Startup innovation in Vietnam: Theory and practice

Abstract

Startup innovation has become a matter of interest and debate in many countries around the world, within both the business and research communities, including Vietnam. For a developing country like Vietnam, building a favorable startup ecosystem, encouraging the emergence and development of startups in general, and innovative small and medium-sized enterprises (SMEs) in particular, is crucial. In 2016, the Vietnamese government designated it as the "National Startup Year," and the period from 2017 to 2020 was considered the golden age for startups with the emergence of numerous startup companies. The issue of startups has received special attention from the state and society. Lessons from countries with strong and successful startup movements show that the foremost important factor is the entrepreneurial spirit, driven by national leaders and the state apparatus with a spirit of serving the nation. The path of entrepreneurship in the current deeply integrated international context is fierce and risky, but without boldness, courage, and facing challenges, successful entrepreneurship is impossible. When the entrepreneurial spirit and culture flourish among the population, especially the young generation in Vietnam, it will truly become the most powerful and primary driving force to promote economic and social development.