Vietnam and Australia are deepening their cooperation in innovation to accelerate the journey from research to market, driven by two-way engagement with the Australian alumni community.

Ưithin the framework of the Comprehensive Strategic Partnership between Vietnam
and Australia, one of the pillars established focuses on science, technology, innovation,
and digital cooperation. In this context, closer collaboration between policymakers,
universities, businesses, and investors is essential for translating scientific
research into innovative and commercially-viable solutions for both countries.

In a cross-sector panel discussion at the Vietnam – Australia Alumni Business Forum
on December 12 in Ho Chi Minh City, with the theme “From Science to Industry Solutions:
Advancing Innovation through Cross-Sector Collaboration”, experts from government,
academia, finance, and venture capital examined how Vietnam and Australia can strengthen
cooperation to accelerate innovation and commercialization.

From lab to market

The challenge of converting scientific research into commercially-viable products
continues to test Vietnam’s innovation ecosystem, particularly in terms of policy
alignment, financing, and institutional collaboration.

According to Mr. Do Tien Thinh, Deputy Director of the National Innovation
Center (NIC), Vietnam is entering a new era of innovation, driven by three key factors
that can bring research from the laboratory to the market: legal frameworks and
mechanisms, financial resources, and human capital.

On the legal and regulatory front, Vietnam has revised nearly 90 laws and issued
around 40 National Assembly resolutions since last year. Ho Chi Minh City also recently
updated Resolution No. 98/2023/QH15 on the pilot implementation of special mechanisms
and policies for its development. For each law and mechanism, the focus is increasingly
on enabling scientific research to become practical market solutions.

Under the new Law on Public Asset Management, nearly 300 public and national
universities can now turn their assets into innovation hubs. Laboratories can be
used for research and surveys, while existing buildings can host startups, fostering
closer collaboration between universities and industry. Coupled with increased funding
for science, technology, and innovation, as well as programs connecting with the
overseas Vietnamese community through networks such as the Australian Alumni Business
Network (AABN) and the Vietnam-Australia Scholars Experts Association (VASEA)
to address talent challenges, these reforms aim to accelerate innovation and turn
scientific research into market-ready solutions.

“When mechanisms, resources, and talent come together, scientific ideas can
be transformed into practical solutions that create real market value,” Mr. Thinh
emphasized. “I hope that next year we will see tangible results from these policies.”

Associate Professor Ngo Duy Dong, Head of the Transportation Section at the
Department of Civil and Environmental Engineering at Monash University in
Melbourne, noted that moving from science to practice often focuses solely on scientific
value, while many projects face budgetary or investment risks. “There is no simple
solution,” he said. “Each case must be considered individually, balancing risk and
value.”

Monash University prioritizes cross-border collaboration to keep pace with
global trends and climate change. Within this framework, it provides both financial
and administrative support to help researchers identify potential industry partners
across countries. “For example, at Monash, we have specialized innovation and commercialization
teams that support researchers with intellectual property, licensing, and Proof
of Concept (POC) funding,” he said. “This allows scientists to focus on their work
without worrying about IP or commercial agreements. This support is a key factor
in translating science into practical solutions.”

In the financial sector, Mr. Phung Duy Khuong, Deputy CEO and Head of Retail
Banking at VPBank, emphasized that a bank’s role goes beyond providing capital.
It also involves creating an ecosystem that connects startups, researchers, and
investors. “We have developed programs to support innovation and accelerate projects
from research to practical application,” he noted. “The biggest challenge is that
scientific projects are sometimes not yet market-ready, so they need support in
funding, training, and market connections.”

From a venture capital perspective, Ms. Vu Anh Tuyet, Senior Advisor at Vertex
Ventures and a member of the AABN Advisory Board, said her experience working with
numerous startups from their inception confirmed the challenges of bringing technology
to market. Even highly-skilled researchers and technologists can lack an understanding
of real market needs, sales capabilities, and team-building skills. “It is essential
to ‘pair’ commercially-minded founders with tech experts to develop products that
truly address customer pain points,” she explained, while also observing that Vietnam’s
innovation ecosystem has grown significantly in recent years and pledging to support
early-stage founders in building the next generation of technology-driven, investment-ready
companies.

