Science and tech markets to benefit from fund injection

HO CHI MINH CITY: Vietnam plans to focus on improving its science and technology market with the establishment of three trading platforms in order to reduce reliance on imports, Minister of Science and Technology Huynh Thanh Dat says.

Dat pointed out that there was a huge demand for technology among Vietnamese enterprises, and improving the science and technology market was crucial to improving the competitiveness of enterprises.

A key solution would be the establishment and operation of three technology trading platforms in the country’s three regions, which would be connected with local and regional platforms, he said.

Vietnam currently remains heavily reliant on the import of technology and equipment.

The Science and Technology Ministry pointed out that the science and technology market in Vietnam was still in its infancy with limited domestic supply.

The supply for the science and technology market came primarily from research and development at institutes, universities, technology incubation centers, and businesses, as well as technology imports and transfers from other countries.

A survey showed that only 16% of enterprises regarded research institutes and universities in Vietnam as suppliers of science and technology products.

According to the General Statistics Office and the General Department of Customs, Vietnam spent around Us$40bil (Rm186bil) in buying technologies, equipment and machinery in 2020, 1.5 times higher than in 2016.

The ministry cited statistics that showed about 75% of the technology and equipment of Vietnamese firms were imported.

While imports from the United States, South Korea and the European Union have increased slightly in recent years, Vietnam remains reliant on imports from developing countries with low and medium levels of technology.

The domestic supply remained limited while many research results from domestic institutes and universities had not been transferred or were not yet ready to be applied in production and business, the ministry said.

The demand for technology and equipment has increased rapidly in recent years, but it has remained difficult for businesses to access the supply of high-quality technologies coupled with limited supply in technology absorption and capacity.

There was a lack of attention to increasing the capacity of intermediary organisations that provided consultancies, brokerage services, promotion and technology transfer.

The ministry said that national trading platforms would be established to act as intermediaries to connect supply and demand in the science and technology market, commercialise research and development results, and provide support for promoting science and technology products.