The US model of innovation

Focus on public-private partnerships: The United States is one of the world's leaders in innovation, thanks to an effective public-private partnership model between government, businesses, and research organizations. National research institutes such as the National Institutes of Health (NIH) and the National Science Foundation (NSF) play a key role in funding and promoting scientific and technological research.

According to the NSF report ([1]), the US invests more than $500 billion in R&D annually, of which more than 60% is funded by private enterprises. This cooperation not only helps bring research results from the laboratory to the market but also facilitates the development of advanced technologies. A typical example is the cooperation between Google and NASA in the Quantum Artificial Intelligence Lab project to develop quantum computers.

Education and Training System : The US education and training system also plays a key role in promoting innovation. Top universities such as MIT, Stanford and Harvard are not only places to train top talent but also world-leading research centers. According to the QS World University Rankings report ([2]), the US has 13 of the world's top 20 universities for research and innovation.

Intellectual Property Protection and Promotion Policy : The US government has also established a favorable legal environment, including policies that encourage R&D and strong intellectual property protection. The US patent and copyright protection system is considered one of the most effective in the world, encouraging businesses to invest in research and development.

CEO Dang Duc Thanh, Chairman of the Board of Directors of Green+ Group, Chairman of the Economists Club (VEC)

Korean innovation model

Strong investment strategy in R&D : Korea is one of the countries with the highest investment rate in R&D in the world, accounting for about 4.8% of GDP (OECD, 2019). The Korean government has established many programs to support and encourage businesses to invest in R&D, and closely cooperates with large technology corporations such as Samsung, LG and Hyundai.

Industry-University Cooperation : Collaboration between companies and universities and research institutes is an important element in the Korean innovation model. For example, Samsung has collaborated with Seoul National University on many projects to research and develop new technologies. This cooperation not only helps Samsung maintain its leading position in the technology industry but also facilitates the transfer of technology from research institutes to companies.

Startup and innovation support policies : The Korean government has also implemented many policies to support startups and innovation, including funding programs, tax breaks, and providing technical support services. According to the Global Entrepreneurship Monitor ([3]), Korea has made significant achievements in promoting startups and innovation.

The Swedish model of innovation

Favorable policy environment: Sweden is one of the world's leading countries in innovation thanks to its favorable policy environment and strong investment in R&D. According to the European Innovation Scoreboard (2021), Sweden ranked highest in innovation indicators, including investment in R&D, collaboration between research institutions and businesses, and a high-quality education system.

Investment in education and research: Sweden invests heavily in its education and research system, with spending on education and training accounting for around 7% of GDP. Universities such as KTH Royal Institute of Technology and Lund University are leading research centres, working closely with businesses on many R&D projects.

Encouraging green and sustainable innovation: One of the hallmarks of the Swedish innovation model is its focus on green and sustainable innovation. The Swedish government has implemented a number of policies to encourage businesses to develop environmentally friendly and sustainable technologies. According to a report by the World Economic Forum ([4]), Sweden is a world leader in green innovation, with many pioneering businesses in areas such as renewable energy and clean technology.

Lessons for Vietnam

Strong investment in R&D: One of the important lessons from developed countries is strong investment in R&D. Vietnam needs to increase investment in R&D, raising the rate of spending on R&D to a level comparable to the world's leading countries. According to World Bank data (2020), Vietnam's current rate of spending on R&D is only about 0.5% of GDP, much lower than the average of developed countries.

Strengthening public-private partnerships : Vietnam needs to promote collaboration between businesses, universities and research institutes to create a strong innovation ecosystem. This collaboration not only helps to leverage new knowledge and technology but also facilitates the transfer of technology from research institutes to businesses. The government can support this through policies that encourage collaboration and funding for joint R&D projects.

Developing the education and training system : The education and training system is an important foundation for the development of innovation. Vietnam needs to invest in the education system, improve the quality of training and encourage scientific research. Universities and research institutes need to be supported to become leading research centers, closely cooperating with businesses in R&D projects. Thoroughly apply the Startup University model, emphasizing the role of this model in providing all the necessary elements to develop innovative startups in the future.

Encouraging startups and innovation : The Vietnamese government should implement policies to support startups and innovation, including funding programs, tax breaks, and technical support services. These policies will help create favorable conditions for startups and promote innovation.

Creating a conducive policy environment : A conducive policy environment is an important factor in promoting innovation. Vietnam needs to improve its legal system and policies related to intellectual property protection, R&D incentives and business support. These reforms will create a favorable environment for innovation activities and attract investment in R&D.

Focus on green and sustainable innovation : Vietnam needs to learn from Sweden about its focus on green and sustainable innovation. The government needs to implement policies that encourage businesses to develop environmentally friendly and sustainable technologies. This will not only help protect the environment but also create new business opportunities and improve the country’s competitiveness.

Thus, Vietnam can learn many valuable lessons from the innovation models of developed countries. Investing heavily in R&D, enhancing public-private partnerships, developing the education and training system, encouraging entrepreneurship and innovation, building a favorable policy environment, and focusing on green and sustainable innovation are important factors to promote Vietnam’s innovation system. Applying these lessons will help Vietnam improve its competitiveness and develop sustainably in the context of globalization and rapid technological development./.

CEO Dang Duc Thanh

Chairman of Green+ Group, Chairman of the Economists Club (VEC)

According to Economic and Forecast Magazine
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