Abstract
The development of digital technology, innovative products, services and new business models promises to play an important role in ensuring economic growth and delivering social benefits. However, the development of these products, services and new business models is often delayed or prevented due to lack of regulatory framework. This study aims to present issues related to innovation promotion policies in the world: innovation hubs, policy experiments, and regulatory sandbox, as well as practices in Vietnam. The study has shown that the sandbox is a valuable tool to promote innovation across countries, especially in the Fintech sector. However, the sandbox is not the only one to promote innovation. In other cases, innovation hubs perform more efficiently promoting innovation than other strategies. In Vietnam, many new products and services (car booking apps and Mobile Money) have been allowed to operate as part of the new industrialization and modernization under a unique mechanism known as "a pilot". The sandbox is currently under development for a Decree proposition and has only been applied to Fintech solutions in the banking sector.
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