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Innovation is increasingly recognized as a key strategic driver of business
performance and competitive capability among Vietnamese enterprises. Rather than
being limited to new product development, innovation manifests in broader
organizational transformation, including process optimization, digital technology adoption,
and the restructuring of business models. This multidimensional approach to innovation
enables firms not only to enhance operational efficiency but also to strengthen value
creation mechanisms and adapt more effectively to dynamic market conditions.
In 2024, as many as 86% of surveyed enterprises identified innovation as the most
critical growth driver for the next three to five years, primarily focusing on product
development, technological advancement, process improvement, and human capital
enhancement. This represents a noticeable increase from 83.2% in 2023, reflecting a
growing recognition of innovation as a strategic priority amid intensifying competition
and deeper international integration. The distribution of innovative enterprises is
relatively diversified, with concentration across seven major sectors: information
technology and telecommunications; banking; oil, gas, energy, and electricity; insurance;
food and beverages; retail; and real estate and construction. Notably, leading
corporations such as Viettel, FPT, Vinamilk, Vingroup, and Masan simultaneously exhibit
high levels of innovation and superior business performance, illustrating an effective
alignment between technological strategy and financial management. Similarly, major
banking institutions including Vietcombank and BIDV as well as insurance providers such
as Bao Viet Life, have strengthened their competitive positions through service
digitalization, big data analytics, and online platform deployment, thereby enhancing
operational efficiency and reinforcing customer trust. In heavy industry and energy
sectors, enterprises such as PetroVietnam and Hoa Phat Group have pursued process
innovation and expansion into renewable energy, signaling a broader shift toward
sustainability-oriented transformation. From an industry structure perspective, VIE50
enterprises in 2024 are primarily distributed across seven key sectors: Real Estate –
Construction – Building Materials (16%); Information Technology – Telecommunications
(12%); Banking (12%); Oil, Gas – Energy – Electricity (12%); Insurance (10%); Retail (10%);
and Logistics (10%). Compared to 2023, the emergence of the Real Estate – Construction
sector among the leading innovation and performance groups indicates structural
adjustments within Vietnam’s innovation landscape.

Figure 2. Industry structure
Source: VIE50. 2025

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