Private sector key to Vietnam’s innovation push, Gov't says
Vietnam has developed a comprehensive innovation and startup ecosystem that fuels the engagement of the private sector.
THE HANOI TIMES — Private enterprises should take action "boldly and decisively" and make concrete investments to unlock Vietnam's potential, Deputy Prime Minister Nguyen Chi Dung said at the Vietnam Innovation and Private Capital Summit 2025 (VIPC Summit 2025) held in Hanoi on April 22.
The VIPC Summit 2025 on April 22 in Hanoi. Photo: Tai chinh - Dau tu Newspaper
The Vietnamese Government supports the investment with a focus on creating a conducive environment for the projects in science, technology, and innovation, Nguyen Chi Dung said at the event gathering 1,000 delegates and 200 investors from Asia, the Gulf, and Europe.
At the event themed “Igniting Innovation Unlock Capital: Vietnam’s Era of National Rise”, he said that with the support of international partners and the private sector, Vietnam is emerging as a strategic innovation hub in the region.
Deputy Prime Minister Nguyen Chi Dung delivers his speech at the VIPC Summit 2025 held on April 22.
According to Deputy Minister of Finance Nguyen Duc Tam, the event is evidence of the government's strong commitment to dialogue and partnership with investors to attract high-impact capital for science, technology, and innovation.
He cited political stability, decisive leadership committed to innovation, and the active development of advanced technology sectors as some of the key advantages that position Vietnam as a promising destination for technology investment.
"Vietnam's demographic advantage also strengthens its innovation potential," said Tam. "The country is in a demographic dividend phase, with a young, dynamic and tech-savvy workforce eager to contribute to science, technology, and STEM-related fields." This creates strong manpower and a vibrant domestic market for startups and innovation.
Building on this momentum, Vietnam has developed a comprehensive innovation and startup ecosystem with active support from domestic and international partners. This is critical to realize the goals outlined in Resolution 57/NQ-TW, which aims to make science and technology drivers of national development.
Vietnam's innovation appeal is gaining international recognition. The country has attracted major global technology firms such as NVIDIA, Marvell, Google, Meta, Cadence, Qualcomm, and Siemens. In 2024, Vietnam ranked among the world's top 15 most attractive destinations for foreign direct investment (FDI) and the 44th out of 132 economies in the Global Innovation Index.
"Vietnam has the right conditions to welcome and cooperate with global investors and enterprises in science, technology, and innovation," the deputy minister affirmed.
Partnering with leading Asian investment associations
Deputy Prime Minister Nguyen Chi Dung witnesses the signing of bilateral memoranda of understanding at the VIPC Summit 2025.
At the event, the Ministry of Finance's National Innovation Center (NIC) and the Vietnam Private Capital Agency (VPCA) signed many bilateral MoUs with the Korea Venture Capital Association (KVCA), the Singapore Venture & Private Capital Association (SVCA), and the Hong Kong Venture Capital and Private Equity Association (HKVCA), three leading investment associations in Asia.
Together, these three organizations manage US$5 trillion in assets. This is the first time that Asia's leading private capital groups have officially joined forces to form a regional investment bloc with common goals and coordinated actions.
“This is not just an MoU. It is a historic moment,” said Max-F. Scheichenost, Board Member of VPCA. “It marks a new era of convergence within Asia’s private capital ecosystem, built on trust, mutual respect, regional cooperation, and sustainable growth. At the center of this wave is Vietnam.”
The partnership is powerful with advanced innovation capabilities and strong domestic markets.
The MoU pledges to foster co-investment opportunities across these markets; support startup expansion and talent mobility; enhance access to training, events, and policy dialogues; and initiate coordinated policy advocacy to harmonize regulatory frameworks.
Le Hoang Uyen Vy, Chairwoman of VPCA and CEO of Do Ventures, emphasized that the initiative will accelerate ecosystem development and scale up private capital inflows in the coming years.
"This opens a new door for Vietnamese startups and lays the foundation for Asian investors to lead the private capital movement in the region," she said.
