An analysis of innovation ecosystem in vietnamese enterprises

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS AN ANALYSIS OF INNOVATION VIETNAMESE ECOSYSTEM ENTERPRISES Major: International Economics PHAM XUAN THAI Ha Noi - 2023 IN MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS AN ANALYSIS OF INNOVATION VIETNAMESE ECOSYSTEM ENTERPRISES Major: International Economics Code: 8310106 Student: Pham Xuan Thai Supervisor: Luong Thi Ngoc Oanh (PhD) Ha Noi - 2023 IN DECLARATION Thereby declare that this is my own research work, with the support of my Instructor - PhD.Luong Thi Ngoc Oanh The research contents and results in this topic are honest and have never been published in any previous research work The data in the tables for analysis, comments and evaluation are collected by the author himself from different sources listed in the references If any fraud is detected, I would like to take full responsibility before the Council as well as the results of my thesis ACKNOWLEDGEMENT In embarking on the journey of researching and completing this graduation thesis, I have relied not only on my own self-study and analysis but also on the invaluable guidance and sincere suggestions provided by PhD Luong Thi Ngoc Oanh I am deeply grateful for the unwavering support and mentor-ship that PhD.Oanh has provided throughout the process of this research Her expertise and guidance have been instrumental in shaping and refining this article Furthermore, I would like to extend my heartfelt appreciation to the lecturers of the Faculty of International Economics at the Foreign Trade University Their knowledge, insights, and critical assessments have played a pivotal role in enhancing the quality and comprehensiveness of this thesis Despite my best efforts, I acknowledge that this thesis may have certain limitations in terms of research experience, data search, analysis, and evaluation However, I am confident that these imperfections can be addressed through your valuable comments and suggestions I warmly welcome any feedback that will contribute to further improving and enriching this article, making it a solid foundation for future studies in related fields Once again, I express my sincere gratitude to Dr Luong Thi Ngoc Oanh and the esteemed lecturers for their unwavering support and guidance Your contributions have been indispensable, and I am honored to have had the privilege of working under your tutelage TABLE OF CONTENTS DECLARATION ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES LIST OF FIGURES LIST OF ABBREVIATIONS SUMMARY OF DISSERTATION RESEARCH RESULTS INTRODUCTION CHAPTER 1: INNOVATION wl THEORETICAL ECOSYSTEM BASIS FOR IN VIETNAMESE AN ANALYSIS OF THE ENTERPRISES 1.1 Theoretical foundations of innovation 1.1.1 Concept of innovation 1.1.2 Characteristics of innovation 1.1.3 The role of innovation in economic development 10 12 1,2 Theoretical foundations of innovation ecosystem 1.2.1 Concept of innovation ecosystem 15 1.2.2 Characteristics of innovation ecosystem 1.2.3 Factors affecting innovation ecosystem on Vietnamese enterprises 21 1.3 The world experience in developing innovation ecosystem on enterprises 25 1.3.1 Status of an innovation ecosystem in the world 25 1.3.2 Actual situation and experience of developing innovation ecosystem on enterprises in some countries around the world 29 CHAPTER 2: ANALYSIS OF THE INNOVATION ECOSYSTEM IN VIETNAMESE ENTERPRISES 2.1 Overview of innovation ecosystem in Vietnamese Enterprises 2.2 The situation of developing the innovation ecosystem in Vietnamese enterprises from 2020 to 2022 se 37 2.2.1 Actual situation of digital technology application in Vietnamese enterprise from 2020 to 2022 37 2.2.2 Readiness for the innovation ecosystem in Vietnamese eterprises 42 2.2.3 Stories about innovation ecosystem in some Vietnamese enterprises 46 2.3 Analysis of the innovation ecosystem in Vietnamese enterprises 2.3.1 Strengths 50 2.3.2 Weaknesses 53 CHAPTER 3: SOLUTIONS TO PROMOTE THE INNOVATION ECOSYSTEM IN VIETNAMESE ENTERPRISES UNTIL 2030 51 3.1 Policies and regulations to develop the innovation ecosystem in Vietnamese enterprises 51 3.2 Recommendations to improve the innovation ecosystem in Vietnamese enterprises 58 3.2.1 Strengthening Financial Support for Innovation ecosystem 58 3.2.2 Enhancing Human Capital and Skills Development 62 3.2.3 Fostering Collaboration and Knowledge Transfer 65 3.2.4 Improving Regulatory Framework and Intellectual Property Rights Protection 69 3.3 Strategies to promote the innovation ecosystem in Vietnamese enterprises until 2030 .71 3.3.1 Prioritizing and Sequencing the Recommendations 71 3.3.2 Engaging Stakeholders and Building Partnerships 73 3.3.3 Establishing Monitoring and Evaluation Mechanisms 75 CONCLUSION LIST OF REFEREN LIST OF TABLES Table 1.1 Innovation trends that worldwide enterprises mostly use we Table 2.1 Global Innovation Index 2022 rankings we dS Table 2.2 The Development Stages of the Innovation ecosystem in Vietnamese enterprises 40 Table 2.3 Key aspects of digital transformation in business -.44 Table 2.4 Summary of Government Policy to promote innovation ecosystem in 1.52 