Innovation vital for sustaining national development amid fast-changing world

By ceaseless innovation, each individual and country can sustain development as we are living in a fast-changing world in which the fourth industrial revolution has created profound changes in all aspects of life.

 Prime Minister Pham Minh Chinh made the above statement on Saturday while addressing a youth startup and innovation event in the northern province of Vinh Phuc, which was held on the occasion of the 91^st founding anniversary of the Ho Chi Minh Communist Youth Union (March 26).

Last year, Viet Nam was ranked 44th out of 132 economies and maintained its position (34th) among low-middle income economies in the global innovation index, Pham said.

The Southeast Asian country is home to more than 1,000 organizations capable of supporting startup activities, he added.

Pham cited a report by the World Bank that says Viet Nam is one of few Southeast Asian countries spending on research and development at or above expected levels.

Innovation gap

Though entrepreneurial spirit is thriving among the youths, there is startup ecosystem gap between Viet Nam and many other countries, including legal framework.

In addition, the number of startup projects and investment capital remain modest and incommensurate with the country's potential while the education sector still pays inappropriate attention to skills, innovation and aspirations.

Given the situation, Pham entrepreneurship must be considered a central task of the whole political system which is responsible for designing a favorable environment for accelerating startup and innovation.

Fostering entrepreneurship requires innovative authorities, innovative society, innovative education, and innovative individuals, emphasized the Prime Minister.

He tasked the Ministry of Education and Training to put forward mechanisms and policies to promote entrepreneurial spirit among students.

The Ministry of Planning and Investment was asked to assist the Ministry of Education and Training and the Ministry of Labor, Invalids and Social Affairs in develop incubation and startup activities in education establishments./.