Vietnam moves ahead on development of science and technology market

06:00 | 20/11/2021 Science - Technology

(VEN) - A National Science and Technology (sci-tech) market development program adopted by the government aims to boost the transaction value of sci-tech goods by an annual average of 30 percent and over 35 percent in some key export sectors and industries.  

Bustling market

According to Deputy Minister of Science and Technology Tran Van Tung, Vietnam’s sci-tech market has faced numerous challenges over the past decade but also obtained encouraging achievements. In particular, related mechanisms and policies have gradually been completed, improving the quality of supply-demand connections and forming intermediary market organizations.

More than 800 intermediary sci-tech organizations have developed over the past decade, and the number of sci-tech trading floors grew strongly from eight before 2015 to 20 in the 2015-2020 period in many localities.

Vietnam’s sci-tech market development program positively impacts the development of its sci-tech industry

In addition, the 2015-2020 sci-tech market development program has attracted large amounts of capital from investors and participating units. Many events were organized to promote the sci-tech market. These included the Techdemo connecting technology supply and demand, the Techmart technology and equipment market, along with other trading floors and centers for sci-tech application and transfer with more than 3,000 contracts signed.

SHTP Labs, a unit under the Saigon High-Tech Park, has developed and commercialized dozens of practical high-tech products. SHTP Labs Director Ngo Vo Ke Thanh said that nine sci-tech tasks of SHTP Labs were applied in 2020 and three products were commercialized, among them dry cleaning gel using nano-silver materials (in collaboration with Mediworld Co., Ltd.), or ASIN mouthwash (with Bach Thu Co., Ltd.).

Along with research, SHTP Labs' has expanded cooperation with domestic and foreign partners in the scale of topics and projects, aiming to combine research and production with commercialization of high-tech products to introduce them widely in domestic and foreign markets.

Improving science and technology capacity and the competitiveness of enterprises and of the economy

More policy mechanisms needed

According to the National Sci-Tech Market Development Program to 2030, the sci-tech market plays a key role in promoting innovation and improving the sci-tech capacity and competitiveness of enterprises and of the economy. By 2030, the proportion of intellectual property (IP) transactions is expected to exceed 20 percent, while the proportion of technology transactions imported from developed countries is forecast to reach 35 percent of total technology transactions. The proportion of transactions from Vietnam’s research institutes and universities is targeted at over 40 percent of total domestic technology transactions.

“The development of the sci-tech market requires the availability of technological supply and demand, a synchronous technical infrastructure system and capacity of intermediaries. The completion of legal documents for the sci-tech market should develop criteria for assessment and valuation of IP, a mechanism for capital contribution to enterprises, and criteria to identify sci-tech products participating in the market,” Dung added.

In addition, Vietnam needs to synchronize the sci-tech market with the goods, services, labor and finance markets; support enterprises in negotiating transactions, purchases and sales of scientific and technological goods, and help them perform product quality certification relating to purchases and sales.

Vietnam also needs to build a sci-tech market portal, with databases shared and connected among ministries, sectors and localities; develop and apply tools for technology transaction data analysis and processing, digitize and integrate data to support buyers and sellers, intermediaries and state management agencies.

Thanh Thanh