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Golden Opportunity for Vietnam’s Private Sector Through Science and Technology

At the Vietnam Private Sector Forum (VPSF) 2025 held on September 15, Nguyen Van Khoa, CEO of FPT Corporation and Vice Chairman of the Vietnam Young Entrepreneurs Association, stressed that the current period represents a “golden opportunity” for Vietnam’s private sector to leverage science and technology as a driving force for growth.

Khoa highlighted that only two weeks after Resolution 68-NQ/TW was issued, the legal framework for implementation was nearly complete—a rare pace of policy rollout. Upcoming legislation, such as the Law on Science, Technology and Innovation and the Law on the Digital Technology Industry, is expected to create even greater advantages for tech-driven businesses.

Yet, he cautioned that while the government is rapidly developing data infrastructure and national governance platforms, many small and medium-sized enterprises (SMEs) are struggling to keep up, often feeling disoriented in the digital transition. According to Khoa, Vietnamese businesses must shift their mindset: “We cannot build sustainable growth if we move alone. Development today means building ecosystems.”

He argued for alliances in production and consumption, as well as shared technology networks, to prevent SMEs from “reinventing the wheel” with every transition. Even advanced products like drones or medical data analytics systems, he noted, cannot be created by a single company in isolation. “We need to connect, share, and trust one another. When we build ecosystems together, we become stronger and safer,” Khoa emphasized.

From his perspective, several policy priorities are urgent: offering genuine incentives for R&D, training strategic technology talent, establishing GP-LP funding models to mobilize capital, and reforming investment laws to reduce costs and red tape. He particularly pointed out that although a policy allowing companies to deduct 200% of R&D expenses from corporate income tax exists, in practice, businesses still face obstacles due to unclear guidance and cumbersome procedures. He urged the government to “issue detailed instructions soon, streamline processes, and give private enterprises real motivation for long-term innovation investment.”

Human resources remain another critical challenge. For sectors such as artificial intelligence, semiconductors, and biotechnology—industries requiring large capital and long preparation periods—many universities hesitate to open programs, fearing uncertain career outcomes for graduates. Khoa proposed that the government assign specific enrollment targets for strategic technology programs in universities and colleges to address the root of the workforce shortage.

Sharing a broader view, Truong Ly Hoang Phi, Vice Chairwoman of the Ho Chi Minh City Young Entrepreneurs Association, warned that international pressures are intensifying. The global economy is projected to grow only 3–3.1% in 2025–2026. Major economies are shifting toward core technologies like AI, big data, and automation, while Southeast Asia pushes aggressively into the digital economy, expected to reach a gross merchandise value of $186 billion in 2025. Thailand has even set a goal for its digital economy to account for 30% of GDP by 2030.

Phi argued that without bold measures to unleash private sector potential—especially for micro and small enterprises—Vietnam risks losing competitiveness even in its domestic market. “This transformation is not just an opportunity but also a pressure that forces Vietnam to act decisively with a strategic vision,” she said.

According to the Global Innovation Index (GII) 2024, Vietnam ranked 44th out of 133 economies, maintaining its position among the top 50. A closer look shows Vietnam ranked 36th in innovation outputs but only 53rd in innovation inputs, meaning the country is achieving strong results despite limited resources. Phi described this as evidence of Vietnam’s innate creativity and entrepreneurial spirit.

However, weaknesses remain in input pillars, including human capital and research (73rd), institutions (58th), and infrastructure (56th). These systemic bottlenecks are hindering further progress. Experts concluded that if such barriers are addressed, Vietnam could unlock significant productivity gains, move up the global innovation rankings, and seize a rare chance to shorten its development gap with high-income nations.

The consensus at VPSF 2025 was clear: science, technology, and innovation must serve as the launchpad for Vietnam’s private sector if the country is to turn this “golden opportunity” into lasting economic advancement.

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