Actively innovate in business
Innovation is considered an important tool to help businesses improve their competitiveness, open new markets and optimize resources.
Thanks to science and technology, businesses can create advantages, reduce waste and increase prestige. However, due to limited resources and many bottlenecks in policies and mechanisms, innovation is still a big challenge for Vietnamese businesses in keeping up with the rapidly developing technology trends in the world.
According to the National Innovation Center, innovation can contribute up to 95% to the competitiveness of the economy and directly affect people's lives. However, a survey by the World Bank shows that innovation activities of Vietnamese enterprises are still quite limited, only reaching an average technology level of 2.5/5, much lower than other countries in the region, such as South Korea with a level of 4. Investment in research and invention in Vietnam also accounts for only about 0.6% of GDP, most patents are registered by foreign organizations, causing the technology content in goods and services to be low, not enough to create high added value.
To promote innovation, the State needs to build breakthrough mechanisms, incorporate appropriate policies into the law on science and technology, reform administrative procedures, improve the effectiveness of state management, and encourage venture investment, technology transfer, and promote the commercialization of ideas. Limited support policies for the processing and manufacturing industry need to be adjusted to better suit reality, in order to create conditions for businesses, especially small businesses and startups, to develop more strongly in innovation activities and compete internationally.