Promoting innovative-driven entrepreneurship to foster self-employment among young intellectuals

The symposium “Current situation and proposal for promoting innovative-driven entrepreneurship to foster self-employment among young intellectuals in the context of the Fourth Industrial Revolution” was held as part of the scientific research project “Proposal to support and promote innovative-driven entrepreneurship among young intellectuals to foster self-employment in the context of the Fourth Industrial Revolution”, and was co-chaired by Assoc. Prof. Dr. Pham Quang Thao, Vice President of VUSTA, and Assoc. Prof. Dr. Nguyen Huu Hue, Director of IESEM. The event took place with the participation of scientists, field experts, as well as representatives of government agencies, businesses, and higher education institutions to exchange views on current situation and propose solutions for promoting innovative-driven entrepreneurship among young intellectuals.

Assoc. Prof. Dr. Pham Quang Thao, Vice President of VUSTA, delivering opening remarks at the symposium

At the symposium opening speech, Assoc. Prof. Dr. Pham Quang Thao, Vice President of VUSTA stated that science, technology, and innovation has become a vital force to enhance socio-economic development and national competitiveness in the context of the Fourth Industrial Revolution and rapid digital transformation. As such, young intellectuals, with their knowledge, creativity, pioneering spirit, and ability to quickly adopt emerging technologies, constitute a pioneering force in scientific research, innovation, and entrepreneurship, through which, they help generate new value for the economy and reinforce national competitiveness. Nevertheless, despite the broad opportunities available, young intellectuals face numerous challenges, including limited access to finances, technology development and refinement, commercialisation of products, as well as joining the market and start-up support ecosystem.

The symposium served as a forum for scientists, experts, managers, and business representatives to exchange ideas, share experiences, and make suggestions on practical solutions to further improve institutional mechanism and policy frameworks, and to develop an efficient innovative-driven entrepreneurship ecosystem, from which, building an enabling environment for young intellectuals to realise their potential, self-employment, and contribute more to Viet Nam’s rapid and sustainable development.

Overview of the symposium

Identifying “bottlenecks” in innovation-driven entrepreneurship among young intellectuals.

Speaking at the symposium, Dr. Pham Xuan Thu, the Principal Investigator of the research project, underscored that the symposium was organised to provide an objective assessment of the current state of innovative-driven entrepreneurship and self-employment among young intellectuals in the digital transformation and the Fourth Industrial Revolution context. The symposium was also a platform to gather insights from field experts, scientists, and business representatives to further refine policy recommendations.

Dr. Pham Xuan Thu, Principal Investigator of the research project, delivering remarks at the symposium

According to Dr. Pham Xuan Thu, the research aims not only to assess the current situation, but also to identify institutional, resource-related, and ecosystem barriers hindering innovative-driven entrepreneurship among young intellectuals. The research findings would provide an important basis for formulating policy recommendations and practical measures aligning with Viet Nam’s development needs in the new era.

The research findings, based on a combination of face-to-face surveys conducted in Hanoi, Da Nang, and Ho Chi Minh City and an online survey of final year university students and young people holding at least one college degree, indicated that awareness of policies supporting innovation-driven entrepreneurship among young people remained limited. The level of access to and participation in support programs was also relatively low, reflecting a significant gap between policy design and its implementation in practice.

In particular, access to finance was identified as the most significant bottleneck. According to Dr. Pham Xuan Thu, innovation-driven startup projects are inherently high-risk, while most existing funding sources still require collateral or clear evidence of financial capacity. As a result, many innovative ideas struggle to develop into viable businesses.

The research also found that although Viet Nam has gradually improved its policy framework for supporting innovation-driven entrepreneurship, a number of challenges remain. These include insufficient policy coordination across sectors, constraints related to the management of public assets at universities, and regulatory issues concerning intellectual property rights.

With regard to infrastructure, while information technology infrastructure was assessed as relatively well developed, shared laboratories, innovation spaces, and research support facilities have yet to adequately meet the needs of young intellectuals.

Based on the survey findings, the research team proposed six key groups of measures: improving the institutional and policy framework; strengthening technology infrastructure; developing a comprehensive innovation support ecosystem; promoting the application of artificial intelligence (AI) and blockchain technologies; expanding startup mentoring programmes; and refining the operational mechanisms of venture capital funds.

Small andmedium-sizedenterprisesshouldbecome a "launchpad" foryoungintellectuals

Dr. Dang Vu Canh Linh, Deputy Director of the Institute for Training and Capacity Building of Officials and Scientific Research under the Central Committee of the Vietnam Fatherland Front, noted that, as small and medium-sized enterprises (SMEs) account for more than 97% of all businesses in Viet Nam, young intellectuals have a particularly important role to play in technological innovation and enhancing national competitiveness. However, this highly qualified workforce has yet to be fully utilized. A survey of 1,420 science and technology professionals, including 980 young intellectuals, revealed that employment within enterprises focused primarily in the trade and service sectors rather than in high-tech manufacturing.

