A lever for development
Given global integration and strong development of the 4th Industrial Revolution, science, technology and innovation have become the most important input factors of modern productive forces that have a decisive influence on the quality and growth rates of economies. In Vietnam, along with education and training, the Party and State attach importance to the role of science and technology as the leading national policy and driving force for socioeconomic development and national defense.
In recent years, the legal system has been updated to serve economic growth in accordance with the development context of the country and its new-generation free trade agreements, focusing on perfecting investment and financial mechanisms, non-state budget mobilization for science and technology, and attracting qualified staff, especially Vietnamese scientists from abroad and foreigners in Vietnam.
The contribution of science and technology is significant to Vietnam’s economic growth
Vietnam has also reformed administrative procedures, creating a favorable legal environment for enterprises in technology transfers, applications and innovations; developing an innovative startup ecosystem; connecting technological supply- demand, developing the sci-tech market as well as sci-tech enterprises.
The Ministry of Science and Technology also coordinated with ministries, departments, sectors and localities to effectively implement national sci-tech tasks and basic science development programs. Regarding the structure of spending on science and technology, the state budget accounts for 52 percent, with enterprises making up the rest.
At the same time, autonomy mechanisms have been adopted to ease difficulties in the restructuring of sci-tech organizations. Many large investment projects have been carried out in the Hanoi-area Hoa Lac Hi-Tech Park, Vietnam's biggest. The registered capital and production value of all three national high-tech parks have increased.
The sci-tech market continues to expand through many promotional activities such as specialized exhibitions, and technology and equipment markets. The number of sci-tech enterprises has risen rapidly to number in the thousands, while the innovative startup ecosystem is also showing strong development.
Important contributions to economic growth
Looking back on Vietnam's journey, science, technology, and innovation have made important and comprehensive contributions to socioeconomic development. The quality of growth has been improved, and labor productivity has increased significantly. The total factor productivity (TFP) contributing to growth in the 2011-2020 period reached 39 percent, exceeding the target of 35 percent; the proportion of export revenue of high-tech products in the total value of the products increased from 19 percent in 2010 to about 50 percent in 2020.
In the 2016-2020 period, Vietnam rose 17 spots in the Global Innovation Index, ranking third in Southeast Asia, and first among low-middle-income countries. In 2020, Vietnam sustained its position at 42nd place out of 131 economies on the GII and continues to be seen as a model for other developing countries in defining innovation as a national priority.
In particular, when many countries fell into recession as a result of the Covid-19 pandemic, Vietnam was among the few that maintained positive growth and exercised effective control of the disease. With a GDP growth of 2.91 percent in 2020, Vietnam ranks among the highest in the world, partly thanks to the important contributions of science, technology and innovation.
Vietnam's s cientific and technological results are an important foundation to create momentum for
development in the new period, particularly in 2021, which marks the first year of implementation of the 13th
Party Congress Resolution and the country’s socioeconomic development strategy to 2030.
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