Spending on science, technology and innovation accounts for 2% or more of the total annual state budget expenditure in Vietnam

I learned that the Prime Minister has just promulgated the Strategy for Science, Technology and Innovation Development to 2030. In this Strategy, does the level of spending on science, technology and innovation account for from 2% or more in the total annual state budget expenditure? Thank you!

Spending on science, technology and innovation is 2% or more of the total annual state budget expenditure?

Pursuant to Decision 569/QD-TTg dated May 11, 2022, the Prime Minister sets out the tasks of attracting and effectively using all investment resources for science, technology and innovation as follows:

- Ensure spending on science, technology and innovation from 2% or more of the total annual state budget expenditure and gradually increase according to the development requirements of the science and technology cause. Ensure expenditures for the right purposes for science, technology and innovation activities.

- Review and remove barriers and limitations in order to increase the number and size of the enterprise's science and technology development fund; create maximum favorable conditions to encourage enterprises to establish funds, effectively use funds of investment funds for scientific, technological and innovation activities; ensure the rate of deduction for the science and technology development investment fund of state enterprises according to the provisions of law.

- Completing the public-private partnership mechanism, legal corridor for angel investment, venture capital funds, community investment funds, digital technology platforms to raise investment capital to mobilize more investors. investment resources for science, technology and innovation.

Spending on science, technology and innovation accounts for 2% or more of the total annual state budget expenditure in Vietnam

Thus, according to Decision 569/QD-TTg, the spending level on science, technology and innovation is 2% or more of the total annual state budget expenditure. Building a national innovation system how?

Pursuant to Decision 569/QD-TTg dated May 11, 2022, the Prime Minister stipulates the task of building a national innovation system as follows:

- Developing a national innovation ecosystem closely linked with the region and the world. Developing innovation ecosystems in industries, agriculture and services associated with domestic and global value chains, industry clusters; in which large enterprises play a central role in leading innovation activities, state management agencies play a role in creating a favorable institutional and policy environment, promoting linkages between enterprises. industry, research institutes, universities, supporting organizations in research, application and innovation activities.

- Develop a system of national innovation centers, regional and regional innovation centers, and start-up support centers in order to develop, integrate and form clusters of innovation links. created with high-tech zones, residential areas, financial centers, venture capital funds, universities, research institutes.

- Strongly deploying open innovation platforms and open innovation networks to attract all domestic and foreign investment resources to create new technologies, new products, and form new businesses.

- Strengthening the connection of innovation networks, innovation start-up networks, innovation centers, scientific research and technology development centers at home and abroad.

- Improve the organizational system, functions and tasks and increase investment in human, financial and infrastructure for public non-business units to perform functions and tasks of application and transfer of advanced technology. The Ministry of Science, Technology and Innovation under the Departments of Science and Technology to become the focal point to support and promote technology transfer and innovation activities in the locality.

How to actively promote cooperation and international integration in science, technology and innovation?

Pursuant to Decision 569/QD-TTg dated May 11, 2022, the Prime Minister stipulates the tasks of proactively promoting cooperation and international integration in science, technology and innovation as follows:

- Strengthening international cooperation in scientific research, technology development and application, purchase and sale, transfer of scientific and technological products, deployment of innovative models and solutions, protection and develop intellectual property, ensure standards and quality of goods. Promote capacity building and technology transfer in international agreements and treaties to which Vietnam is a signatory.

- Actively expand international cooperation towards supporting a number of fields of science and technology in order to reach the international level. Strengthen international cooperation in order to learn and transfer advanced scientific, technological and innovation management models in service of improving the capacity of management apparatuses at all levels.

- Actively participate and effectively contribute to the building of international legal frameworks and laws on science, technology and innovation. Actively participate in international research alliances on emerging issues such as COVID vaccines, climate change, etc. The State creates favorable conditions to promote enterprises to participate in international research alliances. (introducing, guaranteeing for Vietnamese enterprises to participate in research and technology transfer,...).

Khanh Linh

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