enterprises 2022 LIST OF FIGURES Figure 1.1 The gap between leading and lagging enterprises 26 Figure 2.1 The Innovation Support Organisations in Vietnam sorted by Ownership and Industry 133 Figure 2.2 Newly-established enterprises and total registered capital in 2020-2022 38 Figure 2.3 Vietnam digital economy (in USD billion) - - 42 Figure 2.4 Distribution of enterprises participating in the survey by industry (%).43 Figure 2.5 The areas that HBIC focuses on developin; 47 Figure 2.6 Elements of the business model are affected when the enterprises apply innovation ecosystem Figure 3.1 FPT University by number Figure 3.2 Exit status of C-lab projects 55 63 67 LIST OF ABBREVIATIONS United Nations Conference on Trade and Development (UNCTAD) United Nations Development Programme (UNDP) Attificial Intelligence (Al) Augmented Reality (AR) Virtual Reality (VR) Mixed Leality (MR) Machine Learning (ML) Software Development Lifecycle (SDLC) Global Innovation Index (GII) World Intellectual Property Organization (WIPO) Over-the-top (OTT) Internet of Things (lo) Financial Technology (Fintech) Research and Development (R&D) Information Technology (IT) Hoa Binh Innovation Center (HBIC) Ho Chi Minh City High-Tech Park (SHTP) Hoa Binh Construction Group ~ HBC Joint Stock Company (JSC) USAID (the United States Agency for International Development) Intellectual Property Rights (IPR) SUMMARY OF DISSERTATION RESEARCH RESULTS Thesis title: An analysis of innovation ecosystem in Vietnamese enterprises Student: Pham Xuan Thai Student code: 821123 Class: MIE4A_ Instructor: PhD Luong Thi Ngoc Oanh Working unit: Faculty of International Economics - Foreign Trade University Keywords: innovation ecosystem, Vietnam, enterprises Summary content: Thesis title: An analysis of innovation ecosystem in Vietnamese enterprises Research area: (Q55) Technological Innovation, (032) Management of Technological Innovation and R&D, (P42) Productive Enterprises Research purpose of the thesis: Analyze the theoretical basis of innovation ecosystem in general and innovation ecosystem in Vietnamese enterprises in particular; Analysis and assessment of achievements and limitations of innovation ecosystem in Vietnamese enterprises in the period 2020-2022; Present lessons learned and propose some solutions for innovation ecosystem in Vietnamese enterprises Research methods used in the thesis: Qualitative analysis Main contents and author contributions: Main contents: In addition to the introduction and conclusion, this thesis includes main contents distributed in chapters Chapter has the task of stating and clarifying the theoretical basis of innovation and innovation ecosystem in Vietnamese enterprises In Chapter 2, the author uses qualitative methods to analyze and evaluate an innovation ecosystem in Vietnamese enterprise Chapter 3, the author points out the recent policies and regulations to develop the innovation ecosystem in Vietnamese enterprises Besides that, the author also proposes recommendations and solutions to improve the innovation ecosystem in Vietnamese enterprises © Author contribution: Within this thesis, as I delved into the exploration and analysis of the innovation ecosystem in Vietnamese enterprises, the author has proposed policy implications aimed at fostering the adoption of digital transformation technologies These implications serve to address the professional requirements and streamline the managerial processes within companies, thereby facilitating the development of a robust innovation ecosystem in Vietnamese enterprises Based on that, the author has drawn inspiration from the lessons learned in other case studies across the globe, where the focus on quantity has often outpaced considerations of quality By observing and understanding these global experiences, we can navigate potential pitfalls and avoid the pitfalls of prioritizing sheer numbers over sustainable and impact innovation agencies to investigate and prosecute cases of IPR infringement This includes training personnel, establishing specialized IP enforcement units, and implementing effective monitoring systems Strengthened enforcement will serve as a deterrent to potential infringers and provide greater protection to innovative enterprises Thirdly, establish specialized IP courts or tribunals: Creating specialized courts or tribunals dedicated to handling IPR cases can expedite legal proceedings and enhance the expertise of judges in intellectual property matters These specialized entities can provide specialized knowledge and experience, leading to more efficient and accurate resolution of IPR disputes Specialized courts can also contribute to the development of consistent and precedent-setting judgments, thereby increasing legal certainty for enterprises involved in innovation-related activities, Fourth, promote awareness and education: Raising awareness about the importance of IPR protection among enterprises, researchers, and the public is crucial Implementing educational programs and awareness campaigns can help stakeholders understand the benefits of IPR protection and foster a culture of respect for intellectual property