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

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 task 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, the 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.

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.

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

How to build a national innovation system?

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.

- Strengthen 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 resources, finance and infrastructure for public non-business units to perform the 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.

Khanh Linh

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