Innovation Propels Viet Nam to Forefront of Global Markets

Viet Nam is experiencing a remarkable transformation as its private enterprises harness innovation to overcome outdated growth models. This pivotal shift not only enhances their competitiveness but also solidifies their position within the intricate web of global value chains. As stated in Nhan Dan Online, this burgeoning innovation is enabling the country to establish itself as a formidable player on the world stage.

Digital Infrastructure: The Backbone of Progress

Leading the charge, companies like CMC Technology Group are making bold moves in the digital realm. Recently approved for a groundbreaking hyperscale data center in Ho Chi Minh City, CMC is signaling a new era in Viet Nam’s digital infrastructure landscape. The group’s ambitious projects, including the Creative Space Complex in Ha Noi, underscore their commitment to positioning Viet Nam within the global digital infrastructure arena long dominated by foreign giants.

Empowering the Ecosystem

Within this ecosystem, innovation takes many forms. The Phenikaa Group exemplifies this by fostering a seamless flow from scientific research to commercial products. Their focus on autonomous technology, AI, and advanced materials, backed by a synergy of universities and R&D centers, is redefining the competitive edge of “Make in Viet Nam” products.

Further energizing the nation’s technological capabilities, enterprises like Asia Industrial Engineering are demonstrating the prowess of mastering core technologies. Their achievements in national key projects reflect the potential of Vietnamese innovations to compete on a global scale.

Transformative Outcomes and Economic Growth

This wave of innovation is translating into tangible economic gains. CMC Technology Group’s impressive fiscal growth, coupled with their strategic focus on AI, underlines the financial rewards stemming from innovative practices. Similarly, the commercial success of Phenikaa’s autonomous products highlights a path to sustainable growth and global competitiveness.

Policy as a Catalyst for Innovation

Crucially, the Vietnamese government recognizes the need for supportive policies to sustain this momentum. New legislative frameworks, such as the Law on Science, Technology, and Innovation, provide valuable autonomy for businesses to commercialize breakthrough technologies. This forward-thinking approach opens a transparent legal corridor, fostering collaboration with international giants like Samsung.

The integration of policies like Resolution 57 ensures that innovation is not confined to technology but extends to institutional support, propelling Viet Nam’s private sector to new heights.

Challenges and Future Vision

Despite the impressive strides, challenges remain. Enterprises are calling for more robust implementation of sandbox mechanisms to encourage investment in emerging technologies. Increasing R&D expenditure to 2% of GDP by 2030, along with strengthening technical infrastructure, remains pivotal.

The state’s commitment to public-private partnerships and commissioning major projects in digital infrastructure will be key to realizing Viet Nam’s vision of becoming a leading force in global innovation.

Through these collaborative efforts, Viet Nam is poised to achieve a self-reliant and innovative economy that will continue to make significant contributions to the global market landscape.