Calls to remove bottlenecks to promote high-tech investment

Science, technology, and innovation play an important role in promoting growth and transforming the economic structure towards modernity and sustainability while enhancing national competitiveness.

"To create changes and results in the development of sci-tech and innovation, we need an abundant source of high-quality workers with modern skills, creative thinking, and the ability to work at high intensity. This will be the key factor for the success of the country's development," said Minister Dung.

The Law on Investment, the Law on Public Investment, and the Capital Law and resolutions have improved mechanisms for science, technology, and innovation around the country. The Law on Science, Technology, and Innovation is expected to be submitted to the National Assembly in May, and a resolution on the same is expected to be released this month.

The government has also promoted emerging high-tech industries, with the country making impressive steps in semiconductor cooperation with partners in the United States, South Korea, Japan, Taiwan, and Europe, and large technology corporations such as Cadence, Intel, Qovor, Apple, Marvell, Samsung, and Synopsys. Vietnam was also selected as one of six countries to participate in the US Chips Act to develop the global semiconductor supply chain.

Microsoft, Google, Qualcomm, and Meta have increased their cooperation in AI-related research and application in Vietnam, while domestic corporations such as Viettel, VinGroup, FPT, and CMC have implemented synchronous projects and research and development.

To develop the innovation and startup ecosystem, Vietnam has developed connections with the National Innovation Centre, with many foreign experts and enterprises moving to Vietnam to optimise the benefits of its ecosystem.

Vietnam has also hosted major international events such as the Vietnam International Innovation Exhibition, the Vietnam International Defence Exhibition, National Innovation Day, the International Semiconductor Exhibition, Techfest, Vietnam Innovation Challenge, and the AI Summit.

"The above results show that Vietnam's efforts have had positive results, greatly appreciated by the community and international partners. Vietnam's image and position are being increasingly recognised in world forums, showing a dynamic, flexible, and effective government," Minister Dung said.

The Ministry of Planning and Investment has set forward a series of tasks to ensure future prosperity.

First, review and remove institutional bottlenecks. For example, policies to unblock state budget financial resources, grant autonomy over public assets, aid, funding for sci-tech, and innovation, and entice and train high-quality workers.

Second, it is necessary to swiftly identify key sci-tech projects and innovations associated with the growth targets of certain industries, localities, and regions to focus the necessary resources on their implementation in 2025.

Third, the strategy used to attract Nvidia Corporation should be replicated to mobilise other high-tech foreign-backed projects, allowing Vietnamese enterprises to participate further in the global value chain. The minister emphasised supplementing regulations on special investment procedures, creating a green channel for implementation to reduce time and costs for enterprises.

Fourth, to develop high-quality personnel, it is necessary to enhance the quality of higher education and short-term training, pilot the development and implementation of a mechanism for ordering, and assign tasks to higher education institutions with a full scholarship policy for postgraduate students that requires the participation of the private sector.

Fifth, it is necessary to support innovative and creative companies, encourage regional and international connections in sci-tech innovation, and develop an innovation ecosystem for key areas.

During a recent visit ofNvidiaCorporation's vice-president Keith Strier to Ho Chi Minh City on April 26, Phan Van Mai, Chairman of Ho Chi Minh City People's Committee, expressed his desire that Nvidia would choose the southern metropolis as the destination to build a new AI center and also become a partner in building a roadmap for applying AI to the public administrative service system.

Economists are upbeat about the outlook of Vietnam to bring foreign capital inflows to new heights after more than three decades of reform.

The Ministry of Planning and Investment (MPI) and Nvidia Corporation sign an MoU on the establishment of the Vietnam Research and Development Center (VRDC) and the AI ​​Data Center, announced by Prime Minister Pham Minh Chinh on December 5.

As global tech giants like NVIDIA and Google mark their strategic expansion in Vietnam, the country is embracing a technological transformation that could reshape its economic landscape and innovation ecosystem.