The government aims for one in ten people to start their own business by 2045, according to the National Strategy on Innovative Entrepreneurship, issued on April 6th.
According to the strategy, a creative startup nation is a place where every citizen can start a business based on science, technology, innovation, and digital transformation. The entrepreneurial spirit, the willingness to think outside the box, take risks, and tolerate failure are encouraged and spread throughout society.
The government considers innovative entrepreneurship a long-term national strategy, a cause for the entire population and the entire political system, aimed at creating momentum for rapid and sustainable growth. Therefore, Vietnam aims to form and widely disseminate a wave of innovative entrepreneurship based on science, technology, and digital transformation.
By 2030, Vietnam aims to have 5 million business entities, including at least 10,000 innovative startups. Entrepreneurship and innovation content will be incorporated into the training programs of 100% of educational institutions. The entire country will have a startup support network with at least 300 innovation spaces, centers, and clusters.
The strategy also aims to place Vietnam among the top 40 countries in the Global Innovation Index (GII) by 2030. It also seeks to establish five unicorn startups valued at over $1 billion and achieve a venture capital market size of $1.5 billion.
By 2045, in addition to the goal of 10% of the population participating in entrepreneurship, Vietnam aims for one business for every 35 people and one innovative startup for every 5,000 people. At that time, Vietnam will be among the top 30 in the world for innovation, with over 100 startups valued at $100 million or more. The venture capital market will reach a size of $10 billion.
National Innovation Center - NIC. Photo: Giang Huy
To achieve its goals, the strategy outlines eight groups of tasks and solutions. The focus is on raising awareness and spreading a culture of innovative entrepreneurship. The government will develop shared infrastructure and facilities such as workspaces and digital platforms to support people in starting businesses. The legal framework will also be improved to encourage nationwide entrepreneurship.
Human resources for innovative startups are prioritized for investment through education and training. Innovative university models, venture capital funds operating within universities and research institutions are encouraged to develop.
The government also provides direct support such as a 100% waiver of registration fees and intellectual property rights establishment fees for the first five years. Costs for research, production, product testing, technology verification, legal consulting, risk insurance, training course fees, and salaries for foreign technology experts will also be subsidized.
Resources for startups are mobilized from both the public and private sectors. The government will develop the capital market and venture capital for innovative startups, with various policies, mechanisms, and specific incentives. Simultaneously, localities, corporations, and large enterprises are encouraged to fund and utilize innovative startup solutions and products.
The strategy also emphasizes the role of ministries, departments, and localities in building an innovative startup ecosystem suitable to the conditions of each region, forming innovation centers and support networks nationwide.
Trong Dat
According to Vnexpress