Innovation-new growth motivation for Viet Nam

Viet Nam has identified that developing science, technology and innovation is the top national policy and plays a strategic breakthrough role in the new period.

Meanwhile, the enhancement of science, technology and innovation is the decisive factor in the improvement of the competitiveness of the nation, socio-economic sectors, localities and enterprises.

Furthermore, it is the stepping stone for the implementation of national digital transformation; and it significantly contributes to improving the people's life, promoting sustainable development and safeguarding national defense and security.

The nation has made tremendous progress in term of the global innovation rankings.  Viet Nam is placed 48th among 132 economies in the Global Innovation Index 2022.

The country also ranks 2nd out of 36 economies in the lower middle-income group, with a performance above expectation for the level of development.

Viet Nam continues to score above the lower middle-income group average in all innovation pillars, and even achieves the same result when compared to the average of the upper-middle-income group, apart from human capital and research.

It ranks first worldwide in high-tech imports.

Region-wise, Viet Nam is placed 10th among the 17 economies in Southeast Asia, East Asia, and Oceania.

It is also included in the middle-income economies with the fastest innovation catch-up to date.

Viet Nam is among the record-holders for outperforming in innovation for the 12th year in a row, alongside India, Kenya, and the Republic of Moldova.

Specifically, the Southeast Asian country performed best in creative outputs and weakest in human capital and research.

According to the 2021 WIPO Global Innovation Index, the nation leads the group of lower middle-income countries, ranking 44 out of 132 countries with more than 18,500 scientific and technological discoveries.

Viet Nam already has an innovation ecosystem with a full range of components and is becoming one of the dynamic emerging economies and a development center for innovation in the Asia-Pacific region.

Viet Nam-attractive destination for innovation programs

Viet Nam's science and technology development and innovation strategy until 2030 highlights the need to robustly deploy open innovation platforms and networks to mobilize resources at home and overseas in order to create new technologies, new products, and new businesses.

The international community acknowledges Viet Nam as a rising star of the innovation system and an attractive destination for investors.

Recently, at the Viet Nam-Australia Innovation Partnership Annual Meeting which took place in Ha Noi, Australia announced that the Aus4Innovation program in Viet Nam will be extended to 2028, making it a 10-year commitment with a total budget of AUD 33.5 million.

In an interview with the VGP, Australia's Ambassador to Viet Nam, Mr. Andrew Goledzinowski said that as Governor-General of Australia David Hurley said when he was here in Viet Nam in April, Australia is very proud to call Viet Nam a friend and a close partner.

"We are at different stages in our economic development, but we have the same ambition. The ambition is the economy should grow through innovation, science and technology and it should be green and sustainable. Australia has chosen to collaborate with Viet Nam to try and achieve the shared ambition", he stated.

According to the Ambassador, both nations are doing very well at the moment. The two nations are collaborating across a wide range of areas and in fact they are making very positive progress.

The Australian Government has been investing in the development of an innovation ecosystem in Viet Nam since 2018 through its flagship Aus4Innovation program, he noted, adding that both sides have made a very good start since then.

Andrew Goledzinowski said that Viet Nam and Australia are now working on elevating their bilateral relationship to the highest level, which is called the comprehensive strategic partnership.

He expressed his belief that knowledge and innovation will be one of the key pillars of that elevated partnership. The focus should continue on high-tech agriculture, energy transition and clean and sustainable technological that include artificial intelligence (AI).

Regarding the reasons why Viet Nam has become one of the 17 prioritized countries in Australia's innovation strategy, the diplomat said that the bilateral relations have successfully experienced over the past 50 years so both sides know each other very well, and have developed the high degree of trust.

Besides, Viet Nam is the fastest growing economy in Asia, maybe the fastest growing economy in the world. The nation has a population of 100 million people, who are young, innovative, energetic and smart.

Australia has seen Viet Nam as a stabilizing market and expects to develop a peaceful prosperous Viet Nam. Australia wants to invest in the Southeast Asian nation because it believes Viet Nam's role will be very important in ensuring peace, security and stability in the broader region. 

Last but not least, a great big Vietnamese community is living in Australia. In Melbourne, Vietnamese is the second most popular language after English. Both sides have deep mutual understanding.  

Australia wants to foster the friendship so that is another reason why Australia has selected Viet Nam as one of the most important collaboration partners, shared the Ambassador./.