Innovation key to enhancing businesses’ productivity

Manufacturing speakers and mobile phone headsets at Foster Electronics Co. Ltd at Vietnam Singapore Industrial Park (VSIP) Bac Ninh in Tu Son township, Bac Ninh province. (Photo: VNA)

Hanoi (VNA) – While innovation is considered as key to boosting the productivity and quality of products, due attention has not been paid to the issue by Vietnamese enterprises, experts have said.

Bui The Duy, Deputy Minister of Science and Technology, said that the number of Vietnamese enterprises using such high technology as 3D printing or robotics are still limited. This is a worrisome problem in the context of international economic integration and the fourth Industrial Revolution is taking place strongly in the world.

According to experts, the revolution is gradually eliminating the advantages of spontaneous management methods and old business models.

Innovation helps enterprises increase revenues, profits, reduce costs, meet customers’ demand, attract resources and improve their reputation. However, there is no example innovative model so they should choose the right one to develop.

Nguyen Doan Ket, Deputy General Director of Rang Dong Light Sources and Vacumm Flask Joint Stock Company, agreed, saying each business must find the right solutions which are suitable to their capacity and resources.

Rang Dong has focused on investing in science and technology, joined hands with major universities and built three research centres on lighting and digital technology as well as developing business models on digital platforms to make products with Vietnamese design and trading on Vietnamese platforms while still bringing high added value, meeting quality conditions for export, he said.

Ket also said the company has faced many difficulties, including changing mindset, business model and operating mechanisms in the innovation process.

Deputy Minister of Science and Technology Bui The Duy said as it is time for Vietnam to create “breakthrough” through science and technology as the country has experienced strong development stages.

To promote scientific initiatives among young people, it is necessary to prepare resources early and training from high schools, he stated.

Particularly, it is necessary for universities to connect with their alumni who have studied abroad, attracting talented people by offering favourable policies for them.

Duy said the Ministry of Science and Technology has provided investment support for projects by the National Foundation for Science and Technology Development (NAFOSTED), through which young scientists have the opportunity to develop creativity and research to be on par with regional and world levels./.