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PM: State, private sectors must give priority to investment in science, technology

VGP – The State and private sectors must comprehend the importance of the investment in science and technology and should prioritize investing in science and technology more effectively.

May 15, 2019 4:39 PM GMT+7

PM Nguyen Xuan Phuc attends a meeting themed “Science, technology and innovation as a pillar for socio-economic development in Viet Nam” in Ha Noi, May 15, 2019 - Photo: VGP/Quang Hieu

PM Nguyen Xuan Phuc made that statement on May 15 at a meeting themed “Science, technology and innovation as a pillar for socio-economic development in Viet Nam” in Ha Noi.

At the event, Phuc said that the spending for science and technology in Viet Nam only accounts for around 0.44% of the GDP, lower than the world’s average of 2.23% (Thailand 0.78%, Singapore 2.2%, Malaysia 1.3% and China 2.1%). 

Enterprises should know that research and development is the shortest way to improve competitiveness and head to more sustainable development, he said.

In the future, Viet Nam needs to make a change in terms of strategy to boost research and innovation and develop technology in advantageous areas and sectors, he said, asking ministries and sectors to identify science, technology and innovation as a foundation for fast and sustainable development. 

The PM required more effective coordination between the State and society in science and technology development and the internal and external resources in science, technology and innovation.

Ministries and localities must uphold awareness and responsibilities in science and technology development, continue completing the legal framework, policies and mechanisms and create new material for fast, inclusive and sustainable development. 

The Ministry of Science and Technology is tasked to consult the Government big issues such as proposing policies encouraging and promoting innovation in the private sector, regarding businesses as the center of the innovation system and enhancing connectivity between domestic and foreign innovation networks. 

The Government leader requested to develop national products based on new technology and high-tech to form new and high value sectors and products, especially in fields of Viet Nam’s advantageous areas such as agriculture, processing industry, information and technology.  

Phuc asked for establishing frameworks for measuring and evaluating the effectiveness of the digital economy, operation of science and technology universities, institutes and centers, considering to set up a national database bank on science, technology and innovation. 

The PM stressed the need to build policies to attract more foreign and domestic specialists, especially Overseas Vietnamese scientists as well as apply the public–private partnership (PPP) model to call on enterprises to join in innovation activities. 

By Thuy Dung