Science, technology market needs a boost

09:53 | 17/07/2018 Science - Technology

(VEN) - The science and technology market is where the buying and selling of scientific and technological products take place. In Vietnam, the development of this market has faced many difficulties.

science technology market needs a boost
The development of the science and technology market in Vietnam has faced many difficulties

Limited investment

According to the Ministry of Science and Technology, the development of the Vietnamese science and technology market remains slow, lacking reputable and experienced intermediaries in supply-demand connection. In addition, technological supply remains limited. The transfer of scientific research results has encountered many difficulties in determining prices and the mode of transfer. Moreover, science, technology and innovation capabilities of domestic businesses remain weak.

Deputy Minister of Science and Technology Tran Van Tung said the legal framework for the science and technology market is full but not perfect. Some policies to promote the commercialization and support the development of intermediaries in the market are in the period of modification, so additional time is needed for them to be effective.

According to Tran Van Tung, most Vietnamese businesses are mainly small and medium-sized, with low competitiveness and limitations in terms of human resources, capital, management and research capacity. Therefore, investments in scientific and technological application remain limited. Vietnam lacks intermediaries in supply-demand connection, while technology trading floors are not as effective as expected.

National trading floor

As the science and technology market has specific characteristics, the role of intermediaries in the supply-demand connection is very important. Tran Van Tung said it would be risky for both sides if a transaction is not secured by a third party. The presence of intermediaries will facilitate the transaction in a transparent and objective manner.

To promote the establishment of intermediaries and develop the science and technology market, flexible tax incentives should be implemented.

Vietnam does not have a national technology trading floor. To develop technology trading floors, the state needs to adopt specific and forward-looking policies, train a professional and dynamic team, establish a wide network of services in localities, update operating models to keep pace with international and domestic practices, and consider and select technologies with high commercialization potential. In addition, promoting connections between technology supply and demand is also important.

The science and technology market is an integral part of the socialist-oriented market economy, which plays a key

role in serving the country’s socioeconomic development.

Quynh Nga