This can be achieved through workshops, seminars, and training programs that highlight the significance of IPR and provide guidance on how to protect and manage intellectual property assets Fifth, foster collaboration between academia, industry, and government: Collaboration is a key driver of innovation Creating platforms and mechanisms that facilitate collaboration between academia, industry, and government can spur innovation and strengthen the innovation ecosystem This can involve establishing technology transfer offices, innovation centers, and incubators that encourage knowledge sharing, technology commercialization, and collaborative research projects Such initiatives enable enterprises to leverage the expertise of research institutions, access funding opportunities, and develop mutually beneficial partnerships Sixth, enhance international cooperation: Engaging in international cooperation and aligning with international IPR standards and treaties is crucial for Vietnamese enterprises to thrive in the global innovation landscape Collaborating with international organizations and participating in bilateral and multilateral agreements can promote knowledge exchange, technology transfer, and best practices in IPR protection By aligning with international standards, Vietnamese enterprises can gain access to global markets and attract foreign investment, while also fostering a favorable environment for domestic innovation Seventh, Regular monitoring and evaluation: Establishing mechanisms for monitoring and evaluating the effectiveness of the regulatory framework and IPR protection is essential Regular assessments can identify gaps, measure progress, and identify areas for improvement Engaging stakeholders, including industry associations, academia, and enterprises, in the monitoring and evaluation process can provide valuable insights and perspectives The findings from these evaluations can guide policy adjustments, ensuring that the regulatory framework remains dynamic and responsive to the evolving needs of the innovation ecosystem These measures will not only foster domestic innovation but also position Vietnamese enterprises competitively in the global market Creating an enabling regulatory framework and effective IPR protection send a strong signal of the government commitment to supporting and promoting innovation, thereby stimulating economic growth and driving sustainable development in Vietnam 3.3 Strategies to promote the innovation ecosystem in Vietnamese enterprises until 2030 3.3.1 Prioritizing and Sequencing the Recommendations Promoting the innovation ecosystem in Vietnamese enterprises requires a strategic approach to prioritize and sequence the recommendations outlined in the previous sections The interconnected nature of these recommendations necessitates careful planning to allocate resources effectively and ensure a coordinated implementation In this section, we delve into the strategies that can be employed to prioritize and sequence the recommendations, paving the way for a systematic and impactful transformation To begin with, assessing the readiness and feasibility of each recommendation is essential This entails evaluating the current state of the innovation ecosystem in Vietnamese enterprises, identifying strengths and weaknesses, and gauging the available resources and capabilities A comprehensive assessment enables policymakers to prioritize recommendations based on their potential impact and the feasibility of implementation within the specific context of Vietnam By strategically allocating resources, policymakers can focus on initiatives that promise significant returns and are viable in the given circumstances Setting clear strategic goals and objectives for the development of the innovation ecosystem is a pivotal step in the prioritization process These goals should align with the broader national innovation agenda while considering the unique needs and aspirations of Vietnamese enterprises By defining strategic goals, policymakers can prioritize recommendations that directly contribute to achieving these objectives, ensuring a focused and targeted approach This strategic alignment enables the initiatives to have a meaningful impact on the overall innovation landscape, driving sustainable growth and competitive advantage Another critical consideration in prioritizing and sequencing the recommendations is recognizing the interdependencies among them Some recommendations may act as foundational elements or prerequisites for others, creating a logical sequence of initiatives For instance, strengthening financial support for innovation may lay the groundwork for enhancing human capital and skills development By identifying these interdependencies, policymakers can ensure a cohesive and coherent implementation plan, where the successful execution of one recommendation sets the stage for the next approach maximizes the effectiveness and impact of the initiatives This sequential Engaging relevant stakeholders is vital in the prioritization process Involving government agencies, industry associations, research institutions, and enterprises