesses at the centre - as both subjects and the ultimate goal - serving as the driving force and the most valuable resource for development.

Innovative startups require change in mindset, and new awareness and approaches, he said, pointing out that this must be bold in thinking, taking action, and pioneering; accepting risks, and stepping up to challenge themselves, for the benefit and a brighter future for the nation.

He requested solutions to develop Vietnam's innovative startup ecosystem. These focus on perfecting legal framework for innovation and entrepreneurship; identifying priority areas to create new production forces and strategic sectors such as green economy, digital economy, and cutting-edge technologies like artificial intelligence, semiconductors, cloud computing, and the Internet of Things; outlining orientations for innovative startups; ensuring financial resources and facilities; developing high-quality human resources and fostering creative entrepreneurship movements; and boosting international integration related to innovative startups.

He called on the business community, investors, and people to actively participate in creative startup activities, helping Vietnam to quickly catch up with other countries in the region and around the world.

The Government will create all favourable conditions to support and promote the development of innovative startup ecosystems, with the spirit of protecting the legitimate rights and interests of businesses, investors, and citizens, he said.

Standing ready to step into the nation’s era of rising

Vietnam's innovation startup ecosystem has developed strongly in recent years, driving the emergence of pioneering companies in applying new technologies and business models, ready to compete in the global market. Currently, Vietnam is home to around 4,000 innovative startups, including two unicorns and 11 companies valued at over 100 million USD.

Vietnam's global startup ecosystem index 2024 rose two places from 58th to 56th, ranking 5th in Southeast Asia and 12th in Asia-Pacific. Meanwhile, the country’s global innovation index in 2024 increased by four places compared to 2022, ranking 44th out of 133 countries and economies worldwide.

Thanks to the strong development of its innovation startup ecosystem, Vietnam has become one of the dynamic emerging economies and a hub for innovative startups in the Asia-Pacific region.

Through nine editions, Techfest Vietnam has attracted 21,000 participants, over 450 investors, more than 1,400 innovative startups, and facilitated over 800 domestic and international investment connections.

With nearly 150 activities, Techfest Vietnam 2024 offers a platform for finding cooperation and investment opportunities, as well as athe resources and partners to implement initiatives for developing innovation startup ecosystems. It also serves as a venue to showcase technologies, products, and services.

Through this, innovative startups can shape their future strategies, contributing to Vietnam's entry into a new era — the era of rising entrepreneurial spirit./.