(MPI) - The Vietnam Innovation Forum, themed “Transforming into a high-tech nation”, was organised in Ho Chi Minh City on April 26 by the Vietnam National Innovation Center (NIC) and Do Ventures, under the sponsorship of the Ministry of Planning and Investment.

Deputy Minister of Planning and Investment Tran Duy Dong speaks at the event. Photo: MPI

In his opening remarks, Deputy Minister of Planning and Investment Tran Duy Dong said that the Vietnam Innovation and Tech Investment Report, announced at the Vietnam Innovation Forum in 2024 for four consecutive year, aims to elevate Vietnam’s innovation ecosystem. This year forum provided a detailed look at innovation activities in Vietnam while introducing the latest technology trends and identifying development opportunities for the country in the future.

The Vietnam Innovation Forum 2024 is also an opportunity to connect leading experts in Southeast Asia in the field of innovation and startups. It serves as a platform to promote cooperation, exchange ideas and contribute to building a roadmap for Vietnam to transform into a hi-tech nation. The 2024 Technology and Innovation Investment Report is also released at the forum.

The annual Vietnam Innovation and Tech Investment Report will be a valuable source for the Government and authorities in policy making to promote the country’s innovation ecosystem, he added. The report provides valuable insights and information about current trend of innovation and tech investment in Vietnam to help investment funds and businesses have the right decisions.

The deputy minister citied that in 2023, investment in innovation and hi-tech in Vietnam witness has been thriving despite “global headwinds”. The country is among leading countries in the region in attracting investment in innovation, focusing on such areas as e-commerce, fintech and artificial intelligence (AI).

Vietnam has jumped two places according to the Global Innovation Index (GII) in 2023, ranking 46th out of 132 countries and territories. Vietnam is one among seven middle-income economies having the most progress in innovation over the past decade.

Deputy Minister Dong said this positive results are results of continuous efforts of organisations, individuals and businesses in the work of innovation, as well as the close coordination and companionship of Vietnam’s innovation factors. He affirmed the ministry’s continued cooperation with international partners to leverage their expertise, knowledge and experience in building an innovation community, enhancing competitiveness, creating high-quality jobs and improving people’s living standards for people towards a prosperous Vietnam.

According to the 2024 Vietnam Innovation and Technology Investment Report, Vietnamese tech startups received a total investment of 529 million USD in 2023, dropping by 17% from the previous year. This statistic points to a sustained trend impacted by challenging worldwide economic conditions.

Despite its own 17% decrease, Vietnam’s venture capital (VC) funding exhibited impressive resilience, standing out amidst a global environment where total VC funding dropped by 35%.

In Southeast Asia, Vietnam maintained its third position in deal count and reclaimed the third spot in deal value, with Singapore leading in both aspects, closely followed by Indonesia.

Healthcare and education saw record-high investments, with impressive jumps of 391% and 107% respectively. In 2023, nearly 100 investors backed Vietnamese startups, with Singapore leading as the most active investor in Vietnam’s tech sector, followed closely by Vietnam in second place./.

Bao Linh

Ministry of Planning and Investment