CEO of digital tech group MedCat, Dang Thi Anh Tuyet, is hopeful about the company’s prospects in Vietnam after Resolution No.68-NQ/TW was signed last month.

The resolution contains directions to both support and encourage the private economic sector, including sci-tech enterprises and digital technology ones such as MedCat.

For MedCat, which is developing AI platforms for unstructured data processing and problems in healthcare and health insurance, the spirit of Resolution 68 is a catalyst for rapid and sustainable development.

“With this, efforts to innovate and invest in core technology and high-quality personnel will receive more support from institutions, the investment environment, and market resources. This helps MedCAT have more potential and be bold in expanding its scale, investing in research and development, and reaching out internationally,” said Tuyet.

Milestone resolution a major boon for private tech firms, Photo: Shutterstock

She especially expects to soon see specific guidelines, especially related to the sandbox mechanism, and appropriate adjustments in the Law on Public Procurement.

“This is a key factor in creating a level playing field, regardless of business scale, creating momentum for innovative enterprises to bring products to the market more quickly,” she added.

Established in 2023, MedCat’s priorities are expanding domestic and international markets, developing new end-user features, and connecting strategic partners and investment funds to accelerate development and bring Vietnamese technology to the world.

Elsewhere, MaiHoa Group (MHG) also sees Resolution 68 as an important turning point for the private sector and the company. The move could create a big push for it to keep investing heavily in green technology products, which includes the Nano Airpurity material ecosystem.

“We expect to see more such policies in supporting private enterprises to invest in science and technology, especially preferential tax mechanisms, access to capital, and research and application,” said MHG chairman Tran Cong Hoa.

“For enterprises like ours, which is developing a green product ecosystem, timely institutional support will help shorten the process of commercialising inventions, promote domestic production, and enhance global competitiveness.”

In the market for over a decade, MHG is expanding its domestic and foreign partner ecosystem, gradually bringing Vietnamese products with high technology content to regional and global markets.

“We believe that when the policy opens the way, private enterprises will accelerate, and we are ready to affirm the pivotal role of the private economy in the new period,” Hoa noted.

In the field of pharmaceutical technology, Torsten Wagner, deputy general director of Phytopharma, also shared his expectation of receiving more practical support from the Ministry of Science and Technology (MoST) in research, development, and also technology transfer.

Phytopharma is seeking specific priority policies for manufacturing of brand name drugs, shortening the time for granting circulation licences, while intensifying cooperation with institutes and schools to quickly bring high-tech products into services of public healthcare.

“While in Germany, innovation starts from universities, in Vietnam it originates from the needs of businesses,” Wagner said. “In this model, the MoST plays a connecting role, helping businesses access technology from domestic or foreign institutes and schools, shortening the gap between research and application.”

According to Deputy Prime Minister Nguyen Chi Dung, the Vietnamese government has identified science and technology, innovation, and digital transformation as the shortest path to success for the nation.

These are deemed important factors for Vietnam to realise its aspiration for rapid, sustainable, inclusive, and self-reliant development to successfully achieve its goals.

“It is necessary to perfect the institutions to create a legal corridor to untie science, technology and innovation, making the institutions a bridge to scientists and businesses,” he noted.

In anticipation of business expectations, the MoST is amending the Law on Science and Technology into the Law on Science, Technology, and Innovation to institutionalise new orientations, guidelines, and policies of the Party and state.

Minister of Science and Technology Nguyen Manh Hung elaborated that one of the newer points in the draft law is an investment policy shift when it comes to technology.

“This is the first time Vietnam has established a clear direction on shifting from a country that mainly uses core technology to mastering strategic tech that has a great impact on economic growth and national security.”