Vietnam boosts construction for an innovative ecosystem and has multiple advantages to promote its economic development by science and technology.
Vietnam is likely to have multiple advantages to promote its economic development by science and technology in the context of the fourth Industrial Revolution. However, to make full use of advantages, it is necessary to invest in science and technology solutions and strengthen links among research institutes, universities and enterprises in solving technological innovation issues.
In 2017, Vietnam climbed up 12 ranks in the Global Innovation Index. A year later, it continued to rise two places, reaching the 45th position out of 126 world economies in the rankings, leading the group of low middle-income countries. Last July, Vietnam jumped three spots to the 42nd as announced by the World Intellectual Property Organisation. The increase in innovation indicates absolutely the contribution of science and technology are pivotal.
According to the Ministry of Science and Technology, Vietnam now needs to focus on creative innovation and scientific and technological development strategies. Recently, mechanisms and policies related to science and technology have been improved, with a range of progressive regulations, which consider science and technology a driving force for the development of all industries and sectors. The national innovation system has been formed, in which enterprises are central to quickly bring research results into products and goods to serve domestic demand and exports.
The growth of industries and sectors such as agriculture, industry, finance – banking, construction, transport, healthcare and national security and defence are contributed by science and technology. However, in order to make science and technology to truly become a driving force for socio-economic development, in addition to completing legal institutions, it is necessary to improve the technological demands of enterprises and strengthen links between research institutes and universities with businesses.
Economists have said that young enterprises and creative start-ups are an important element for the success of the economy, contributing to making science and technology and creative innovation become an important pillar in socio-economic development. Therefore, it is necessary to create favourable conditions for young businesses to develop and have the opportunity to solve the problems in innovating technologies and giving policy-making initiatives. In addition, enterprises need to promote the application of technical and technological solutions in production to increase competitiveness.
Currently, in every product, its value is divided into three parts, each respectively for financial investors, those with production tools and workers. However, experts predict that during the era of the fourth Industrial Revolution, in some sectors, production tools would increasingly account for much value due to automatization, brought about by artificial intelligence and robots. Production tools will account for 70% of product value, while employees and investors only enjoy 30% of the total. This is a wake-up call for businesses that are using a lot of labour.
Currently, Vietnamese enterprises are still weak and lack the capital and experience to catch up with the worlds innovation trends and apply new technologies in their production. They can make shortcuts by buying foreign technologies and gradually mastering them. However, many of them do not have enough potential for long-term implementation when buying foreign solutions to apply production.
Nguyen The Trung, General Director of DTT Group, said that it is necessary to perfect the creative innovation ecosystem capable of connecting businesses that want to innovate technologies and those who can support the solution making process. This is a sustainable solution because the workforce in the science and technology field are getting better and the cost of buying in place technologies is always cheaper than the cost of buying from abroad.
It also requires the support from the State for research units by providing solutions for them to have access to and participate in providing technology solutions, thereby building a team of scientists and developing practical research fields to provide technological solutions for enterprises to facilitate sustainable production.