Turning opportunities
into impact

Panelists agreed that the Vietnam – Australia Comprehensive Strategic Partnership
provides a solid foundation for deeper cooperation in innovation. Priority areas
identified included the digital economy, education, agriculture and food, energy,
and health.

Mr. Brett Lovegrove, Pro Vice-Chancellor for Global Partnerships at the University
of Queensland, emphasized the importance of complementarity between the two countries.
Australia offers strong research infrastructure and commercialization experience,
while Vietnam provides a fast-growing market with high demand for applied innovation.

A practical example of this collaboration was shared by Associate Professor
Dong, who cited AI-enabled traffic management solutions in Ho Chi Minh City. Co-developed
by Australian and Vietnamese partners, the digital twin technology has been piloted
on several major corridors and has reportedly reduced travel time by some 20 per
cent.

Mr. Khuong emphasized that with Vietnam’s population of 100 million and Australia’s
28 million, there are vast opportunities for cross-sector collaboration. The banking
sector plays a crucial role in supporting all industries. The Vietnam Bankers Association
and its Australian partner have signed an MoU to promote financial cooperation and
innovation, applying sandbox models to pilot initiatives on a small scale before
broader implementation.

Experts stressed that turning innovation opportunities into real market impact
requires coordinated action across government, academia, business, and investors.
Flexible regulatory frameworks, sandbox mechanisms, sustained investment, and cross-border
talent networks were cited as key enablers.

The panel also highlighted the role of people-to-people links, particularly
the community of more than 160,000 Vietnamese alumni of Australian universities,
in bridging research and commercial ecosystems in both countries. The discussion
reinforced a shared message: only through integrated, cross-sector collaboration
can Australia and Vietnam unlock the full potential of science, technology, and
innovation for sustainable economic growth.

Broadening the partnership

Speaking with Vietnam Economic Times / VnEconomy, Ms. Sarah Hooper, Australian
Consul General in Ho Chi Minh City, highlighted the evolving partnership between
the two countries. Traditionally known for agricultural investment and cooperation,
Australia has recently stepped up its engagement in innovation and technology as
part of its Comprehensive Strategic Partnership with Vietnam.

“For Australia, this is not an either-or choice,” Ms. Hooper said. “Agriculture
remains a critical sector, but we also have a dedicated pillar on science, technology,
innovation, and digital cooperation. This partnership is built on equality, with
shared opportunities and challenges. The prosperity of our nations and the stability
of our region depend on securing our economic futures together.”

Digital transformation and sustainability, including the goal of net-zero emissions
by 2050, form vital pillars of cooperation. “We understand that these challenges
cannot be tackled alone,” she said. “Collaborative efforts will shape a prosperous,
stable, and peaceful region.”

Regarding how Australia’s experience can help Vietnam accelerate technology
and innovation, Ms. Hooper pointed to Vietnam’s clear digital transformation framework
and the parallels in Australia’s journey. “We are learning to design effective regulations
and pathways to turn research into scalable startups,” she explained. “The recent
partnership between the Ho Chi Minh City Innovation and Startup Support Center (SIHUB)
and Australian unicorn Canva is a good example.”

She also highlighted Australia’s bold global leadership, citing the world-first
ban on social media for children under 16, introduced on December 10, as a measure
reflecting careful attention to community concerns about unregulated platforms.
“Both countries are on learning journeys, discovering the benefits and risks of
new technologies,” she said. “In many areas, Vietnam leads, offering valuable lessons
for Australia as well.”

On sustainable development, Ms. Hooper stressed the importance of inclusive
transformation. “Governments alone cannot meet these enormous challenges,” she said.
“Private sectors, communities, and international partners must collaborate to ensure
the benefits of digital and green transformation reach all members of society while
protecting the planet.”

She noted shared concerns over pollution and water scarcity as areas ripe for
deeper cooperation. “Achieving net-zero by 2050 requires collective action beyond
government regulation,” she believes. “Our joint efforts across the region will
be essential to building a sustainable, inclusive, and prosperous future.”

Quote

Ms. Sarah Hooper, Australian Consul General in Ho Chi Minh City

“We understand that these challenges cannot be tackled alone. Collaborative
efforts will shape a prosperous, stable, and peaceful region.”

VET-Nhu Quynh