Vietnam aims to develop 10 strategic technology groups and 30 strategic technology products, a goal outlined in the Politburo’s Resolution 57. Achieving these strategic technology ambitions will depend on more than just investment resources; flexible governance mechanisms are crucial for fostering innovation, encouraging risk-taking, and attracting top talent. This approach is necessary to drive breakthroughs in key technological areas.
Assoc. Prof. Dr. Tran Le Hung from Gustave Eiffel University in France noted that many countries have invested heavily in advanced technologies without achieving expected results. He identified regulatory bottlenecks, rigid policies, and implementation mechanisms as primary constraints, often more significant than capital or human resources.
Hung, a member of the Global Network of Young Vietnamese Intellectuals, emphasized the challenge of keeping public policy aligned with rapid technological evolution. He cited the European Union’s regulatory framework, including the General Data Protection Regulation (GDPR) and the AI Act, as examples where rules protect user privacy and ensure safety but also increase compliance costs for tech firms, potentially slowing innovation and reducing competitiveness.
Drawing from this experience, Hung suggested Vietnam adopt management mechanisms tailored to different technologies and risk levels. Such flexibility would allow businesses to experiment with new technologies within controlled frameworks, promoting a more dynamic innovation environment.
He highlighted the utility of regulatory sandbox mechanisms. These allow firms to test new products in real-world conditions, providing regulators with practical outcomes to refine policies. This iterative process can help ensure regulations remain relevant and supportive of technological advancement.
Regarding financial support for technology enterprises, Hung cautioned against poorly designed assistance programs that could foster dependency on public funding. He recommended linking support to specific, measurable technical goals and disbursing funds in stages based on achieved results, ensuring accountability and efficiency.
Hung also proposed strengthening innovation-driven procurement and competitive competitions. In this model, the State would define technological problems, and enterprises would compete to develop solutions. This approach could improve the efficiency of public resource utilization by incentivizing market-driven innovation.
Human resources remain a decisive factor in technological development. Attracting and retaining skilled individuals is essential for Vietnam to achieve its strategic objectives, complementing the need for flexible policies and targeted investments.
The effectiveness of these proposed policy adjustments will determine Vietnam’s success in cultivating a vibrant technology sector. Future developments will show how the nation balances regulatory oversight with the need for agility to foster innovation and compete globally.