Director of the Vietnam National Innovation Center (NIC) at the Ministry of Planning and Investment, Vu Quoc Huy, has called on investors, including those from Japan, to speed up investment in innovation and impact investment in Vietnam to meet development demand in the future.

Impact investing refers to investment strategies that aim to generate specific beneficial social or environmental effects in addition to financial gains.

Innovation and impact investment will help Vietnam ensure balanced socio-economic growth and sustainable development, he told a workshop in Hanoi on April 20.

In Vietnam, the government is implementing many policies to promote impact investment, such as offering incentives for investment in high-tech sectors and environmentally-friendly technology.

Japan is one of Vietnam’s most important investment partners, according to Mr. Huy. Direct investment from the country is found all around Vietnam but primarily in Hanoi and Ho Chi Minh City.

Deputy General Director of Japan’s Mitsubishi Research Institute, Mr. Hidemoto Mizuhara, said Vietnam, like many other countries, is in the process of strong economic development and experiencing emerging social and environmental issues.

In order to deal with such issues, it is necessary to adopt positive solutions. He called for cooperation between government and enterprises, including innovative startups, to promote impact investment as an effective measure.

Through the workshop, a network of impact enterprises in the two countries is expected to be set up, which will share information and experience with support and consultation from Japanese investors.