Investment in science, technology to turn Vietnam into ‘Asian tiger’

Hanoi (VNA) - The Ministry of Science and Technology in collaboration with the Australian Foreign and Trade Ministry organized an international conference with the theme  “Science, Technology and Innovation - a pillar of Socio-Economic Development in Vietnam” in Hanoi on the morning of May 15.

The conference aims to clarify the role of science, technology and innovation as an important pillar in socio-economic development, and recommend specific solutions and policies for Vietnam.

Speaking at the conference, Prime Minister Nguyen Xuan Phuc emphasized that emphasised human creativity was an endless resource which was the most precious asset among all countries and businesses.

New technology and skilled human resources were the decisive factors to drive Vietnam’s long-term growth, especially in the face of Industry 4.0-induced changes, he stressed.

‘The Vietnamese have innate qualities for creativity. I believe if there are enough good nutrients, we can cultivate excellent and devoted people who will contribute greatly to the prosperity of the country,’ the PM said.

However, the Prime Minister also pointed out that with science and technology development, innovation nourishment in Vietnam was inadequate and limited.

In addition to insufficient awareness among localities and sectors about the role of science, technology and innovation, an incomplete legal framework and policy mechanism was holding back technological development and failing to inspire innovation, he said.

Prime Minister Nguyen Xuan Phuc addresses the event (Source: Vietnam+)

Just a few businesses had invested in innovation and research and development (R&D), while research conducted by universities was largely inapplicable and did not match business demands, PM Phuc said.

Vietnam’s spending on science and technology development, including both the State and private sectors, was very modest, accounting for just 0.44 per cent of gross domestic product (GDP), much lower than the world’s average of 2.23 per cent.

The PM said: "If we do not make bold investments in science, technology and innovation, we would become stuck in a low-productivity, low added value and middle-income trap."

The Prime Minister asked the Ministry of Science and Technology to be the main agency to coordinate relevant ministries, branches and organizations to advise the Government on major issues, including: proposing policies to encourage and promote innovation in business sector; considering enterprises as the center of the system of innovation, developing creative start-up activities and technological innovation in enterprises.

Minister of Science and Technology Chu Ngoc Anh addresses the event (Source: Vietnam+)

Addressing the event, Minister of Science and Technology Chu Ngoc Anh said following the Government and Prime Minister’s guidelines, sci-tech policies have been completed with advanced regulations to make science and technology accompany the development of sectors, branches and localities.

To turn science into a driving force and foundation of socio-economic development, Minister  Anh said it is necessary to overcome difficulties and create synchronousity in legal documents on science and technology and the current legal documents.

Lucy Cameron, senior research consultant, Australia’s Commonwealth Scientific and Industrial Research Organisation (Source: Vietnam+)

Lucy Cameron, senior research consultant, Australia’s Commonwealth Scientific and Industrial Research Organisation, said “How the future plays out will depend on Vietnam’s position in the regional digital economy, and the level of adaptation to digital products and services across the Government, community and industry.”

According to Cameron, digital transition would bring about 1.1 per cent of GDP growth each year for Vietnam by 2045. She said Vietnam’s growth was fast and inclusive which was suitable for digital transition.

“The next wave of digital technologies - Artificial Intelligence, blockchain, the Internet of Things, and platforms and cloud-based services - have the potential to transform Vietnam into Asia’s next high-performing economy. Vietnam will need to seize these substantial opportunities while carefully navigating a number of risks,” she said./.