In the context of the transition toward a knowledge economy, universities are increasingly positioned as central actors in national innovation systems. In Vietnam, policies promoting innovation and entrepreneurship in higher education have expanded rapidly in recent years. However, most analyses focus on policy implementation and economic outcomes rather than the philosophical foundations of knowledge and creativity. This paper examines innovation and entrepreneurship in Vietnamese universities from a social philosophical perspective, drawing on the works of Habermas, Durkheim, and Marx. Using policy discourse analysis and hermeneutic interpretation, the study explores how knowledge functions as a social force shaping human creativity and collective development. The findings suggest that university innovation policies should be understood not merely as governance instruments but as mechanisms for socialising knowledge and empowering human agency. The paper proposes the concept of “knowledge-in-action” to explain how knowledge becomes a form of socially responsible creativity. It concludes that universities in Vietnam must move beyond instrumental innovation models toward a humanistic and socially embedded knowledge ecosystem.