Vietnam Addresses Bottlenecks in Bringing Technology to Market

Vietnam is witnessing the growth of its technology enterprise community, yet many research and development outcomes and prototypes struggle to become commercial products. To overcome this challenge, the Vietnamese government is accelerating efforts to establish a comprehensive ecosystem encompassing research, testing, funding, and market launch. This holistic approach is expected to effectively convert the nation's technological capabilities into economic value and competitiveness. In recent years, Vietnam has been actively promoting its transition to a digital economy, aggressively leveraging advanced technologies such as Artificial Intelligence (AI) and e-commerce. The integration of AI and e-commerce, in particular, holds the potential to dramatically accelerate business growth. Furthermore, initiatives to promote science and technology and foster innovation are underway at the local level. For instance, in Lam Dong province, a "three-party cooperation" (government, research institutions, and businesses) is facilitating the development and dissemination of technologies tailored to local conditions. In the healthcare sector, efforts are also being made to integrate technology with the aim of building smart healthcare systems. These developments reflect Vietnam's ambition to evolve from a mere manufacturing hub into a nation that drives technological innovation. However, to translate technological advancements into tangible societal and economic benefits, a wider range of support measures are essential, including strengthening collaboration between research institutions and industries, expanding the supply of risk capital such as venture capital, and protecting intellectual property rights. The one-party system under the Vietnamese Communist Party provides stability in formulating and executing long-term national strategies. However, it also presents potential structural challenges in reflecting diverse opinions in decision-making processes and responding promptly to market needs. To maintain and expand economic growth, resolving the bottlenecks hindering technological innovation, while also considering these institutional aspects, is crucial.