brings diverse perspectives, expertise, and knowledge to the table Through collaborative discussions and consultations, policymakers can gain insights into the priorities and preferences of different stakeholders, fostering a sense of ownership and commitment to the chosen initiatives By including stakeholders in the decision-making process, the prioritization efforts become more comprehensive and inclusive, resulting in recommendations that resonate with the needs of the stakeholders and the broader ecosystem Resource allocation and timelines should also be considered when prioritizing recommendations Some initiatives may require significant financial investments or long-term planning, while others can be implemented in the short term with existing resources Policymakers need to balance the need for immediate impact with longterm sustainability By carefully evaluating resource availability and timelines, policymakers can devise a realistic and achievable implementation plan that maximizes the impact of the chosen initiatives, ensuring optimal use of available resources Furthermore, it is imperative to establish monitoring and evaluation mechanisms to assess the progress and impact of the implemented initiatives Regular monitoring enables policymakers to track the effectiveness of the prioritized recommendations and make data-driven decisions on adjusting priorities and redirecting resources as needed This iterative process ensures that the prioritization remains dynamic and adaptive, reflecting the evolving needs and dynamics of the innovation ecosystem Continuous monitoring and evaluation foster a culture of learning and improvement, enhancing the effectiveness and relevance of the chosen initiatives over time Engaging Stakeholders and Building Partnerships Engaging stakeholders and building partnerships is a key strategy to promote the innovation ecosystem in Vietnamese enterprises The success of any innovation- driven initiative relies on the active participation and collaboration of various stakeholders, including government agencies, industry players, research institutions, and civil society In this section, we delve into the importance of stakeholder engagement and explore strategies for fostering partnerships to drive innovation and create a supportive ecosystem First and foremost, engaging stakeholders is essential to gain diverse perspectives, insights, and expertise Each stakeholder group brings unique knowledge and experiences to the table, and their collective involvement ensures a holistic understanding of the challenges and opportunities within the innovation ecosystem By actively involving stakeholders in the decision-making process, policymakers can tap into their insights and leverage their expertise to inform policy formulation and implementation This participatory approach fosters a sense of ownership and shared responsibility among stakeholders, driving their commitment to the success of the innovation ecosystem Collaborative partnerships play a crucial role in advancing innovation in Vietnamese enterprises Building strategic alliances with industry players, research institutions, and academia can create synergies and promote knowledge exchange These partnerships enable enterprises to access cutting-edge research, technology, and expertise, fostering a culture of innovation and continuous learning By connecting enterprises with the broader ecosystem, partnerships facilitate the flow of resources, ideas, and opportunities, unlocking the potential for collaborative innovation initiatives Such partnerships can also lead to joint research projects, co- development of new technologies, and shared investment in innovation activities, enhancing the competitiveness of Vietnamese enterprises Furthermore, stakeholder engagement and partnerships facilitate the cocreation of policies and programs that reflect the needs and aspirations of the innovation ecosystem By involving stakeholders in policy development processes, policymakers can gather valuable insights and feedback, ensuring that the proposed initiatives align with the real-world challenges and opportunities faced by enterprises This participatory approach enhances the relevance and effectiveness of policies, making them more responsive to the evolving dynamics of the innovation ecosystem Engaging stakeholders in the policy-making process also cultivates a sense of ownership, increasing the likelihood of successful implementation and sustainability In addition to stakeholder engagement, international collaboration is crucial for the advancement of the innovation ecosystem in Vietnamese enterprises Partnering with other countries and participating in global innovation networks allows for knowledge sharing, benchmarking best practices, and accessing global markets International collaboration provides opportunities for Vietnamese enterprises to learn from the experiences of other countries, gain exposure to new technologies and business models, and expand their networks Through joint initiatives, exchange programs, and technology transfer, Vietnamese enterprises can enhance their competitiveness