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curricula by integrating digital competencies, data analytics, and adaptive soft skills such
as critical thinking and problem-solving. At the firm level, enterprises should adopt long-
term workforce development strategies rather than short-term training approaches.
Internal training programs, partnerships with research institutions, and university–
industry collaboration can accelerate technology adoption while fostering a culture of
continuous learning and innovation.
4.3. Strengthening institutional frameworks and expanding regulatory sandboxes
A transparent and stable institutional environment is fundamental to the
development of innovative business models. In Vietnam, the emergence of technology-
driven models—such as fintech, cross-border e-commerce, blockchain applications, and
the sharing economy—has outpaced the evolution of regulatory frameworks. As a result,
many firms operate within legal gray areas, facing uncertainty and potential constraints
when scaling their operations. To address this challenge, regulatory reform should
prioritize flexibility, adaptability, and alignment with global trends. A principle-based
regulatory approach—establishing broad guiding standards while allowing technical
details to be refined through subordinate regulations—can enhance responsiveness
without compromising oversight. Expanding the regulatory sandbox mechanism
represents a particularly promising solution. Sandboxes enable firms to pilot innovative
business models within defined scopes, timelines, and supervisory conditions, without
being subject to the full spectrum of regulatory requirements. Effective inter-agency
coordination is essential to prevent regulatory fragmentation and ensure coherent
governance of emerging industries.
4.4. Enhancing access to finance and incentivizing R&D investment
In the context of deepening global integration, strengthening competitive capacity is
essential for the sustainable development of Vietnamese enterprises. Many firms—
particularly SMEs—remain positioned in low value-added segments of global value chains,
primarily engaged in subcontracting or dependent on foreign partners. This limits their
ability to develop international brands and increases vulnerability to external market
fluctuations. To address these constraints, targeted policies should support enterprises in
effectively leveraging free trade agreements (FTAs). This includes providing legal advisory
services, market intelligence, training on international standards and rules of origin, and
guidance on compliance requirements. Furthermore, trade promotion initiatives and
national branding programs in strategic markets should be intensified to enhance market
access, expand export opportunities, and strengthen the global positioning of Vietnamese
enterprises.
4.5. Enhancing access to finance and incentivizing R&D investment
A well-functioning innovation ecosystem is essential for enabling firms to
experiment with new business models and enhance operational performance. Although
Vietnam has established various startup hubs, high-tech parks, and business incubators,
linkages among key stakeholders remain fragmented, with limited coordination between
government agencies, enterprises, research institutes, and universities. Strengthening
national innovation centers with a coordinating role could improve technology transfer,
talent mobility, and access to financing. In parallel, fostering industry clusters aligned with
international best practices would facilitate knowledge sharing, collaborative innovation,
and collective competitiveness among firms operating within the same sector. Public–
private partnerships (PPPs) should be further expanded, particularly in digital
infrastructure, applied research, and high-technology development. Such collaboration

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