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Open innovation takes off in Vietnam at its own pace

Open innovation, open innovation in French, is on the rise in Vietnam. This practice of large companies and startups working together to innovate has many benefits.

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In Vietnam, more and more large companies are embarking on open innovation by collaborating with research institutes and universities Photo: VNA/CVN

Open innovation is for a company to think about innovation, research and development no longer from a closed perspective, but by integrating external collaboration with other companies or partners.

This is one of the priorities of the National Strategy for the Development of Science, Technology and Innovation until 2030. The goal is to attract domestic and foreign investment in high technology and the creation of new technology companies.

2022 is the first year that the Prime Minister has directed the Ministry of Science and Technology to organize activities in response to World Innovation Day (April 21). For Pham Hong Kwat, director of the Department of Market Development and Science and Technology Enterprises, Vietnam has a bargaining chip…

“Vietnam is considered a rising star of innovative start-ups, as well as one of the attractive destinations for foreign investors. But we need concrete policies to not only retain domestic talent, but also to attract foreign talent,” he said.

In Vietnam, more and more large companies are embarking on open innovation by collaborating with research institutes and universities and creating start-up incubators. Mutually beneficial collaboration that allows large groups to access new technology solutions and innovate, while start-ups, for their part, can benefit from funding and infrastructure built by large groups.

But, according to Nguyen Trung Dung, CEO of BK-Holding, we need to go even further…” “Despite Vietnam’s youth, the entrepreneurial ecosystem is relatively complete. We have investment funds, incubators, innovative universities… However, the core of this ecosystem is still startups that need more effective support,” he notes.

According to the 2021 Vietnam Open Innovation Report, the country is emerging as one of the emerging economies as well as a start-up development hub in the Asia-Pacific region.

WWII / VNA / TsVN

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