HCM City (VNA) – Vietnam is stepping up efforts to promote financial technology (fintech) and digital assets through a new public–private co-creation model, aiming to unleash innovation and strengthen the role of the private sector as a key driver of growth.
The Private Economic Development Research Board (Board IV) under the Prime Minister’s Advisory Council for Administrative Procedure Reform convened a special session in Ho Chi Minh City on September 30, focusing on advancing fintech and digital assets under the public–private co-creation framework.
The initiative seeks to connect entrepreneurs and enterprises while fostering emerging technologies. More importantly, it is designed to go beyond policy recommendations by implementing concrete programmes and projects that align with the Party and Government's major resolutions.
According to Don Lam, Deputy Head of Board IV and CEO of VinaCapital, fintech is not a niche concern but a vital factor to boost development of the private sector. By applying new technologies, businesses can significantly cut costs, improve efficiency, and integrate more deeply into international markets.
After more than 20 years in Vietnam’s financial investment sector, particularly in attracting foreign capital, Lam said he believes it is time to harness domestic strengths.
The core of this lies in comprehensive digitalisation, especially in finance, where technology plays a pivotal role in driving innovation and sustainable growth, he added.
Reaffirming the private sector’s capabilities, Nguyen Thi Phuong Thao, Chairwoman of Sovico Group, recalled “100-day rescue” of the Ho Chi Minh Stock Exchange (HOSE) in 2020, when trading was disrupted due to system overload. Working with FPT, Sovico helped restore operations using only private financial and technical resources.
That was proof that Vietnamese enterprises are fully capable of solving critical national challenges, even in complex areas like finance and technology, Thao stressed, adding that Resolution 68 of the Politburo, which recognises the private sector as a key engine of growth, has created a new chapter of opportunities and expectations.
To build an innovation ecosystem based on co-creation, experts highlighted the need for a joint investment mechanism.
Truong Ly Hoang Phi, Vice Chairwoman of the Ho Chi Minh City Young Entrepreneurs Association, proposed the establishment of a public–private matching fund to invest in emerging technologies such as artificial intelligence, semiconductors and DeepTech.
For example, if private companies commit 30% to 50% of investment, the State could match the remaining portion—whether at a 50–50, 55–45, or 70–30 ratio.
The exact split is flexible, but the critical point is the government's participation, which would create stronger incentives for private investment in high-risk, high-potential sectors, she said.
Phi added that start-ups supported or co-led by major domestic or international corporations should be granted preferential access to capital from such funds. This would not only reduce risks for innovators but also encourage larger corporations to expand into new fields while nurturing start-up ecosystems.
Vietnam is increasingly attractive to global technology corporations that are scouting start-ups in DeepTech, semiconductors and AI. Several Vietnamese start-ups have passed rigorous evaluations to become official partners of multinational groups.
However, experts noted that questions remain over what long-term support these start-ups will receive from the State once they become strategic partners. Without appropriate incentives, sustaining their engagement in the innovation ecosystem could prove difficult.
From this perspective, participants recommended that start-ups co-developed with large corporations should be eligible for preferential policies, particularly in accessing public–private matching funds. This approach would serve as indirect yet practical state support—bolstering start-ups, encouraging corporate investment, and building a co-innovation model where both sides grow together and generate new economic opportunities for the country, they said./.
VNA
