Vietnam is planning to establish a national science and technology market
Vietnam’s National Science and Technology Market would be established by 2030, according to Prime Minister’s Decision No. 1158/QD-TTG. The major goal of this market is to establish an environment that encourages and facilitates scientific and technology market activities so that more relevant possibilities for science and technology firms may be developed. It is critical to concentrate on technical intervention since this technology has a significant beneficial impact on society, assisting in the increase of output and positive externalities.
When the market collapses and fails to generate beneficial results, the government must formulate strong policies to rebuild the market. The Vietnamese government is fully aware of this scenario, and as a result, they are constructing policies to support the development and deployment of technology. As a result, the current development of the National Science and Technology Market aims to expand the participation of tech businesses and strengthen the technical foundation. More significantly, building a better technological foundation is impossible without a deeper focus on IP assets, inventions, and patents.
IP is the focal point
Vietnam recognizes intellectual property law and has a number of measures in place to protect work-related intellectual property. However, the inventor deserves to be appreciated much more. IP is prioritized by the Market on a number of fronts, with the objective of boosting participation and transaction value in scientific and technical commodities. The program assists in the establishment of strong regulations that will aid in greater technical transfer from industrialized nations, therefore boosting the overall sole growth of the economy, such as raising market demand, providing jobs, and fostering human resources.
A few of the program’s objectives
- By 2025- The annual value of science and technology goods transactions increases by an average of 25%, over 30% for several key export sectors and industries. The proportion of intellectual property transactions reached over 15%, the proportion of transactions of technologies imported from developed countries reached 30%.
- By 2030- The annual transaction value of science and technology goods increased sharply, reaching an average of 30%, over 35% for several key export sectors and industries. The proportion of transactions of intellectual property reached over 20%, the proportion of transactions of technologies imported from developed countries reached 35%.
- Develop mechanisms and policies to create competition motivation to promote enterprises to participate in the science and technology market; mechanism to promote cooperation between institutes, schools – enterprises; commercialization policy, quickly put research results, intellectual property into production and business.
- Assist organizations and individuals in technology assessment, valuation, and appraisal; search, select and receive and test technology; exploitation and development of the intellectual property.
- Support commercialization of research results and intellectual property; Prioritize supporting research results and intellectual property to meet the needs of developing supporting industries, mechanization, and deep processing in agriculture.
- Develop a pilot scheme on policies to create incentives for commercialization, quickly put research results and intellectual property generated from the state budget into production and business, and submit it to the Prime Minister.
- Digitizing research results, intellectual property with commercial potential in the market. Modernize the national infrastructure system of the science and technology market, effectively connecting with the network of regional and global intermediaries.
It is expected that by implementing the program, deficiencies in the present IP system would be addressed, resulting in a more advantageous environment for inventors. Nonetheless, the legal framework has not been discussed, and only policy direction has been given, which will undoubtedly assist in laying groundwork for strong policy execution that effectively connects science and commercialization. If the inventor is better compensated, it will increase the value of the workforce, which will help industries and, as a result, the whole economy.
