AN ADJUSTED TRIPLE HELIX APPROACH FOR VIETNAM’S INNOVATION ECOSYSTEM

Abstract

This study examines the roles of universities and firms in Vietnam’s innovation-driven startup ecosystem using the Triple Helix framework, within the context of incomplete market conditions and strong state orientation. Employing an analytical literature review, the study synthesizes academic research, international reports, and policy documents to identify structural bottlenecks in the ecosystem. The findings reveal three key challenges. First, incomplete market conditions constrain effective interactions among actors. Second, feedback loops among knowledge, market, and policy are structurally fragmented, limiting the system’s adaptive capacity. Third, there is a lack of a clear transition mechanism from a state-led model to a co-creation-based system. In response, the study proposes a  state-guided co-creative innovation  framework as an adjusted Triple Helix model. This framework highlights the initial guiding role of the state while emphasizing the gradual development of bidirectional feedback loops to enhance the sustainability and effectiveness of innovation ecosystems in emerging economies.