Innovation - new motivation for Vietnam’s growth: Report

Addressing the event, MOST Minister Huynh Thanh Dat underlined that the report highlights the important contributions of science, technology and innovation to Vietnam’s socio-economic development as well as outlines the way ahead for the country.

The MOST highly values the support by the Australia and the World Bank in the efforts, he said, expressing hope that more cooperation initiatives will be proposed to apply recommendations to life.

Meanwhile, Carolyn Turk, WB Country Director in Vietnam said that Vietnam needs new motivations for its economic growth to become an economy with high income in 2045, and innovation will help build a fundamental foundation for the country to increase income and improve the growth quality.

The report recommends that Vietnam should rebalance its STI policies, switching its resource focus from the creation of advanced technologies to the adoption and diffusion of existing technologies among businesses.

It also pointed out that the STI policies have yet to match the capacity and demand of businesses and organisations.

For her part, Australian Ambassador to Vietnam Robyn Mudie said that Australia has been assisting Vietnam in making decisions on evidence-based policies in STI area. Australia hopes that the MOST can adopt this model in building long-term policies for STI development, she added.

The report is implemented under the WB's Vietnam Enhancing Innovation Analytical and Advisory Services (ASA) programme, which is sponsored by the Australia - World Bank Group Strategic Partnership in Vietnam - Phase 2 (ABP2).

It researches current development frameworks and STI policies, analyses bottlenecks hindering businesses in innovation, and proposes a roadmap for comprehensive reform to promote innovation-led growth.