The components of the ecosystem, such as policy, finance, culture, market, workforce, and support, are increasingly interconnected, supporting each other to promote entrepreneurial spirit, innovation, and economic prosperity.
However, the creative startup ecosystem also faces several challenges and limitations that hinder its effectiveness.
Nguyen Viet Dung, Director of the Ho Chi Minh City Department of Science and Technology, noted that building and developing the startup ecosystem in the city still faces many challenges. These include weak collaboration and market demand tracking from universities and research institutes, as well as limited research infrastructure in universities.
He pointed out that too much attention has been paid on theoretical training and learning while practical research activities to develop and transfer technology are still weak.
He stressed that to elevate Vietnam's creative startup ecosystem and make the country a regional startup hub, more breakthrough solutions are needed in the coming time.
The key in building and developing the startup ecosystem is connecting its components: universities, research institutes, businesses, and the authorities.
Therefore, Ho Chi Minh City is implementing programmes aimed at developing the research development of universities and research institutes.
Currently, Ho Chi Minh City has launched a programme supporting businesses collaborating with universities on research and development; and a program promoting the commercialisation of university research through the city's technology exchange platform and innovation events. The city has also supported universities to develop into entrepreneurial models; and promulgated policies to assist universities establish research centres.
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| Winners of the TECHFEST Vietnam 2024 National Creative Startup Talent Search Competition honoured at the awards ceremony in Hai Phong city in November 2024. (Photo courtesy of the organiser). |
Park Dae Hee, Director of the Daejeon Centre for Creative Economy and Innovation (Daejeon CCEI) in the Republic of Korea, shared that Daejeon currently has 26 state-managed research centres and over 200 university-affiliated research centres. The city has taken a long journey of building a friendly environment for entrepreneurship and innovation in order to achieve the “Silicon Valley of Asia” status.
Daejeon CCEI regularly invites researchers and professors from universities to lecture and discuss latest scientific and technological issues. Whenever local issues arise, researchers are invited to collaborate with local authorities and businesses to find solutions.
While each research institute and university has its own tasks and functions, under the coordination of Daejeon CCEI they all aim to address practical problems in Daejeon and the Republic of Korea as a whole.
Experts believe that the Republic of Korea's success in its startup ecosystem is anticipated to enhanced collaboration among units, between research institutes, universities, centres, and policymaking and management agencies related to entrepreneurship and the startup ecosystem.
Hoang Minh, Deputy Minister of Science and Technology, stated that Vietnam's creative startup ecosystem has essentially passed its initial phase and is now expanding and integrating with global startup ecosystems.
Developing Vietnam's creative startup ecosystem is a long-term investment by the government, alongside national development and business growth, requiring close coordination among government levels, ministries, and sectors.
To elevate the national ecosystem into a regional startup hub, Vietnam must establish policies and legal frameworks that match its capabilities and new stage requirements.
These policies need to be developed comprehensively from national to local levels to create a favourable environment for creative startup activities.
Vietnam is currently lacking a comprehensive and sound legal framework for its creative startup ecosystem and individual creative startups. Legal regulations are scattered across different legal documents, with many provisions included in the Law on Supporting Small and Medium-Sized Enterprises.
While this may have been suitable for the initial phase, as Vietnam's creative start up ecosystem enters an expansion and integration phase, it is essential to develop policies that align with the scale, potential, and development orientation of the creative startup ecosystem.
