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Promoting Innovative Entrepreneurship in Viet Nam: An Ecosystem Diagnostic

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2023-12-05
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2023-12-05
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This report provides a diagnostic of Viet Nam’s entrepreneurship ecosystem and details a set of targeted recommendations for improving conditions for innovative entrepreneurship in the country. The diagnostic consists of four components: 1.) An overview of the Vietnamese private sector, with a focus on market dynamism; 2.) A demand side analysis focused on the flow of ideas, skills, and technology that contribute to the pipeline of innovative startups; 3.) A supply-side assessment of public support and private risk finance throughout the firm lifecycle, and 4.) An analysis of the ecosystem framework conditions. The report finds that the overall quality and the level of public support for entrepreneurship is low; founders have challenges with key aspects of running a business, such as developing product-market fit, growth strategies, and team building; and risk capital markets are heavily dependent on foreign funds and investors and have gaps in early-stage finance. The report concludes with three policy recommendations for improving Viet Nam’s entrepreneurial performance: 1.) Reorient the national flagship Program 844 on "Supporting the National Innovation Initiative to 2025" toward building a pipeline of investment-ready, innovative startups; 2.) Address regulatory barriers related to risk capital investments; and 3.) Increase the contribution of the public research sector to the innovative startup agenda.
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World Bank. 2023. Promoting Innovative Entrepreneurship in Viet Nam: An Ecosystem Diagnostic. © Washington, DC: World Bank. http://hdl.handle.net/10986/40694 License: CC BY-NC 3.0 IGO.
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