Vietnam’s International Innovation Expo 2021 begins
The first-ever Vietnam International Innovation Expo will begin today in Hanoi.
The successful containment of COVID-19 by Vietnamese authorities—the country of 95 million people has registered only 1,500 cases and 35 deaths—has allowed the Expo to move forward in person. The Expo will count on the participation of domestic and foreign firms such as Samsung, Intel, and Viettel.
Vietnam will also inaugurate its National Innovation Centre (NIC), designed as the hub for the country’s technology industry. The country is heavily investing in creating a new innovation economy and becoming a regional hub for technological development. Domestic firms in Vietnam are expected to substantially benefit from the state’s investment in multiple areas of information technology and from a more open economic environment due to fewer COVID-19 restrictions.
Expect this public investment to further contribute to the expansion of the country’s economy, which was one of the few to grow in 2020, with a 2.9% expansion. The NIC could foster a strong start-up environment, helping diversify their economy. Foreign firms will likely increase their presence, attracted by the lack of COVID-19 restrictions, potentially positioning the country in a strong place to become a regional hub in a post-pandemic world.
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