According to Ms. Phi, data has become a strategic asset, artificial intelligence is a growth engine, and innovation is a survival imperative. In this context, Vietnamese businesses should pay attention to at least five important factors:
1. Innovation is a “mountain-climbing” journey, not just a slogan
Ms. Phi emphasizes that innovation has many levels, from incremental, sustaining, disruptive, to radical. If we liken it to mountain climbing, incremental innovation is the first step, sustaining keeps the pace, disruptive innovation forges a new path, and radical innovation is the peak.
“Currently, Vietnamese businesses are becoming more familiar with small improvements. Meanwhile, the world has progressed to disruptive and radical innovations. If we don’t upgrade this journey, we will forever be at the foot of the mountain, merely watching others’ progress,” says Ms. Phi.
2. Innovation should be regarded as a profitable asset
According to Ms. Phi, businesses need to change their perspective: “Innovation is not just a cost but a strategic asset. Every initiative – from data and AI to ESG – has cumulative and profitable value if properly leveraged.”
Placing innovation in management reports as a long-term investment is the foundation for sustainable growth.
3. Build an “innovation talent tower”
Ms. Phi points out that more than 90% of Vietnamese businesses are SMEs, mostly in traditional industries. This means that many leaders do not consider innovation as a strategic focus. When CEOs do not upgrade their vision, mindset, and strategy for innovation, middle managers struggle to implement it, and technology, if present, is limited to small improvements.
“We need a complete innovation talent tower – from leaders with vision, managers who can operate experimental mechanisms, to technology architects capable of designing solutions. If one link is missing, the entire process will be interrupted,” Ms. Phi emphasizes.
4. Foster a culture of innovation and strengthen internal ecosystem building
Innovation is closely linked to experimentation and risk, but many businesses still fear making mistakes. According to Ms. Phi, without a “try-fail-learn” mechanism, initiatives will not be able to grow into breakthroughs.
“Businesses need to create a strong internal innovation ecosystem, where ideas have a mechanism for rapid experimentation and space to mature. When ‘try-fail-learn’ becomes part of the culture, innovation truly becomes a growth engine,” she says.
5. Turn favorable conditions into strength by leveraging policies and community platforms
According to Ms. Phi, Vietnam is enjoying favorable conditions: ASEAN is the world’s fifth-largest economy, the digital economy contributes nearly 20% to GDP, the domestic market has over 100 million people, and the young workforce makes up half of the population.
“If we only have favorable conditions without sufficient strength, our position will not translate into real power. Businesses should take advantage of policies and participate in community platforms like InnoEx – where policies, technology, and markets meet. This is how we turn opportunities into concrete actions,” shares Ms. Phi.
Initiatives such as the Innovation Fast Track, On-Demand Innovation Laboratory, and CEO Innovation Mastery are tools to help businesses shorten the journey from idea to commercialization and develop innovation leaders.
Ms. Truong Ly Hoang Phi affirms: “Thirty years ago, ASEAN integration brought our economy to a new page. In the next thirty years, the choice of innovation will determine Vietnam’s position. And this must be a journey that no one takes alone, but one that we take together.”
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