Deputy Minister of Science and Technology Hoang Minh delivered this statement at the Policy Dialogue Forum themed “Promoting Investment, Business, and Innovative Startups in the Green Transition” held on April 16. Source: VGP
The forum attracted strong interest from both domestic and international delegates and was part of the 2025 Summit of the Partnering for Green Growth and the Global Goals 2030 (P4G).
Speaking at the forum, Deputy Minister Hoang Minh emphasized that the world is facing unprecedented global challenges, including climate change, resource depletion, and environmental pollution.
In this context, it has become urgent to promote sustainable business models, green innovation, and the transformation of economic systems toward low-emission and circular development.
In Vietnam, the Party and Government have identified green growth as a core development strategy, reflected in a series of important national policy documents.
The Prime Minister approved the National Green Growth Strategy for the 2011–2020 period with a vision to 2050 in 2012, and later approved the updated National Green Growth Strategy for the 2021–2030 period, with a vision to 2050 in 2021. The Government has also endorsed the 2022–2025 support program for sustainable private sector business practices, offering financial mechanisms and incentive policies to encourage green and innovative startups.
In light of the global wave of green growth and sustainability, Deputy Minister Hoang Minh highlighted the importance of youth-driven startups in Vietnam. This demographic is well-trained, capable, and prepared to embrace emerging global trends.
AN INNOVATION ECOSYSTEM WITH ALL THE RIGHT INGREDIENTS
Although foreign investment in Vietnam has slowed due to global economic fluctuations, projections for 2024 and 2025 indicate renewed growth—especially in capital for startups, including those in green and sustainable sectors.
Vietnam’s innovation ecosystem currently includes more than 4,000 startups, organizations, and individuals. Among them are two unicorns that have each raised over USD 1 billion. Eleven companies have raised over USD 100 million, and the ecosystem is supported by 208 venture capital funds, over 1,400 support organizations, and more than 200 incubators.
An estimated 200–300 of these startups are focused on green transition areas such as renewable energy, environmental technology, sustainable agriculture, and the circular economy—accounting for roughly 5–7% of Vietnam’s total startups. In the near future, the Government will continue launching additional programs to strengthen the national startup and innovation ecosystem.
Deputy Minister Hoang Minh called on all stakeholders—from the public and private sectors to international organizations—to work together to realize the vision of a green, effective, and sustainable startup ecosystem for Vietnam.
Dr. Pham Hong Quat, Director General of the National Agency for Technology Entrepreneurship and Commercialization Development (Ministry of Science and Technology), added that after years of dedicated development, Vietnam’s innovation ecosystem has achieved impressive results and now includes all key components.
Dr. Pham Hong Quat, Director General of the National Agency for Technology Entrepreneurship and Commercialization Development. Source: VGP
These achievements reflect the efforts of all stakeholders, from government agencies to universities, incubators, and international experts.
“Vietnamese youth have worked hard, showing creativity and launching many initiatives. Over the past five years, several standout projects in green energy, green transport, waste treatment, biofuels, sustainable agriculture, and environmental solutions have successfully raised between USD 1 million and 5 million,” Dr. Quat shared at the forum.
TACKLING CHALLENGES FOR GREEN STARTUPS
Looking ahead, Dr. Quat urged Vietnam to develop its innovation ecosystem with greater depth—focusing on tangible socio-economic outcomes, sustainability, and contributions to national GDP. He emphasized the essential role of mentors, professors, and experts from universities and research institutions in guiding young people toward green growth sectors critical to Vietnam’s development.
While acknowledging the achievements, Dr. Quat also pointed to major challenges in achieving sustainable development and green growth. Chief among them is access to capital. Green finance typically aims for long-term impact, and when projects are evaluated only by short-term profits, green startups often struggle to survive.
Therefore, collaboration with domestic and international green investment funds is essential. These funds must commit to supporting the Government in turning green startup ideas into viable products and securing early market access.
Additionally, Vietnam needs more supportive policies and clear regulations for green startups. The country should also build a workforce with deep expertise in circular economy practices, carbon management, and bio-based material production technologies.
Although sustainable and eco-friendly production trends have begun to emerge in Vietnam, market prices remain high, and consumers have yet to form strong habits around green purchasing. As such, communication campaigns promoting green consumption are vital to shift consumer behavior and encourage the adoption of environmentally friendly products.
Source: VnEconomy
