Minister of Science and Technology Nguyen Quan on June 12 told the National Assembly that a trial private venture fund for technology development, licensed early this year, has proved to be a good start.

In response to NA deputies’ questions about venture funds for high technology, the minister said although the High Technology Law contains regulations on a venture fund for high technology to support scientists, the fund has not been established as it is not stipulated in the State Budget Law and other relevant laws.

However, the Ministry of Science and Technology has made the first step by support the project for the private venture fund, which has sponsored nine start-up groups of students from universities. Five of the groups have found investors for their business with an investment of 200,000 USD each. This is a bright sign signaling the success of the model, he asserted.

Answering a question by Hoang Thi To Nga, representative of Nam Dinh province, on the progress of Hoa Lac high-tech park, the minister said obstacles in ground clearance caused the slow progress of the project.

Though, the park is expected to become operational in 2018 as scheduled, he pledged.

Regarding scientific measures to raise labour productivity, Quan said the ministry has mobilised over 800 billion VND for 390 projects to apply science and technology to production in 61 localities nationwide. The projects are showing good results, especially in mountainous and remote areas, he said.

Concluding the session, NA Chairman Nguyen Sinh Hung urged the ministry to focus on boosting the development of technology and the science-technology market, and seek way to end the wastefulness caused by impractical scientific research.

The NA Chairman also suggested that the ministry should coordinate closer with other ministries to develop the national product programme to supply the market with high-quality products with suitable price.-VNA