Vietnam always welcomes, encourages and creates conditions for foreign businesses to invest in Vietnam, particularly startups which are considered a motivation to promote innovation, Prime Minister Pham Minh Chinh told startup and innovator community of the World Economic Forum (WEF) during a dialogue held on June 25 as part of the WEF’s Annual Meeting of the New Champions 2024 in Dalian city, China, the Government News has reported.

Over the past years, Vietnam has taken a number of practical and effective actions to boost innovation such as building priority mechanisms and policies for facilitating innovation and startups, while creating development strategies and programs that focus on digital economy, green economy, circular economy, sharing economy, and knowledge-based economy, particularly the sectors generating high added value like big data, cloud computing, artificial intelligence, semiconductor, and hydrogen, the government leader said.

The country has been investing in developing infrastructure, including digital, electricity, water, transport, and social infrastructure; training human resources, especially high-quality personnel; and mobilizing resources, he added.

Vietnam has taken many measures to support startup and innovative companies, such as perfecting regulations and policies to promote innovation and startups, implementing national-level program and projects to support the startup and innovation ecosystem, assisting students to translate their business ideas into reality, and carrying out a program to aid businesses’ digital transformation efforts, the PM stressed.

Many world-leading technology firms like Google, Apple, Intel, Synopsys, Meta, and Nvidia have been moving to invest in Vietnam, he told the dialogue.

Meanwhile, according to the Vietnam News Agency (VNA), replying to a question  raised at the dialogue about the role of foreign startups in Vietnam’s innovation-driven growth and transition to a knowledge-based economy, PM Chinh said foreign startups are an impulse for innovation as seen in their role in transferring technology and knowledge, creating competition, and enhancing international cooperation to speed up the transition to a knowledge-based economy. 

Therefore, Vietnam always welcomes, encourages, and creates conditions for foreign businesses to invest in the fields of agriculture, industry, and services in a green, clean, and sustainable manner, he stated.