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| Workers at a factory in Quang Ninh province__Photo: VNA |
The Politburo's Resolution 68-NQ/TW, aimed at spurring the private sector's growth, marks a pivot toward a future driven by innovation and scientific ambition. At its heart lies Vietnam’s first regulatory sandbox, a novel mechanism enshrined in the Law on Science, Technology and Innovation, passed at the National Assembly’s 9th session.
The sandbox serves as a playground for technological experimentation, allowing select companies to test innovative business models and technologies under real-world conditions for a defined period and scope. Regulators closely monitor the process and have established safety nets to ensure that any financial errors do not affect the stability of the nation's financial system.
The new law establishes a rigorous and transparent set of rules to govern sandbox operations, reflecting a shift in regulatory approach, from requiring pre-approvals to post-supervision, and from demanding “absolute safety” to embracing “controlled risk.” The framework permits calculated risks within strict legal and supervisory boundaries, balancing innovation with stability.
The pilot rollout will begin at Hanoi-based Hoa Lac Hi-Tech Park, where Deputy Director Tran Dac Trung said the infrastructure, land, tech talents, and legal frameworks are in place. Several companies have already submitted project proposals, awaiting the formal registration process.
Assoc. Prof. Huynh Dang Chinh, Deputy Director of the Hanoi University of Science and Technology, broke down the sandbox’s winning formula. Safety is paramount to protect users and insulate businesses and regulators from unforeseen hazards, he said.
Financial incentives, he added, are the spark to draw firms, while efficiency is achieved by tying the sandbox to tech exchanges, investment funds, and big corporations so that successful trials can hit the ground running.
To cultivate a new generation of aspiring entrepreneurs, universities staged sandbox-themed competitions, including HR Sandbox 2025 hosted by the Human Resources Club of the National Economics University, and UII Sandbox 2025 run by the Innovation Institute of the University of Economics Ho Chi Minh City.- (VNA/VLLF)
