Vietnam is setting ambitious goals in the development of science, technology, innovation, and digital transformation. Resolution 57-NQ/TW4, issued by the Politburo in late 2024, affirmed that these sectors are vital to the nation’s prosperity.

Soon after, the National Assembly passed Resolution 193/2025/QH15, introducing groundbreaking mechanisms from embracing risk in research, simplifying financial procedures, offering tax incentives, to investing in 5G infrastructure. The unified and determined actions signal strong commitment at the highest levels.

However, from the perspective of technology companies, the picture is not entirely optimistic. Many argue that a gap remains between the progressive central policies and their practical enforcement at local levels. Cumbersome regulations and excessive licensing requirements continue to burden businesses.

Fintech: From pioneering days to waiting on a sandbox

Fintech is a prime example. In 2008-2009, when digital wallets and electronic payments were still novel, state leaders showed openness by allowing experimental licensing. But from 2015-2016, attitudes shifted - experiments were only allowed under formal laws or decrees. This highlighted the urgent need for a sandbox (controlled testing mechanism).

Unfortunately, it took eight years from proposal to the actual launch of the sandbox. “Which startup can afford to wait eight years?” one tech entrepreneur protested. “By the time the sandbox was officially established, most of the pioneering startups had already disappeared.”

The recently issued sandbox decree introduced another controversial requirement: the CEO or legal representative of any startup wishing to join the sandbox must have management experience in the banking sector. This contradicts the very spirit of innovation. Those with the potential to disrupt traditional industries - typically tech-savvy entrepreneurs with non-bank backgrounds - are effectively excluded.

A venture fund director remarked, “Uber wasn’t invented by a taxi driver - it came from an outsider. Fintech is the same. To change banking, you need people who think beyond banking.” If the sandbox only serves “industry insiders” or “former bankers,” it no longer represents real innovation and startups will continue to miss out on vital opportunities.

UAVs tightly managed despite potential

A similar story plays out in the unmanned aerial vehicle (UAV) sector, which holds great promise for agriculture, filmmaking, transportation, environmental monitoring, and rescue operations. While UAVs can pose risks to aviation safety, national defense, and security, these threats mostly stem from their usage, not their production or business activities.

Nevertheless, strict controls have been imposed on UAV manufacturing through business licensing conditions. This is viewed as excessive. Developing a domestic UAV industry could offer significant benefits, from economic growth to improved security. A more open policy - focused on managing operational risks rather than production - would better support this goal.

Clear justification and consistent action are essential

The resolutions on innovation are undoubtedly groundbreaking, yet as illustrated above, they sometimes fail to translate into real-life improvements.

For Resolution 57 and 193 to fulfill their intended impact, existing barriers must be dismantled. This demands greater consistency between policy and implementation, as well as a willingness to listen to and adapt based on the experiences of the innovative business community.

Vietnam’s startup ecosystem can only truly rise in this new era if unnecessary regulatory hurdles are decisively removed.

Lan Anh