Promoting sustainable growth with a creative economy

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Statistics show that the scale of Vietnam's export of creative goods is not small. Illustration photo: Internet.
Statistics show that the scale of Vietnam’s export of creative goods is not small. Illustration photo: Internet.

According to experts, the development potential of the creative economy is almost unlimited (it is forecast to bring more added value to the economy), so it needs to be exploited more effectively to make a good contribution. more into Vietnam’s growth in the coming time.

Great commercial capacity and global competitiveness

Vietnam is currently facing risks and challenges related to the sustainability of growth. Vietnam’s growth relies significantly on increasing input resources and labor- and resource-intensive industries, while the contribution of factors directly linked to improving quality and labor productivity, competitiveness is not commensurate with expectations. Maintaining high economic growth is a mandatory condition for Vietnam to achieve its goals of becoming a developing country with an upper middle income by 2030 and becoming a high-income country by 2045.

However, the country’s future economic growth will face greater challenges as traditional growth inputs such as capital, unskilled labor, land, and natural resources are gradually reaching their threshold limit. Therefore, the concept of creative economics was born and has been continuously adjusted over the past three decades.

With the mindset of promoting eco-economy, each economy can also take advantage of existing policy frameworks on other economic models. Creative services in many economies are considered to be more resilient and resilient during the pandemic. More importantly, thinking about creative economics helps improve policies so that creative ideas have enough conditions, the cycle from formation, production, supply, distribution and even export, thereby bringing many values. More added value to the economy, higher profits for businesses and higher income for workers.

Vietnam has recognized the development potential of creative economics and statistics show that the scale of Vietnam’s export of creative goods is not small. According to the report published in 2022 by the United Nations Conference on Trade and Development (UNCTAD), Vietnam ranked 3rd in the Top 10 developing economies that export the world’s leading creative goods with US $14,15 billion, accounting for 2.7% of total creative goods exports in the world. The value of creative services exports far exceeds creative goods exports due to strong increases in exports of software, research and development services, and the digitalization of some creative goods.

Reality also shows that the export of creative services has far exceeded the export of creative goods due to a strong increase in the export of software, research and development services, as well as the digitalization of some creative goods. Developed countries are stronger in exporting innovative services than developing countries, but the gap between these two groups of countries is gradually narrowing.

In Vietnam, MISA is known as the most popular company providing financial and accounting software for small and medium enterprises. With the desire to grow many times stronger, MISA has changed its goal to create more products and expand market share. Therefore, the business designed and exported MISA CukCuk software to the world. After five years of entering the international market, this software is currently available in more than 20 countries around the world and has achieved sales of nearly US $ two million. In particular, this product not long ago officially entered the potential market of the US, businesses strive to be in the Top 3 POS software (sales support tools) in the world’s largest economy. with a sales target of US $ one million in 2024 and US $ 50 million in the next five years.

Building “open ways” in policy mechanisms

Assessing Vietnam’s potential for creative economic development, economist Dr. Vo Tri Thanh said that a creative industry based on a widely connected and strongly supported cultural foundation will bring Vietnam has great trade capacity and global competitiveness. Vietnam has a large domestic market, along with an expanding and very promising regional market. This advantage ensures growth potential for the creative industry. Vietnam has a young population, commercial “sensitivity” and an increasingly high level of digital technology. Besides, Vietnam also has the advantage of cultural diversity. The richness and differences of regions and regions also create conditions for nurturing creative culture, creating favorable conditions for the development of cultural creativity.

Developing creative economics, Associate Professor-Dr. Nguyen Thuong Lang (National Economics University) said that creative economics can create great added value and is not entirely the same as normal added value but is related to creative products such as culture, technological inventions, creation of new and unique operating methods, tools and methods, creating unexpected changes even in the structure and value of the industry, market structure, and more broadly, the structure and value of the industry. economic structure. Developing economic economics will create the ability to maximize existing potential, even expanding potential beyond current limits. Therefore, we need new visions, new models and a strong shift in thinking, based on the emerging innovation foundation and increasing research and development investment. In the long term, there needs to be a Strategy for Economic Development for the period 2025 – 2035, with a vision to 2050 at the national level. This is a support to integrate and inspire creativity so that creative resources can be “economicized” and “valued” to promote breakthrough development of Vietnam’s economy. In addition, it is necessary to strengthen the role of intellectual property protection agencies and expand the level of influence.

Emphasizing the potential and role of intellectual property, Ms. Nguyen Thi Hong Hanh, Director of the Center for Research, Training, Support and Consulting (Intellectual Property Department, Ministry of Science and Technology) also said that it is necessary to promote the potential of intellectual property as an effective tool for economic development. “Vietnam needs to shift from a country that uses intellectual property to a country that creates intellectual property in the process of developing the creative economy. Creativity is a continuous process, so sometimes decisiveness is needed because technology can hardly wait for the law,” Ms. Hanh recommended.

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