Open innovation helps businesses improve their resilience, products, and services, shorten the delivery of products, and increase productivity.
Vietnam’s science and technology development and innovation strategy until 2030 highlights the need to robustly deploy open innovation platforms and networks to mobilize resources at home and overseas in order to create new technologies, new products, and new businesses.
Pham Hong Quat, Director of the Department of Market Development and Science Technology Businesses, said: "The international community acknowledges Vietnam as a rising star of the innovation startup system and an attractive destination for investors. But Vietnam is advised to create more specific mechanisms to tap potential, strengthen links between talents, and attract foreign talents."
In Vietnam, some businesses have promoted open innovation by setting up funds and programs to support research institutes and universities and cooperate with organizations to seek appropriate technology at reasonable costs. They have also set up open research centers and invited startups to join. Many startups, research groups, universities and research institutes have created networks of experts to solve business problems.
Nguyen Trung Dung, General Director of BK-Holding, said: "Although Vietnam's startup innovation ecosystem is young, it is relatively complete. There are many organizations such as investment funds, intermediary support organizations, and universities. However, the heart of the ecosystem is still the talents who create startups. With measures to incubate and promote startups, this effort will certainly be effective."
The Vietnam Open Innovation Landscape Report 2021 shows that Vietnam is becoming one of the dynamic emerging economies and a development center for innovative start-ups in the Asia-Pacific region. Vietnam already has an innovation ecosystem with a full range of components. However, it still needs more policies promoting open innovation.