Sci-tech investment for sustainable development

Many Vietnamese enterprises have focused on sci-tech investment in agriculture production

Key to success

General Director of the My Xuan Ceramic Tile JSC Luu Ngoc Thanh said the company has spent nearly VND32 billion in equipment innovation since 2009.

According to Deputy General Director of the Minh Long I Co. Ltd Ly Huy Sang, the company always focuses on sci-tech investment to produce better quality and cost-effective products. The majority of the company’s annual profit has been re-invested in research and development (R&D), which helps it sell up to 30 percent of all products to demanding markets like France, Belgium, the Netherlands, Germany, the US, Canada and Japan. Last year, the company recorded VND1.1 trillion in revenues.

Traphaco JSC General Director Tran Tuc Ma said that thanks to intensive information technology investment the company last year marked a 41 percent increase in revenue over the previous year.

Increasing support for enterprises

From the enterprise-centered sci-tech innovation viewpoint, the Ministry of Science and Technology has prepared and submitted to the government for approval several programs including National Product Development Program until 2020, the National Technological Innovation Program until 2020, and the program to support public sci-tech enterprises and organizations in shifting to autonomy and self-responsibility.

The state budget may fund up to 100 percent of the expenses on sci-tech R&D projects; up to 50 percent of the expenses on sci-tech improvement, demonstration, transfer and national product development; up to 30 percent of the expenses on sci-tech equipment.

“To date, more than 70 sci-tech projects have been funded by the state budget through national sci-tech development programs,” said Deputy General Director of the Office of National Programs on Science and Technology Nguyen Phu Binh.

The government set up a National Technology Innovation Fund (NATIF) with the registered capital of VND1 trillion to fund for corporate technology innovation projects at preferential interest rates, conduct corporate loan guarantee and provide financial assistance for enterprises involved in technology innovation transfer.

Duong Duc Duy from the Rang Dong Light Source and Vacuum Flask Company’s R&D Center said that the company participated in the National Technological Innovation Program until 2020, researching and developing a breeding and flowering-dedicated lighting system. The program funded VND13.95 billion for the project, which is a great encouragement to the company.

According to Director General of the Directorate for Standards Metrology and Quality Tran Van Vinh, during the second phase (2016-2020) of the National Program on Improving the Productivity and Quality of Products and Goods of Vietnamese Enterprises until 2020, about 60,000 domestic enterprises will be guided on how to apply new sci-tech advancements in business management as well as quality and productivity improvement.

Quynh Nga