86% of businesses believe innovation is key to growth

Results of a quick survey of businesses in the list of Top 50 innovative and effective Vietnamese enterprises 2024 (VIE50) and Top 10 innovative and effective Vietnamese enterprises 2024 in key economic sectors (VIE10) show that up to 86% of businesses believe that innovation is an important key to growth in the coming time.

Vietnam Business Forum – Innovation and effective business 2024 with the theme “Innovation for development”, on June 24 in Hanoi . (Photo: Nguyen Hoa)

Most of the businesses focused on innovation, improving products, services and processes. More than 70% of the businesses in the survey also said they planned to increase their budget for innovation in at least the next 2 years.

The notable information was given at the Vietnam Business Forum - Innovation and Effective Business 2024 with the theme "Innovation for Development" within the framework of the Announcement Ceremony of Innovative and Effective Business Enterprises in 2024, on June 24 in Hanoi.

Assessing the role of innovation in businesses, Mr. Truong Minh Tien - CEO of Viet Research affirmed that innovation plays an important role for businesses in Vietnam. It not only helps improve competitiveness through developing new products and services and optimizing business processes, but also supports rapid adaptation to market fluctuations and customer needs. At the same time, it also improves the quality of human resources and strengthens brand position, ensuring operational efficiency and sustainability in an increasingly harsh business environment.

Mr. Le Trong Minh, Editor-in-Chief of Dau Tu Newspaper , said that the business community's interest in innovation has helped Vietnam's Global Innovation Index in 2023 to be ranked 46/132 countries and economies, up 5 places compared to 2022. Making Vietnam one of the 7 middle-income countries that have made the most progress in innovation over the past decade.

“Vietnam is also one of three countries with innovation results that have outperformed its development level for 13 consecutive years. Vietnam’s startup ecosystem has risen from 5th to 3rd among the top 6 economies in Southeast Asia , ” Mr. Le Trong Minh added.

Meanwhile, Associate Professor Dr. Vu Minh Khuong - Lee Kuan Yew School of Public Policy (National University of Singapore) pointed out 5 major directions in innovation including: choosing between "catching up quickly" and "breaking ahead"; sensitively grasping global trends in the flow of change; taking weaknesses as the focus direction for breakthroughs; improving the organization's innovation capacity; exploiting the treasure trove of human knowledge, taking advantage of scientific and technological advances. From theory, Mr. Khuong cited a number of practical models of businesses that prioritize innovation such as Yili Dairy Company or Samsung Electronics.

Emphasizing the role of enterprises, Dr. Vo Tri Thanh - Director of the Institute for Brand Strategy and Competitiveness (BCSI) analyzed: Vietnam has never been under as much pressure to develop as it is now to achieve its development goals. In that context, the role of enterprises is increasingly important and central.

Resolution 41 of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the new period has many notable new points about enterprises. In particular, the Resolution emphasized the need to issue a strategy for developing the national, sectoral and local entrepreneur team in association with the general goals, goals until 2030 and vision until 2045 on building and promoting the role of entrepreneurs in the new period; have breakthrough policies to form and develop national enterprises, large-scale enterprises, playing a leading role in a number of key and important industries and fields, having an important position in the global supply chain and value chain, mastering a number of industrial and agricultural value chains.

Source: https://baoquocte.vn/86-doanh-nghiep-nhan-dinh-doi-moi-sang-tao-la-chia-khoa-quan-trong-doi-voi-tang-truong-276297.html