On the evening of December 13, Prime Minister Pham Minh Chinh attended the opening ceremony of Vietnam's 2025 National Innovation and Startup Festival (TECHFEST 2025), held at Dong Kinh Nghia Thuc Square, Hanoi. The event, themed “Innovative entrepreneurship for all – A new engine of growth,” marks its 11th edition and was jointly organized by the Ministry of Science and Technology and the Hanoi People’s Committee.

Alongside the Prime Minister were senior leaders including Hanoi Party Secretary Nguyen Duy Ngoc, Minister of Science and Technology Nguyen Manh Hung, Central Propaganda and Mobilization Committee Deputy Head Huynh Thanh Dat, Permanent Deputy Minister of Health Vu Manh Ha, representatives from ministries, international organizations, embassies, technology corporations, investment funds, and the local and global startup community.

Innovation as a national mission, not just a slogan

In his keynote speech, Prime Minister Pham Minh Chinh emphasized that innovation is not merely a catchphrase but a mission driven by passion, intellect, and action.

He drew parallels to Vietnam’s historical resilience, noting that the nation has repeatedly turned adversity into strength - turning scarcity into abundance, and the impossible into the achievable - through collective creativity and determination.

Vietnam’s achievements over nearly four decades of Doi Moi (Renewal) were highlighted. From overcoming hunger and achieving food security, the country has emerged as a leading rice exporter. Industrial development, fueled by innovation, has lifted Vietnam into the upper-middle-income bracket, with per capita income projected to exceed USD 5,000 in 2025. Science, technology, innovation, digital transformation, and green growth are seen as essential to making Vietnam a high-income, sustainably developed country.

In 2025, Vietnam’s GDP is expected to grow by 8%. From 2021 to 2025, average annual growth is forecast at 6.3% - 1.6 times higher than the global average. Excluding the pandemic-hit year of 2021, the 2022–2025 average growth rate is 7.2%, 2.1 times the global pace, according to the IMF.

Startups must be a strategic national priority

The Prime Minister called innovation and entrepreneurship a strategic choice and top investment priority. He described it as the key to breakthrough growth for businesses and a vital engine for sustainable national development in the Fourth Industrial Revolution.

However, he acknowledged that Vietnam's startup ecosystem still lags behind the region and the world, falling short of its true potential. As a result, he posed a series of critical challenges to scientists, policymakers, and educational institutions.

Among them: How can Vietnam deepen its integration into global value chains, particularly in high-tech sectors like semiconductors?

Should the country focus on design, packaging, testing, manufacturing, or a combination?

What strategic priorities should be pursued - deep tech or ecosystem-wide expansion?

How can the country develop robust domestic data infrastructure and foster AI and machine learning products?

How can AI be applied to major societal challenges like disaster response, traffic congestion, and pollution?

Innovation is for everyone

The Prime Minister stressed that innovation is not only about creating something new but also doing what we already do - better. It’s a continuous journey of self-improvement, and one that applies to individuals, businesses, and the country.

For the economy, it means refreshing traditional growth drivers while harnessing new ones. For businesses, it means building new competitive advantages. For individuals, especially the youth, it means nurturing talents and adapting to fast-paced change.

“When every citizen innovates, every business innovates, and society as a whole innovates - Vietnam will transform and rise,” the Prime Minister declared.

He added: “Developing domestic technological capacity is the only path to building a self-reliant, independent economy integrated deeply and effectively with the world. A vibrant startup ecosystem is the foundation for nationwide technological autonomy and inclusive innovation - it is the key to unlocking the nation's immense potential.”

He called on the people - especially the youth - to be bold, embrace risks, learn from failure, and nurture a culture of innovation across society.

Vietnam aims to join the top startup ecosystems globally

The event took place as the nation implements Resolution 57 of the Politburo on breakthroughs in science, technology, innovation, and digital transformation, while finalizing its national innovation strategy.

Vietnam’s startup ecosystem is entering a new growth phase. In 2025, the country boasts nearly 4,000 innovative startups and two unicorns. According to the Global Innovation Index (GII), Vietnam ranks 44th out of 139 countries, and its startup ecosystem ranks 55th globally. Ho Chi Minh City ranks 110th among global startup cities, Hanoi 148th, and Da Nang 766th - placing Vietnam among the top five startup ecosystems in ASEAN and one of the three fastest-growing globally.

TECHFEST 2025 is Vietnam’s largest innovation event to date, expected to attract over 60,000 attendees both online and in person. It features participation from over 20 major corporations, 50 investment funds, 100 support organizations and incubators, and international delegates from six global regions, including Southeast Asia, Northeast Asia, Central Asia, the Middle East, North America, and Europe.

During the opening ceremony, 10 outstanding provinces were honored for their contributions to local startup ecosystems. Awards were also presented to winners of the “Data for Life 2025” competition, including commemorative medals and innovation vouchers - recognizing the efforts of Vietnam’s growing AI and big data community.

Pham Huyen