Business News

Việt Nam’s proposed requirement that leading digital technology companies spend at least 3 per cent of their annual revenue on research and development (R&D) can help add hundreds of millions of dollars for innovation, as the country seeks to build globally competitive technology firms. This is one of eight proposed criteria for Vietnamese digital technology companies seeking to be seen as on par with firms in advanced economies, according to a draft circular recently unveiled by the Ministry of Science and Technology for public comment.

With strengths in technology, manufacturing and new energy, Chinese companies have considerable room to expand investment in Việt Nam. The Vietnamese Embassy in China and the northern province of Bắc Ninh co-hosted a seminar in Beijing on Monday to promote investment cooperation between Việt Nam and China, with nearly 300 representatives from Chinese agencies, organisations, business associations and companies in attendance.

Hà Nội is reshaping its industrial landscape around science, technology and innovation, with the city’s 100-year master plan envisioning high-tech parks as centres for research, development and commercialisation while transforming existing industrial parks into greener, smarter and more circular ecosystems. The shift comes as the capital city targets average gross regional domestic product (GRDP) growth of more than 11 per cent annually from 2026 to 2035, with the digital economy expected to account for about 50 per cent of GRDP by 2035.

Đồng Nai Province is seeking investors for infrastructure development of the Long Thành Concentrated Digital Technology Park, with total costs estimated at nearly VNĐ1.4 trillion (US$53 million). Covering 119.5 ha in An Phước and Bình An communes in Đồng Nai City, the park is expected to become a centre for information technology, research and development (R&D), technology transfer and digital technology business incubation as well as digital technology services.

Vietnam's new vision on strategic foreign direct investment means that the work of Vinacontrol Group in terms of technology assessment is deemed more vital than ever. Vinacontrol Group is currently one of only two organisations nationwide designated by the Ministry of Science and Technology to conduct technology assessment under Decision No.29/2023/QD-TTg, placing it at the centre of a process that increasingly determines whether an investment project can proceed, be adjusted, or be extended.

Vietnam is stepping up efforts to build an AI-ready workforce, targeting 50,000 skilled professionals and 10,000 advanced specialists by 2030 to strengthen strategic industries. Deputy Prime Minister Le Tien Chau signed Decision No.1528/QD-TTg, dated August 11, approving the National Programme on Artificial Intelligence Human Resource Development through 2030, with a vision to 2035.

After more than three decades as one of Việt Nam's leading destinations for foreign investment, Hà Nội is entering a new phase, shifting its focus from attracting capital in volume to drawing technology-intensive investment that can help transform the capital into a regional hub for research, innovation and high-tech industries.

The plan, unveiled on June 17, seeks to drive the development of digital infrastructure, workers, data, strategic technologies, and cybersecurity during the 2026-2030 period. Under the scheme, large-scale strategic technology companies must meet several criteria simultaneously, including annual revenue of at least $1 billion and an average workforce of no fewer than 5,000 employees.