Perspectives on Vietnam’s Science, Technology, and Innovation Policies by Dao Thanh Truong

Author:Dao Thanh Truong
Language: eng
Format: epub
ISBN: 9789811505713
Publisher: Springer Singapore

S&T Fund: This fund is used to strengthen the S&T potential for businesses and industries, contribute to improving efficiency and competitiveness, implement the S&T tasks of enterprises, equip enterprises with material and technical facilities for business S&T activities, and purchase machinery and equipment along with technology transfer to replace part or all of the technology used with other more advanced technologies. The Model of Science and Technology Development Fund was mentioned in the Vietnam Law on Science and Technology in 2000. In addition to the national funds established by the government, ministerial-level agencies, governmental (ministerial) agencies, and provincial-level People’s Committees set up S&T development funds to serve local activities and fields (Vietnam Ministry of Science and Technology, 2015).12

Vietnam has two funds with the most innovative S&T activities: The National Foundation for Science and Technology Development (NAFOSTED) and the National Technology Innovation Fund (NATIF). The year 2015 was a turning point in terms of changing the basic research funding method, the funding of potential/unplanned unexpected tasks, the program to support NAFOSTED’s national S&T capacity building, proposed regulations on selection of S&T tasks, and the criteria for S&T experts under NATIF’s database of experts.

According to NAFOSTED statistics, from 2009 to 2015, there were 3079 applications for registration and 1642 valid registration documents funded. The results of the basic research projects funded by the foundation showed that the research quality was maintained and accessible to international standards through the number of articles published in reputable and specialized scientific journals.

In 2014, under the Ministry of Home Affairs’ Decision No. 1286/QD-BNV, issued on 16 December 2014, the Startup Vietnam Foundation was established. This is a venture capital fund model operating with capital mobilized from domestic and foreign investment sources to encourage the participation of Vietnamese organizations, citizens, and scientists with plans to start a business or invest in a business development based on the application of S&T.

Additionally, the local S&T Development Fund is established in provinces. The method of financial support by local S&T development funds is based on the following principles: (1) Partial funding for the implementation of research projects to create new technologies in the sectors and fields prioritized by the provinces, implemented by enterprises or in collaboration with S&T organizations (30% or less in the total funding for project implementation) and; supported to build quality management systems in accordance with international standards in enterprises (20% or less in the total funding for implementing projects on building quality management systems of enterprises); (2) Loans with interest rates lower than those of commercial banks at the time of lending or without bearing interest to implement projects that improve technology and apply S&T research results (trial production of new products and testing of new technology processes); and technology-transfer projects to innovate technology and products, convert production and business structure of enterprises, and serve the socioeconomic development objectives of provinces or cities (Nguyen Van Anh et al. 2012).13

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