Việt Nam steps up as new epicentre of Asia’s economic growth

October 30, 2023 - 15:27
Việt Nam Venture Summit 2023 was officially kicked off  Monday in Hòa Lạc hi-tech park, Hà Nội with an international cast of over 1,000 business leaders and investors, all eyeing Việt Nam’s rapid rise as a global economic powerhouse.
An artist's impression of the newly-built Vietnam National Innovation Center (NIC), located in Hòa Lạc, Thạch Thất district, 30km from Hà Nội. — Photo courtesy of NIC

HÀ NỘI — Việt Nam Venture Summit 2023 officially launched on Monday in Hòa Lạc hi-tech park, Hà Nội, with an international cast of over 1,000 business leaders and investors, all observing Việt Nam’s rapid rise as a global economic powerhouse.

Việt Nam Venture Summit 2023, hosted by the Ministry of Planning and Investment (MPI) and co-organised by the Vietnam National Innovation Center (NIC) and Golden Gate Ventures, a venture capital fund in Southeast Asia (SEA) founded by Silicon Valley natives, was themed “Innovating Through Adversity: Strategies for a Transformative Vietnam”. The fourth edition of this annual summit addressed the question of Việt Nam’s future as an investment hub in 2024.

Despite the unpredictability of 2023, the MPI reported that the country attracted close to US$20.21 billion in foreign direct investment (FDI) in the first nine months of 2023, an increase of 7.7 per cent over the same period last year.

In his opening speech at the forum, Trần Duy Đông, Deputy Minister of Planning and Investment, stated that Việt Nam’s economic expansion has been supported by strong international trade relations that they have continuously reaffirmed through ongoing efforts to improve the ease of investment into the country and the creation of ecosystems that bolster innovation and digitisation.

Đông mentioned that the summit emphasised addressing challenges through innovation and strategic methods. It also aimed to facilitate the exchange of ideas and evaluation of investment opportunities for creative start-ups in Việt Nam, especially during the current challenging global economic conditions.

Đông noted that, indeed, the surge of innovation propelled by digital transformation and advancements in science is profoundly affecting fields such as information technology, healthcare, and energy. These sectors are witnessing rapid developments and offering ample opportunities for creative start-ups. Việt Nam has established a favourable environment and conditions for innovation in general and for creative start-up investment in particular.

Việt Nam’s innovation and start-up ecosystem has seen positive developments. The country currently ranks 46 out of 132 countries and economies according to the 2023 Global Innovation Index Report and is one of three countries with innovation results exceeding the level of development globally.

Also at the forum, Vũ Quốc Huy, General Director of the Vietnam National Innovation Centre (NIC), informed participants that policy and partnership have been crucial to staying on track for the National Master Plan for 2021 to 2030.

"2023 has been a pivotal year for showing the world that Việt Nam’s economic growth is founded on solid principles. The transformative strategies in which we've invested allow us to craft our success narrative: one centred on fostering innovation both domestically and abroad,” he said.

As part of the Summit, NIC and Golden Gate Ventures also unveiled a report detailing the country’s growth path. “Road to Greatness: Rewriting Vietnam’s Growth Playbook” offers insight into Việt Nam’s economic resilience and explores the driving forces behind Việt Nam’s growth in the upcoming years.

The Playbook set the tone for the Summit, which featured leaders of Vietnamese conglomerates such as VNG and VinBrain of VinGroup fame; Vietnamese start-up founders in fintech, health tech, and AI; global investment firms; global stock exchanges, notably the New York Stock Exchange; and international organisations like the World Bank and the Tony Blair Institute. — VNS