World Bank backs Vietnam’s plan to make science and innovation new growth engine

Deputy Minister of Finance Nguyen Duc Tam said Vietnam is determined to make innovation and strategic technology sectors the driving force of national development, as he addressed an international forum in Hanoi on October 2.

The forum, themed 'Promoting Innovation and Developing Strategic Technology Sectors', was part of the 2025 National Innovation Day and Vietnam International Innovation Exhibition.

It was organised by the Ministry of Finance and the National Innovation Centre (NIC), with support from the World Bank, Qualcomm, Meta and the Global Green Growth Institute.

Tam described the event as an opportunity to exchange vision and share experiences, as well as a clear statement of Vietnam’s resolve to place innovation at the centre of its socio-economic strategy.

He said the ministry would continue to direct NIC and the five national innovation networks to mobilise global Vietnamese talent, attract resources and expand public-private and international cooperation.

These efforts will be essential if Vietnam is to overcome economic challenges and establish itself as a vital link in the global technology landscape, he noted.

World Bank Division Director for Vietnam, Cambodia and Laos Mariam Sherman praised Vietnam’s commitment to turning science, technology and innovation into a new engine of growth.

She argued that while the country has major advantages, success would hinge on a coherent strategy.

"Vietnam has real advantages; what’s needed now is the right strategy. We propose a 'three plus one' formula: talent, an innovation ecosystem and supply chain links, all tied together by a sharp focus on a few high-impact innovation clusters," she said.

Delivering on this vision would require a whole-nation effort in which the Government, business, academia and international partners all play indispensable roles, Sherman said.

She added that the World Bank is ready to mobilise expertise and financing to help Vietnam translate vision into tangible results.

Beyond discussion, the forum also marked the launch of concrete initiatives. The World Bank released a landmark report, 'Forging Vietnam’s Semiconductor Future: Talent and Innovation Leading the Way', while NIC and JICA – working with strategic guidance from Boston Consulting Group – announced the VietLeap Accelerator 2025 to boost AI start-ups.

Qualcomm and Meta declared plans to strengthen their research and development presence in Vietnam and to expand supply chain links, while the Japanese government pledged closer cooperation in supporting start-ups and developing technology talent.

Adding a distinctly local success story, Hyphen Deux, a Vietnamese chip design start-up incubated by NIC, introduced its controller chip to the international market. The chip is manufactured at TSMC’s plant — a sign, organisers said, that the innovation ecosystem is beginning to yield global results.

In his concluding remarks, Deputy Prime Minister Nguyen Chi Dung congratulated the forum and highly appreciated the initiatives carried out within its framework. He noted that while the Party and State’s vision and goal is to place Vietnam among developed countries by 2045, the challenge of the middle-income trap remains significant. Therefore, to make breakthroughs, Vietnam must take action to demonstrate its capacity for deep participation in the global technology value chain. In this context, Vietnam must move faster, seize opportunities, and act more boldly – meaning to chart its own path and shorten the gap with international peers.

Guided by the motto “If you want to go fast, go alone; if you want to go far, go together,” Vietnam is keenly aware that it must stand as a unified bloc with economies of advanced science and technology. Only through intellect, technological resources, and global cooperation can Vietnam achieve its set goals, Dung noted.

He stressed that as Vietnam stands at the threshold of a new era, it consistently regards science, technology, and innovation as the “golden key.” Expressing his firm belief, he said that with the highest political determination, the aspiration of the innovation community, and the support and companionship of international friends, Vietnam will turn its aspirations into reality, steadily building itself into an independent and self-reliant nation while spreading the spirit of innovation and rising strongly forward.

The forum also saw the unveiling of initiatives to implement Resolution 57 in strategic areas ranging from artificial intelligence and semiconductors to cybersecurity, quantum technology, aerospace and unmanned aerial vehicles.

Organisers described these initiatives as a milestone in Vietnam’s ambition to build an autonomous, competitive economy rooted in innovation.

Discussions throughout the day pointed to growing opportunities for cooperation and resource mobilisation at home and abroad.

Officials said the outcomes underscored Vietnam’s determination to accelerate its advance on the global technology map, while ensuring that innovation becomes a central pillar of national development in the years ahead.

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