Prime Minister Pham Minh Chinh attends the 4th National Startup Festival for Students.

Vietnam ranked 44th out of 132 countries in the Global Innovation Index 2021 and kept its first position among the Index’s 34 lower-middle-income economies.

Currently, there are more than 1,000 organizations supporting startups. The World Bank acknowledges Vietnam as one of the few East Asian countries investing in innovation, with more patents and innovative business plans than expected. 

So far more than 1,600 innovative projects have been introduced by students, and many of them have attracted investment money or bought by a bigger business. 75% of all training institutions offer courses that teach startup skills, and many startup funds like the BK-Funds of Hanoi University of Technology have been established. 

Vietnam got off to a slow start, however, and its startup ecosystem still lags behind those of many richer countries. Addressing the 4th National Startup Festival for Students in Vinh Phuc province last week, Prime Minister Chinh suggested Vietnam’s startup movement improve in both quantity and quality.

"This should be an important task of the whole political system, not just a single ministry, sector, or locality. We need to strengthen communications on innovation, encourage creativity and innovation, and eliminate prejudices and barriers to the entrepreneurship spirit. We also need to promote the startup ecosystem of the educational sector, especially at universities and colleges, and encouraging students to create new initiatives and new business models,' said the Prime Minister.

Prime Minister Pham Minh Chinh addresses the event.

Vietnam has implemented policies, mechanisms and projects to encourage students to start a business. Project 1665 and the National Startup Festival for Students, for example, promote student entrepreneurship, help them change their mindset, and encourage them to realize their ideas and dreams. 

Building a startup ecosystem is a long process that requires vision, solutions, and strategies. At the 4^th National Startup Festival for Students, Prime Minister Chinh said local administrations and the public need to change their mindset about innovation. He said the Government will encourage young people in this process in order to create values for society and contribute to national economic growth. 

Vietnam boasts a large, young labor force. With their enthusiasm, dynamism, and creativity, young Vietnamese people are proving their role as the key force and masters of the country, the vanguard of national construction and defense, and the decisive factor in Vietnam’s development and international integration.