and position themselves as key players in the global innovation landscape To foster stakeholder engagement and build effective partnerships, a supportive framework and platforms for collaboration must be established This includes creating platforms for dialogue, knowledge-sharing, and networking among stakeholders, such as innovation forums, industry associations, and innovation clusters These platforms provide spaces for stakeholders to connect, collaborate, and collectively address challenges and opportunities Policymakers can also play a facilitative role by creating incentives, funding mechanisms, and policy frameworks that encourage stakeholder engagement and foster partnership formation 3.3.3 Establishing Monitoring and Evaluation Mechanisms Establishing monitoring and evaluation mechanisms is a critical strategy for promoting the innovation ecosystem in Vietnamese enterprises Effective monitoring and evaluation enable policymakers and stakeholders to assess the progress, impact, and effectiveness of innovation initiatives, identify areas for improvement, and make informed decisions In this section, we delve into the significance of monitoring and evaluation and explore strategies for establishing robust mechanisms to track the performance of the innovation ecosystem Monitoring the performance of the innovation ecosystem involves systematically collecting and analyzing relevant data and indicators to track the implementation of policies, programs, and initiatives It provides policymakers with real-time information on the progress, challenges, and outcomes of innovationdriven activities Through monitoring, policymakers can identify bottlenecks, gaps, and emerging trends, allowing them to take timely corrective actions and allocate resources strategically Monitoring also enables the identification of successful practices and initiatives that can be scaled up or replicated to maximize the impact of the innovation ecosystem General Electric (GE) has implemented a notable initiative to monitor and gauge the innovation ecosystem They conduct the "GE Global Innovation Barometer," an annual survey that collects insights from business leaders worldwide This survey assesses the current state of innovation and provides valuable data on global innovation trends Through the Innovation Barometer, GE explores topics such as the role of government policies, investment in research and development, collaboration with startups, and the impact of emerging technologies The data gathered helps GE and policymakers to understand the innovation landscape, identify areas that need attention, and tailor their strategies accordingly GE's Innovation Barometer demonstrates how a multinational corporation actively tracks innovation-related indicators to stay informed about the global innovation ecosystem Alphabet Inc.'s X (formerly Google X) is another example of monitoring and data-driven innovation X focuses on breakthrough innovations and moonshot projects They employ a data-driven approach to monitor the progress and viability of their projects Using various data sources, including project milestones, resource allocation, and key performance indicators, X evaluates the potential success of their projects This data-driven monitoring helps them decide whether to continue or pivot their efforts By regularly collecting and analyzing data, X ensures that resources are allocated efficiently and effectively across their diverse range of projects Alphabet's X Project showcases how data-driven monitoring can optimize innovation efforts and maximize the chances of success in ambitious, high-risk ventures Evaluation, on the other hand, involves assessing the effectiveness, efficiency, and impact of innovation initiatives against predefined goals and targets It goes beyond monitoring by providing an in-depth analysis of the outcomes, benefits, and unintended consequences of the implemented policies and programs Through evaluation, policymakers can gain insights into the factors that contribute to the success or failure of innovation initiatives, enabling them to refine strategies, adjust policies, and redirect resources accordingly Evaluation also helps in identifying best practices, lessons learned, and areas for improvement, facilitating evidencebased decision-making and continuous learning within the innovation ecosystem To establish robust monitoring and evaluation mechanisms, several key considerations need to be taken into account First and foremost, clear goals, objectives, and performance indicators must be defined for the innovation ecosystem This ensures that the monitoring and evaluation efforts are aligned with the desired outcomes and provide relevant and actionable insights Performance indicators may include metrics such as the number of new patents filed, research and development expenditures, industry-academia collaborations, and the commercialization rate of innovations Data collection and management systems are crucial components of monitoring and evaluation mechanisms Stakeholders need access to accurate, reliable, and timely data to assess the progress and impact of innovation