Vietnam calls for stronger business

Vietnam needs to place businesses at the centre of the innovation process and strengthen their capacity to innovate as the country pursues a new growth model driven by science, technology, innovation, digital transformation and artificial intelligence, officials said.

The Ministry of Science and Technology held a ceremony in Hanoi on October 4 to mark the National Innovation Day 2026 under the theme “Innovation – The Driving Force for Development of the Entire Society”.

Addressing the event, Deputy Prime Minister Ho Quoc Dung said businesses must be placed at the centre of the country’s transformation process. Innovation policies should therefore focus more strongly on improving the innovation capabilities of enterprises and helping them turn technology and knowledge into higher productivity and competitiveness.

Minister of Science and Technology Vu Hai Quan, for his part, said Vietnam’s development model is increasingly based on creating greater value through knowledge, productivity and technological self-reliance. He stressed the importance of fostering an innovative mindset and promoting entrepreneurship, risk-taking and greater tolerance for failure.

Vietnam has made notable progress in international innovation rankings. According to the 2026 Global Innovation Index, the country ranked 43rd among 139 economies, up one place from 2025.

The domestic innovation startup ecosystem has also continued to expand, with more than 4,000 startups, organisations and individuals, around 208 venture capital funds and more than 1,400 supporting organisations.

Meanwhile, about 34.6% of Vietnamese enterprises are engaged in innovation activities, while 20 science and technology trading platforms are currently operating nationwide.

The Government has also adopted a national strategy for innovative startups, aiming to encourage entrepreneurship, promote risk-taking and create a more supportive environment for innovation and technology development.