With aims to promote productivity, economic competitiveness and make innovation a growth driver, Vietnam has tried to refine its legal framework and policies on science and technology. More specifically, sixteen governmental – and seven ministerial documents were promulgated to improve financial mechanisms for science and technology development. Special foci are to mobilize non-state budget capital and attract skilled manpower.
About 2 percent of the state budget has been used for science and technology. Key sub-sectors of studies are biotechnology, petro-chemistry, materials, energy, automation, nanotechnology, computational technology, and medicine. These efforts have resulted in a higher ranking of Vietnam in the Global Innovation Index, i.e., from 71st place in 2014 to 59th in 2016 and 42rd in 2020.
The Ministry of Science and Technology will enhance policies in financing and investing in science and technology development and innovation projects, particularly the draft of the revised Law on Intellectual Property.
Source & further information: “Vietnam strives to improve legal framework in science-technology” at https://vietnamnet.vn, accessed on 22 Mar 2021