Innovation plays an increasingly important role in sustainable development: PM Chinh

In his speech, the Government chief reviewed the results of innovation in the nation in recent times, and praised all-level sectors and localities for focusing on synchronous, drastic and effective implementation of tasks and solutions to promote innovation which have produced important results in a variety of fields, thereby making important contributions to the cause of national construction and defence.

Currently, the nation is home to about 4,000 innovative startups, 208 investment funds, 84 incubators, 35 business promotion organisations, and 20 innovative startup centres. The country's innovative startup ecosystem is currently ranked 56th out of 100 countries, with Hanoi and Ho Chi Minh City being among the top 200 innovative startup cities globally.

According to details given by the World Intellectual Property Organization (WIPO), the nation’s 2024 Global Innovation Index ranked 44th out of 133 countries, up two places compared to 2023 and up four places compared to 2022. In addition, the country’s UN 2024 E-Government Development Index soared 15 places, from 86th out of 193 countries to 71st out of 193.

PM Chinh stated that innovation is increasingly demonstrating its important role and has truly become a breakthrough driving force as it is indispensable in the development of science and technology in particular and the national development strategy in general, with this being the key to rapid and sustainable development.

According to him, innovation can be viewed as an inevitable and irreversible trend, especially as it is the common development orientation of the world today. From a Vietnamese perspective, this is a particularly important factor contributing to promoting digital transformation, green transformation, and sustainable development of the nation in the new era of development, as well as the country's contribution to the development process.

The nation therefore has great opportunities, but also faces many difficulties and challenges in terms of science, technology, and innovation.

The biggest challenge is technological competitiveness compared to other countries in the region and around the world, along with the fact that Vietnamese enterprises have not been able to fully master advanced technologies, especially in important fields such as semiconductor chips, artificial intelligence (AI), and cloud computing.

The PM stated that October 1 will be designated as Vietnam Innovation Day.

He put forward three viewpoints to promote innovation, including innovation being a strategic choice; an objective requirement; a key task; and a top priority to boost industrialization, modernisation, along with rapid and sustainable development.

Secondly, innovation must put people and businesses as the centre, the subject, the goal, the driving force, and the main resource, especially the young generation who are the future owners of the country.

Finally, innovation must dare to think; dare to do; dare to act; dare to accept risks; dare to surpass oneself; and dare to commit itself for the ultimate benefit of the nation, the people, for a brighter future.

In order for the country to catch up, progress together and surpass the innovation process of humanity, the cabinet leader also pointed out common tasks and solutions moving forward. In particular, he underscored the need to focus on fine-tuning policy institutions to incentivise enterprises to invest in innovation, as well as science and technology, while ensuring access to financial resources and infrastructure necessary for development.

It is essential to increase investment in developing infrastructure systems, especially strategic infrastructure for transportation, energy, digital infrastructure, telecommunications infrastructure, data infrastructure, and education and training infrastructure.

It is also imperative to develop high-quality human resources and increase the attraction of financial investment sources, especially for research and development in areas such as AI, semiconductor industry, and green energy, thus creating a foundation for sustainable development from the State budget, businesses, people, domestic, and foreign organizations, PM Chinih emphasized.

At the event, the PM also directed and requested ministries, sectors, localities, and competent agencies to focus on removing difficulties and obstacles, as well as creating favourable conditions for people and businesses in innovation, creativity, and start-up activities. He also asked ministers and heads of sectors, according to their functions, tasks, and authority, to proactively carry out tasks and solutions set out in accordance with resolutions of the Party, the National Assembly, the Government, and the direction of the Prime Minister.

He also requested businesses, investors, and people to actively and practically engage in innovation and start-up activities, thereby helping the nation to stay abreast with other countries in the region and around the world.