Despite abundant opportunities, innovation activities in Vietnam face significant challenges, stated Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.

To attract both domestic and foreign investors to this field, it is necessary to implement comprehensive solutions to ensure Vietnam can secure quality investment projects.

At a press briefing on September 9, marking the 5th anniversary of the Vietnam National Innovation Center (NIC) and Innovate Vietnam 2024, Ms. Ngoc highlighted five key solutions.

First, establish a comprehensive legal framework, incorporating solutions for taxation, finance and intellectual property protection.

“It is imperative to strengthen the intellectual property protection system to instill confidence in foreign investors as they develop new innovative products and technologies in Vietnam,” she said.

Second, develop modern infrastructure and technology to drive innovation, digital transformation and collaboration among businesses, universities, and research institutes, thereby generating groundbreaking innovations.

Third, enhance the quality of human resources by promoting human resource development, attracting international talent, and leveraging the expertise and knowledge of Vietnamese experts and intellectuals worldwide.

Fourth, develop the entrepreneurial and innovation ecosystem through encouraging public-private partnerships (PPPs), establishing technology investment funds, and mobilizing the private sector.

Fifth, enhance the national image and status, including promoting Vietnam as an attractive destination for technology and innovation investment, promoting free trade agreements with countries with technological strengths to expand opportunities for foreign-invested enterprises.

“By combining these solutions, Vietnam can attract more foreign and domestic businesses, create a favorable environment for innovation to thrive, and the digital economy to develop,” said Ms. Ngoc.

The NIC’s 5th anniversary and Innovate Vietnam 2024 will take place on October 1 and 2.