Deputy Prime Minister Nguyen Thien Nhan has announced to kick-start a project on innovations that targets people on low incomes using the World Bank’s soft loan.

The announcement was made at a ceremony hosted by the Ministry of Planning and Investment in Hanoi on November 7.

The 55 million USD project aims to support research institutes and businesses to upgrade and commercialise the latest technology to create products and services of reasonable prices for a great majority of the population, especially low-income earners.

It also helps connect research institutes, businesses and banks to jointly speed up the application of advanced technology and realise their research outcomes into production.

The project will prioritise developing traditional medicine, information technology and communications, agriculture and aquiculture.

Scientific research in the aforesaid spheres must be practical, applicable, environmentally friendly and cost effective, and may be implemented in two or three years.-VNA