Tech market development creates driving force for business

Technological innovation is an urgent requirement to enhance business competitiveness in the age of the fourth industrial revolution and Vietnam’s aspirations of international economic integration.

The science and technology market has proven effective as a bridge to link scientific and technological activities with trade and production. The Ministry of Science and Technology has coordinated with other ministries, departments and localities to submit to the government a plan to promote technology transfer, technological innovation, commercialization of scientific research and technological development results, and application of the latest scientific and technological advances.

The country currently has 13 active technology trading floors, eight software parks, 13 high-tech agricultural zones; nine high-tech incubators, and 63 technology application and development centers in 63 provinces and cities.

According to the Ministry of Science and Technology, during the 2015-2018 period, some 3,000 consultancy and technology transfer contracts were signed each year for a value of about VND54.5 billion per year. Technology application and development centers mastered nearly 300 technologies, and half of them generated an average revenue of over VND60 billion per year, generating profits of about VND10 billion per year.

These figures show that the science and technology market is prospering, while reflecting an increasing level of investment in technology.

Given the specific characteristics of the science and technology market, the role of intermediaries in the supply-demand connection is central. In other words, it would be risky for both sides unless a transaction is secured by a third party. The presence of intermediaries will facilitate the transaction in a transparent and objective manner.

Dinh Van Hien, general director of the DKNEC Automatic Measurement Electrical Mechanical Company, said the state should promote the development of the science and technology market, with a focus on developing a team of professional consultants, forming technology search and development centers, and issuing policies to encourage and support investment in research and development activities, and technological innovation.

According to Prime Ministerial Decision 2075/QD-TTg on science and technology market development by 2020, the value of technological products and services traded in the market will increase at least 15 percent on an annual basis.