Bright spots
The “three-party” model is not merely a handshake among actors but a shift from administrative management thinking to development-enabling thinking.
In Ha Noi, the Innovation Centre is being developed under a joint-stock company model, operating flexibly according to market thinking and state orientation. Its immediate important goal is to narrow the gap between the problems facing authorities and the needs of enterprises on the one hand, and the capacity of institutes, universities, experts, and technology startups on the other.
Nguyen Van Phong, Deputy Secretary of the Ha Noi Municipal Party Committee, emphasised: “The two-tier government, being closer to people and work in a more direct manner, is where practical problems become clearer, turning into important input problems for science, technology, and innovation. Here, the Innovation Centre’s role in connecting and organising innovation networks is brought into play: the state raises the problem as the first customer; institutes, universities, and experts provide knowledge and technology; and enterprises develop solutions.”
Phu Tho Province has developed a scheme on science, technology, and innovation development in association with its double-digit economic growth scheme. To address six major problems in 2026, Phu Tho is focusing on operating the “three-party” linkage model. The “co-investment” mechanism has attracted socialised resources from enterprises, with counterpart funding of nearly 62 billion VND, accounting for 38.9% of the province’s total science and technology funding.
With the strategic goal of becoming Asia’s leading innovation and start-up university, Ha Noi University of Science and Technology is restructuring its affiliated organisations, training, science, technology, and innovation activities towards building a complete innovation ecosystem with BK-Holdings and BK-Fund, in which enterprises participate with scientists right from the idea-formation stage.
In just 18 months, as of July 1, Viet Nam National University Ho Chi Minh City, together with localities and enterprises, agreed to implement 353 science and technology tasks.
The story of Phenikaa Group is an example of the “three-party” model organised in a closed-loop manner. There, the “dual-role” mechanism, under which staff both teach and conduct research while also participating in business management, serves as the “glue” binding the ecosystem together. Products created are first applied at member units for further improvement before commercialisation.
Prof, Dr Ho Xuan Nang, Chairman of Phenikaa Group and Chairman of Phenikaa University Council, said: “Before moving to specific products, Phenikaa conducts research and applies them in its smart university mini-urban area. This is a ‘living laboratory’, where products are tested in real-life conditions before being brought to the market.”
Removing bottlenecks to generate resource synergy
Despite these bright spots, the “three-party” linkage still has gaps that prevent the model from fully generating synergistic strength. At present, the “three-party” model has not been institutionalised into a mandatory legal mechanism. There are no unified regulations on universities and institutes establishing or participating in the establishment of enterprises and contributing capital to enterprises to commercialise scientific research and technological development results. The absence of a mandatory public-private co-financing mechanism also means enterprises remain limited in their participation in funding.
In terms of intellectual property ownership and intellectual asset valuation, the gaps are even clearer, especially as there is a shortage of specialised appraisers in high-tech fields such as AI, chips, and biotechnology. There is still no unified method for valuing intellectual assets, while some officials remain hesitant for fear of being held responsible for losses of state assets.
According to Professor Dr Le Anh Tuan, Director of Ha Noi University of Science and Technology, detailed guidance should be issued on intellectual asset valuation and procedures for establishing spin-off enterprises from higher education institutions. Many research products have good technologies and business partners willing to invest but cannot yet be deployed because of the lack of a clear legal corridor that accepts risks in autonomous valuation and benefit-sharing agreements. Many good research results remain confined to laboratories because of a lack of resources to complete the technology and test the market.
VNPT General Director Huynh Quang Liem said there needs to be a strong shift from implementing separate projects to placing orders for products. The state defines the goals and outputs, while enterprises take responsibility for results.
Alongside internal gaps, the “three-party” model is also affected by shortcomings in implementation during the rollout of Resolution No. 57, most notably the risk-acceptance mechanism. Although many efforts have been made to amend institutions, the management mechanism in practice remains heavily focused on input control. Experts say Viet Nam still lacks a genuine risk-acceptance mechanism.
In line with the spirit of Resolution No. 57, the controlled testing mechanism, or sandbox, must become a safe legal space for testing new technologies, management models, and policies.
The Ministry of Science and Technology has proposed coordinating to advise the government on immediately implementing the sandbox model, focusing on the ordering and procurement of strategic technology products and the operation of venture capital funds, with several core contents. These include expanding the testing of mechanisms for placing orders, lump-sum funding based on results, first-batch procurement, and state-funded venture investment; and creating a safe legal space and exempting from liability those who act within their authority, in a public, transparent, and non-self-seeking manner.
For the “three-party” model to truly become an effective mode of organisation in the digital era, the decisive factor is to create a mechanism that enables all actors to dare to enter the risk zone of innovation together: the state creates the market and is ready to place orders; universities confidently bring knowledge beyond the laboratory; and enterprises dare to invest in and commercialise technology.
When the legal corridor becomes sufficiently clear, the sandbox mechanism is put into operation and management thinking shifts from input control to outcome measurement, the synergy among these three actors will help science, technology, and innovation resources be effectively harnessed and become an important resource for growth.