initiatives Establishing data collection frameworks, integrating data sources, and implementing data-sharing protocols are essential steps in ensuring the availability of quality data for monitoring and evaluation purposes Additionally, investing in data analytics capabilities and technologies can enhance the analysis and interpretation of data, enabling policymakers to gain valuable insights and make data-driven decisions Engaging relevant stakeholders in the monitoring and evaluation process is vital for its success Stakeholder involvement ensures a comprehensive and inclusive assessment of the innovation ecosystem, as different perspectives and expertise contribute to a more holistic understanding Involving industry representatives, research institutions, policymakers, and civil society organizations in the monitoring and evaluation activities fosters transparency, accountability, and shared responsibility Furthermore, stakeholder engagement promotes a culture of learning and continuous improvement within the innovation ecosystem Regular reporting and dissemination of monitoring and evaluation results are crucial for transparency and accountability Policymakers should communicate the findings, lessons leamed, and recommendations arising from the monitoring and evaluation activities to relevant stakeholders This promotes knowledge sharing, stimulates discussions, and facilitates evidence-based _ decision-making Dissemination of the results also helps build public trust and confidence in the effectiveness and impact of the innovation ecosystem CONCLUSION This thesis has undertaken a comprehensive analysis of the innovation ecosystem in Vietnamese enterprises, focusing on the period from 2020 to 2022 Through an examination of the current state of the ecosystem, identification of its strengths and weaknesses, exploration of challenges, and examination of opportunities, valuable insights have been obtained Thereby, providing policy implications as well as solutions to help businesses promote the innovation ecosystem towards 2030 The findings of this study have found the dynamic nature of the innovation ecosystem in Vietnamese enterprises The ecosystem’s strengths include a robust entrepreneurial spirit and start-up culture, a skilled and talented workforce, a strategic geographical location, supportive government policies, collaboration and knowledge sharing, and digital infrastructure and connectivity These strengths provide a solid foundation for fostering innovation and driving positive outcomes However, the analysis also revealed several challenges that need to be addressed to further enhance the innovation ecosystem Limited access to capital poses a significant hurdle for enterprises in realizing their innovative ideas Weak intellectual property protection undermines the incentives for innovation and stifles the full potential of enterprises’ intellectual assets Insufficient investments in research and development hamper the ability to drive cutting-edge technologies and bring innovative products and services to market Fragmented collaboration among stakeholders and a skills gap in the workforce further hinder the ecosystem's effectiveness Additionally, limited international integration restricts access to global markets and opportunities for Vietnamese enterprises To overcome these challenges and strengthen the innovation ecosystem, it is crucial to implement strategic measures and policy interventions Firstly, there is a need to enhance access to capital by promoting venture capital investments, establishing angel investor networks, and facilitating financial support mechanisms for innovative enterprises Secondly, strengthening intellectual property protection through robust enforcement mechanisms and creating a culture of respect for intellectual property rights will encourage innovation and safeguard enterprises’ innovations Thirdly, increasing investments in research and development, both by the government and the private sector, will foster a culture of innovation and support the development of cutting-edge technologies Fourthly, fostering collaboration and coordination among academia, industry, government, and financial institutions will facilitate the seamless flow of knowledge, resources, and expertise, fostering an environment of open innovation Lastly, promoting international integration through strategic partnerships, cross-border collaborations, and participation in global innovation networks will provide Vietnamese enterprises with exposure to global trends, technologies, and markets Looking to the future, further research is needed to delve deeper into specific areas of the innovation ecosystem, such as industry-specific analysis, the role of digital transformation, and the impact of emerging technologies Additionally, longitudinal studies that track the progress of the innovation ecosystem over an extended period will provide valuable insights into its evolution and effectiveness In summary, the analysis of the innovation ecosystem in Vietnamese enterprises has highlighted both its strengths and 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