Shaping Vietnam’s Future: The Role of Overseas Vietnamese Entrepreneurs in National Development
The 14th National Party Congress of Vietnam presents a pivotal moment for the country, as it emphasizes the urgent need to renew growth models and enhance productivity, quality, and competitiveness. This strategic shift comes as Vietnam aims to transcend its previous dependence on low-cost labor and extensive investments, steering towards a more sustainable and innovative future.
A Vision for Innovation
Tran Ha My, Director of the Vietnam Innovation Network in France (VINEU France) and President of the Vietnam Young Entrepreneurs Association in Europe (VYBE), highlights the importance of focusing on science, technology, innovation, and high-value industries. Drawing parallels from global trends, she emphasizes that countries and companies that maintain long-term competitiveness often prioritize these sectors. Innovation hubs, like Paris-Saclay in France, exemplify how synergy between government, businesses, and research institutions can spur growth. My suggests that Vietnam can build similar pillars by centering its development strategy on knowledge and technology, ultimately lessening its reliance on labor-intensive industries.
Shifting Global Interests
There’s a noticeable shift in interest from French and European partners towards Vietnamese markets, particularly in areas such as digital technologies, semiconductors, renewable energy, smart logistics, and aerospace. This trend not only affirms the strategic direction set by the 14th National Party Congress but also aligns with global investment movements. Such synchronization is crucial for fostering mutual growth and innovation.
The Need for Institutional Trust
For young overseas entrepreneurs looking to expand their businesses, My identifies a fundamental issue beyond mere incentives: the need for institutional trust and the government’s commitment to long-term partnerships. A stable, transparent, and predictable policy environment is essential. Today’s young entrepreneurs in fields like technology and the green economy face unique challenges, including long investment cycles and high risks. Many wish to relocate their R&D centers to Vietnam but are deterred by frequent regulatory changes, especially in emerging sectors like AI and fintech.
Establishing Effective Support Mechanisms
My advocates for effective one-stop mechanisms tailored specifically to overseas Vietnamese businesses. Drawing inspiration from France’s startup support models, such as Station F and Bpifrance, she argues that Vietnam could benefit from establishing focal points that directly interact with the community of young overseas entrepreneurs. Such mechanisms could significantly ease market entry, facilitating the flow of capital, knowledge, and innovative projects back to Vietnam.
Encouraging a Spirit of Entrepreneurship
An open approach towards the private sector and fostering an entrepreneurial spirit among the younger generation is imperative. Young entrepreneurs not only wish to invest in Vietnam but also want to partake in the policy-making process. By recognizing the potential of the private sector and allowing space for experimentation, the government can ignite sustained innovation and address national challenges more effectively.
Tailored Support Programs
The establishment of preferential mechanisms specifically designed for overseas Vietnamese young entrepreneurs can harness their entrepreneurial spirit and intellectual capital. Initiatives like startup support programs, innovation-driven entrepreneurship initiatives, or co-investment funds would greatly benefit from engaging the overseas Vietnamese community. Additionally, implementing regulatory “sandboxes” for technology firms and streamlining administrative processes would reduce market entry barriers, further empowering young entrepreneurs.
Unique Global Insights
The Vietnamese community in France and Europe brings a unique advantage—an in-depth understanding of international business landscapes, research ecosystems, and global standards. My emphasizes that many experts and entrepreneurs are eager to share their knowledge and invest back in Vietnam, provided the right mechanisms and policies are implemented.
Collaborative Development Strategies
To effectively mobilize this rich resource pool, My underscores the need for the 14th National Party Congress to craft clear orientations for long-term collaboration. Involving overseas Vietnamese entrepreneurs and experts from the early stages of policy and project design is crucial. For instance, in high-tech human resource training, innovation ecosystem development, or driving the green transition, the overseas Vietnamese community can play a bridge-building role, connecting Vietnam with leading knowledge hubs across France and Europe.
The discourse around the 14th National Party Congress is not just about policy; it’s about creating tangible pathways for collaboration and innovation that engage overseas Vietnamese entrepreneurs in shaping the nation’s future. By fostering an ecosystem of trust and support, Vietnam can unlock the potential of its dynamic diaspora, driving sustainable growth and global competitiveness.