Scene at the signing ceremony (Photo: VNA)

Hanoi (VNA) – Vietnam’s Ministry of Science and Technology and Finland’s Ministry of Economic Affairs and Employment signed a memorandum of understanding (MoU) on cooperation in science, technology, and innovation in Hanoi on October 16.

The signing ceremony took place as part of an ongoing visit to Vietnam by Finnish Minister of Economic Affairs Mika Lintila and a business delegation.

Speaking at the event, Minister of Science and Technology Chu Ngoc Anh said that joint work in these areas is key to turning the cooperation potential and opportunities between the two countries into reality, especially as the EU-Vietnam Free Trade Agreement will soon be signed and take effect, bringing practical benefits to Vietnamese and Finnish businesses and enterprises.

The European Union, of which Finland is a member, is the biggest non-refundable aid provider of Vietnam in recent years, he said, noting that the Vietnam-Finland Innovation Partnership Programme (IPP) has helped Vietnam boost its innovation capacity, build a healthy startup ecosystem, grow its economy, and improve its ranking on the global innovation and competitiveness index.

The minister highlighted that the freshly signed MoU is an outcome of bilateral efforts to open a new cooperation chapter and capitalise on the two countries’ strengths to benefit their science-technology bodies, research institutes, universities, enterprises, and people.

The deal offers a chance for both sides to take part in technology transfer projects, join research programmes, and boost the commercialisation of their research outcomes based on win-win principles.

Finnish Minister of Economic Affairs Mika Lintila said the IPP has successfully completed its first and second phases, expressing his belief in the programme’s positive impact on business growth.

Finland hopes for stronger cooperation programmes with Vietnam in tackling global issues like climate change and resource depletion, he said, considering the signing of the MoU as specific evidence and commitment for the two countries to join hands together in global issues.

He said the pact will create favourable conditions for the development of innovation and cooperation between Vietnamese and Finnish enterprises.

Earlier, Minister Anh had a working session with the Finnish Ministry of Economic Affairs and Employment delegation to discuss bilateral collaboration. –VNA