Science, technology, innovation to drive sustained growth in Vietnam
(VOV) - Vietnam needs to rely more on productivity gains driven by innovation in order to boost its economy, according to a new joint study by the World Bank and Organization of Economic Co-operation and Development (OECD) released on November 24.
The study, The OECD-World Bank Review of Science, Technology and Innovation in Vietnam, looks at the key elements, relationships and dynamics that drive the Vietnamese innovation system and opportunities to enhance it through government policy.
Increased competition in globalizing markets means that it is more important than ever to invest early in advanced technological capabilities, said Victoria Kwakwa, World Bank Country Director for Vietnam. This will help Vietnamese enterprises better position themselves in global value chains.
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Despite its historical record of scientific research, Vietnam’s innovation system in the modern sense is only emerging. Current science, technology and innovation capabilities are weak and the national innovation system is in a nascent and fragmented state. Research and development both in the public and private sectors still have a lot of room for improvement, according to the report.
Vietnam’s challenge is to achieve sustainable high GDP growth in a less buoyant international environment, said Andrew Wyckoff, Director for Science, Technology and Innovation at the OECD. To avoid falling into a ‘middle-income trap’, the country will need to considerably improve its domestic innovation capabilities, he added
The World Bank-OECD joint review provides several recommendations for policy makers to foster science, technology and innovation in Vietnam, including improving framework conditions for innovation, improving public governance of the innovation system, strengthening the human resource base for innovation, fostering innovation in the business sector, increasing the contribution of public research, and fostering innovation linkages.