The Prime Minister has approved the second phase of the Vietnam-Finland Innovation Partnership Programme, which will be carried out during the 2014-18 period by the Ministry of Science and Technology, according to the Vietnam Government Portal.

The 11-million EUR project sees the Finish Government providing 9.9 million EUR in non-refundable aid and the Vietnamese side paying the remainder 1.1 million EUR in corresponding capital.

The project aims to turn the national innovative system into a momentum for the fulfillment of socio-economic development goals in Vietnam and convert the country into an industrialised and modernised one in 2020.

Earlier, the first phase of the programme was conducted between 2009 and 2013 with a total investment of 7 million EUR.

The programme supported over 60 projects on institutional development, innovative building, pro-initiatives, innovation projects of businesses and cooperation between the two countries.-VNA