Actively innovate in business
Innovation is playing a key role in improving the production and business efficiency of enterprises, helping to grow rapidly and sustainably.
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Through the application of science and technology, enterprises can gain competitive advantages, expand markets, use resources effectively, reduce waste and enhance reputation. However, due to limited resources, policy bottlenecks, and limited awareness, innovation in Vietnam is currently only at an average level, not keeping up with international trends.
In that context, many Vietnamese enterprises are small-scale, technologically backward, and have difficulty accessing finance and support policies. Investment in innovation accounts for only 0.6% of GDP, leading to a limited number of inventions and technology content in products. This results in low innovation results and low added value, mainly due to a lack of in-depth research resources, especially in processing, manufacturing, and mechanical industries that require large investments.
To promote innovation, Vietnam needs to implement breakthrough mechanisms in policies and institutions, in line with the country's reality. The State needs to perfect the legal system, improve state management of science and technology, encourage venture investment, technology transfer and commercialization of ideas and research products. These solutions will help Vietnam's innovation ecosystem develop sustainably, creating ideal conditions for businesses, especially startups, to expand their operations and improve their competitiveness in the international market.