Notably, as many as 40.1% of young intellectuals are employed in administrative, office, or accounting positions, while only 12.4% are engaged in research and development (R&D) activities. This indicates that a substantial proportion of highly skilled human resources are not being utilized in roles aligned with their expertise. In addition, many young intellectuals are required to undertake multiple responsibilities simultaneously, limiting their capacity to conduct in-depth research and pursue innovation.

Dr. Dang Vu Canh Linh, Deputy Director of the Institute for Training and Capacity Building of Officials and Scientific Research under the Central Committee of the Vietnam Fatherland Front, giving a presentation

According to Dr. Dang Vu Canh Linh, although more than 70% of enterprises recognize the important role of young intellectuals in product innovation and technology adoption, only around 30% have consistently implemented policies to encourage innovation. Collaboration among enterprises, research institutes, and universities also remains limited. He, therefore, emphasized that enterprises should invest more boldly in research and digital transformation, while fostering a work environment that encourages innovation and providing appropriate incentives to attract, retain, and empower young intellectuals.

Building aninnovation-drivenentrepreneurshipecosystem throughconnectivity andintegration

From the perspective of an innovation investment enterprise, Mr. Pham Tuan Hiep, Investment Director of BK Holdings, Hanoi University of Science and Technology, observed that Viet Nam is entering a new stage of development with the goal of transforming its growth model through science, technology, and innovation.

Mr. Hoang Tuan Hiep, Investment Director of BK Holdings, Hanoi University of Science and Technology, giving a presentation

In recent years, Viet Nam's innovation-driven entrepreneurship ecosystem has made significant progress, marked by the establishment of innovation centers, startup clusters across various localities, and the emergence of technology enterprises capable of competing internationally. However, Mr. Hiep noted that developing a strong workforce of technology entrepreneurs requires young intellectuals to possess a broad set of essential qualities.

He identified five core attributes of successful founders: sensitivity towards opportunities, the willingness to take calculated risks, a commitment to continuous learning, perseverance in pursuing their mission, and visionary pioneering leadership. He also emphasised that, in an increasingly competitive global environment, a thriving innovation ecosystem requires more than access to capital. It also depends on strong support networks involving mentors, industry experts, research institutes, universities, and large enterprises working together to nurture innovation and entrepreneurial growth.

Digitalskills and AIbecomecorecompetencies foryoungintellectuals

Speaking at the symposium, Distinguished Teacher Dr. Vu Xuan Hung, an expert in educational technology (EdTech), emphasised that artificial intelligence (AI) is fundamentally transforming the way people learn, work, and manage businesses. He noted that AI is no longer a technology of the future but has become a daily essential supporting tool.

Distinguished Teacher Dr. Vu Xuan Hung, expert in educational technology (EdTech), giving his presentation

According to Dr. Hung, the key question is not whether AI will replace humans, but whether people are able to harness AI to enhance their productivity. Therefore, digital training programmes should go beyond teaching students about technology itself, and shift to instructing them in the practical skills to apply digital technologies effectively in real-world settings.

Dr. Hung also proposed the development of a digital skills framework tailored to Viet Nam's specific context, alongside strengthening training programmes that are more closely aligned with business needs and the evolving demands of the digital economy.

Improvinginstitutional andpolicyframeworks tounlockresources forinnovation-drivenentrepreneurship

Contributing to the symposium, Assoc. Prof. Dr. Mac Van Tien, Director of the Institute of Development of Vocational Education and Training and Social Security (IDVETS), noted that innovation-driven entrepreneurship combines entrepreneurial activities with innovation to create new values for the economy. He emphasized that the 2025 Law on Science, Technology and Innovation, which recognizes science and technology professionals as a high-quality human resource, has provided an important foundation for the development of the national innovation ecosystem. However, he observed that many innovation-driven entrepreneurship initiatives remain campaign-oriented rather than achieving substantive and sustainable outcomes. Hence, he called for continued improvements on institutional mechanisms and policy frameworks to create a more enabling environment for more fruitful commercialisation of innovative ideas.

Assoc.Prof.Dr. Nguyen Huu Hue, Director of IESEM, delivering remarksat the symposium

In his closing remarks, Assoc. Prof. Dr. Nguyen Huu Hue, Director of IESEM, reaffirmed that promoting innovation-driven entrepreneurship to foster self-employment among young intellectuals is not only a development trend but also a strategic resolution for Viet Nam's current stage of development.

According to Assoc. Prof. Dr. Hue, strengthening the innovation-driven entrepreneurship ecosystem will help unlock social resources, stimulate economic growth, enhance labor productivity, and accelerate the transformation of Viet Nam's development model.

Participants at the symposium reached a consensus that enabling young intellectuals to become a genuine pioneering force for innovation requires coordinated efforts by the government, educational institutions, enterprises, and science and technology organisations. In particular, improving institutional and policy frameworks, expanding access to finance, strengthening innovation infrastructure, enhancing digital skills, and building networks connecting experts and innovators were identified as key priorities.

Group photo of symposium participants