Promoting Vietnam’s innovation-driven startup ecosystem toward 2030: Current status, determinants, and policy implications

Abstract

Innovation-driven entrepreneurship constitutes a critical driver of economic growth and the enhancement of national competitiveness. This paper examines the current status of Vietnam’s startup ecosystem, identifies the key determinants influencing its development, and proposes policy implications to promote its advancement toward 2030. The study adopts a mixed-methods approach, combining qualitative and quantitative techniques: a literature review, in-depth interviews with 15 experts, and a survey of 300 startups. Data were analyzed using statistical tools to assess the impact of each factor on ecosystem development. Findings reveal that Vietnam’s startup ecosystem has grown significantly, with over 4,000 startups, hundreds of venture capital funds, and numerous support organizations, however, several substantial challenges persist, including an inconsistent and fragmented legal framework, constraints in access to finance, a shortage of high-quality human resources, weak interconnections among ecosystem actors, and an underdeveloped entrepreneurial culture. Therefore, the paper proposes five groups of solutions to establish a solid foundation for the sustainable development of Vietnam’s startup ecosystem.