BUYO – When biotechnology needs a green policy corridor to grow

In an era where the world is racing to achieve the Net Zero sustainable development goals by 2050, innovative startups like BUYO have been proving the irreplaceable role of deep-tech in the green transformation process. However, from the practice of accompanying businesses, NSSC has realized: Good technology is not enough. Institutional barriers and domestic market thinking are causing many pioneering solutions to stagnate, even unable to find a market in the country where they were born.

BUYO: When Vietnamese Products Find a “Promised Land” Beyond the Border

BUYO won the Champion title at TECHFEST 2023 and is one of 3 Vietnamese startups selected to participate in the support program of P4G (Partnering for Green Growth and the Global Goals 2030 Initiative) in 2025 – a prestigious international initiative to promote green transformation and sustainable global growth.

With pioneering technology to turn agricultural by-products into biodegradable biomaterials to replace plastic, BUYO has affirmed its position in the international market by achieving strict certifications and standards of the most demanding markets such as Europe and the United States, and building commercial partnerships with the world’s leading corporations.

However, here is the existing paradox: foreign markets welcome BUYO’s products with green bidding mechanisms, investment incentives, and policies to encourage the use of new materials while banning traditional plastics. Meanwhile, in Vietnam – where this startup was incubated and developed – there is not yet a truly attractive policy corridor for green technology to take root.

Barriers That Are “Tying Up” Green Startups

From NSSC’s observations, there are four major bottlenecks that are directly affecting the commercialization journey of startups like BUYO:

1. The current bidding mechanism still prioritizes low prices
   While BUYO’s products meet international standards for biosafety and biodegradability, public procurement mechanisms in Vietnam still prioritize low costs rather than values such as environmental impact or user safety. This creates great pressure for innovative businesses, as the cost of producing green products remains high due to small-scale production, high initial investments, and R&D costs. Without institutional support, these high-quality solutions lack opportunities to be tested in public contracts.

2. Green transformation thinking has not yet permeated the state and business sectors
   The adoption of green production and consumption in the public sector is still largely rhetorical. There has not been a fundamental shift in mindset, nor KPIs for “green levels” in procurement. This leads to a significant gap between sustainable development expectations and actual actions, especially between the public and private sectors.

3. Lack of mandatory policies for conversion
   There are currently no compulsory regulations regarding the use of bio-based materials or clear roadmaps to phase out traditional plastics with strict enforcement. As a result, the Vietnamese market lacks institutional leverage to shift toward new, greener alternatives. Green startups are left to “swim alone” in the free market.

4. The challenge of achieving the 2050 target without immediate action
   Vietnam has committed to net zero emissions by 2050. However, if current policies do not encourage the use of homegrown green technologies, this goal will become increasingly difficult to reach. The window of opportunity for pioneering startups like BUYO is narrowing.

Recommendations from Practice – For a Vietnam That Proactively Leads the Green Transition

From the practical lessons learned with BUYO, NSSC proposes several policy recommendations to support deep-tech startups in biotechnology and the circular economy:

• Build a specific legal corridor for green materials and biodegradable products, including a roadmap for mandatory reduction and elimination of conventional plastics. Introduce environmental taxes on polluting materials, recognize ecological products, and implement incentive mechanisms.

• Prioritize access to public markets through green bidding mechanisms. Promote meaningful action campaigns at both central and local levels to support new environmentally friendly technologies developed by Vietnamese businesses.

• Apply special financial incentives for certified green startups: tax reductions for importing biomaterials, funding support for product testing, and rent exemptions in green industrial parks.

• Integrate green criteria into all government-supported startup programs, trade promotion activities, fairs, and exhibitions to ensure domestic green products are visible, accessible, and competitive.

P4G: Doors Open to the World, but Domestic Doors Need a Policy Push

The P4G program has provided BUYO with rare opportunities: financial sponsorship, strategic training, and access to international sustainability networks. However, to develop sustainably, BUYO also needs a domestic market that is no longer a “policy blank zone.”

Startups like BUYO need more than just international support — they need a strong, clear, and decisive domestic policy framework to grow and compete confidently at home.

And that is where the government, ministries, and local authorities can take action – not only to nurture pioneering technologies but also to strategically claim Vietnam’s position in the global green race.