Ho Chi Minh City wants to master core technology to gain economic advantages.
Ho Chi Minh City aims to become the region's leading center of science, technology and innovation by 2030 through mastering technology.
"In the context of the global shift to knowledge competition, the advantage no longer belongs to resources or cheap labor, but to economies that know how to create knowledge and master core technology," said Mr. Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City, speaking at a conference within the framework of the Ho Chi Minh City Innovation, Science, Technology and Creative Startup Week (WISE HCMC+ 2025).
Mr. Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City. Photo: Bao Lam
Citing data, Mr. Thang said that Ho Chi Minh City plays a pioneering role in the innovation ecosystem when it accounts for more than 50% of the number of startups in the country, equivalent to more than 2,000 startups. The city also ranks 5th in Southeast Asia in terms of the value of its startup ecosystem, reaching a scale of 5.22 billion USD, preparing to enter the group of 100 cities with the most dynamic ecosystems in the world. In terms of digital transformation, the city is among the leading provinces and cities in the Digital Transformation Index (DTI), owns modern digital infrastructure with 5G coverage reaching 82%, and has 16 data centers in operation. The city's goal by 2030 is to become the leading center of science, technology and innovation in the region, bringing the creative startup ecosystem into the top 100 dynamic cities globally.
According to him, to make a breakthrough, the city must create the next generation (NextGen). NextGen is not just young people, but an intergenerational synergy ecosystem where the creativity and innovative spirit of young people are guided by the experience and knowledge of existing generations of experts and leaders, helping to master technology, create inclusive values, and leave no one behind.
At the event, experts also contributed and proposed initiatives to realize the above goal. Ms. Jade Koh, Regional Director for Thailand and Vietnam of the Singapore Economic Development Board (EDB), said that Ho Chi Minh City needs to focus on creating a large innovation ecosystem, including startups and talent sources.
According to her, Ho Chi Minh City can learn from Singapore's experience in stages, from developing a labor-intensive, skills-based economy, then shifting to a technology- and service-focused economy, and can build comprehensive partnerships with other cities.
Mr. Alan Ang, Chairman of the Asia Blockchain Association, assessed that Singapore is a technology model for many cities in the world to learn from, but Ho Chi Minh City can follow its own path.
"Ho Chi Minh City does not need to copy Singapore, because you can completely take shortcuts and leapfrog those who came before," he said. "Later-comers have the advantage of observing successes and failures to avoid making the same mistakes."
Mr. Alan Ang, Chairman of the Asia Blockchain Association. Photo: Bao Lam
Mr. Daniel Theobald, an expert in robotics, AI, IoT and founder of MassRobotics, assessed that Vietnam is gradually becoming a center of intellectual property instead of just a manufacturing country for the world. According to him, referring to development models in the world is a good thing to do, but should not be stereotyped. Taking Silicon Valley as an example, he said that up to 95% of startups here fail, only a few succeed.
"I work in many places, and I get slogans like 'want to be the Silicon Valley of East Asia', or something like that. I would say: No, you shouldn't. You want to be better than Silicon Valley, it's totally possible," he said, adding that there are good lessons from Silicon Valley, but not everything is true.
According to him, startups should not raise capital from venture capital funds too early because it can kill the business. Instead, they need to focus on solving practical problems.
In the field of digital assets, Mr. Ang said this would be a channel worth considering for the city. Vietnam is a market with a high rate of acceptance of digital currencies, a strong and talented workforce. With this environment, Vietnam can learn the model of attracting resources by drawing boundaries through the sandbox mechanism (experimental legal framework), as well as being clear about the legal process.
However, the expert emphasized that Vietnam should not simply chase after digital currencies. Instead, we should take advantage of our strengths as a manufacturing factory to develop Real World Assets (RWA - tokenization of real assets), such as tokenizing invoices and collection accounts to mobilize community capital or international investors; or creating digital product passports on the blockchain platform for batteries, textiles, construction materials... to trace origin and sustainability.
Ms. Tran Tue Tri, Director of Silver Lion Enterprise Impact, said that Ho Chi Minh City can focus on branding and positioning strategies for the International Finance Center (IFC), find a different direction, provide diverse financial solutions, and take advantage of Vietnam's young population and innovative energy. To do this, it is necessary to build trust and transparency in the legal system, develop human resources, create technical platforms... thereby accelerating the completion of the goal.
Ms. Nguyen Truc Van, Director of the Center for Socio-Economic Simulation and Forecasting. Photo: Bao Lam
At the event, Ms. Nguyen Truc Van, Director of the Center for Socio-Economic Simulation and Forecasting under the Ho Chi Minh City Institute for Development Studies (HIDS), said that Resolution 222 of the National Assembly and Resolution 05 of the Government are opening the era of digital finance for Ho Chi Minh City. In particular, Resolution 222 is an important framework document, with the goal of building an IFC Vietnam model located in Ho Chi Minh City and Da Nang to promote sustainable finance, operate according to international standards, attract high-quality human resources and balance the interests of the State, investors and people.
Ho Chi Minh City is currently establishing a Steering Committee, developing a plan to develop a financial center space and preparing an operational framework. IFC in Ho Chi Minh City has an area of 899 hectares, expected to launch on December 15, focusing on four pillars including the currency market, capital market, derivatives exchange and fintech/green finance. The roadmap includes the foundation stage (2025-2030); the growth stage of target industries (2031-2035); and the stage of becoming a regional and international financial center (from 2035 onwards).
Bao Lam
According to VnExpress