110 million USD for scientific innovation

The Ministry of Science and Technology yesterday launched a project to promote innovation through research, science and technology (FIRST) to create added value for the economy.

Minister Nguyen Quan emphasized the importance of scientific innovation in promoting the economy.(Photo: Pham Kien)

The goal of the project is to help improve productivity, competitiveness and growth quality of the Vietnamese economy through enhancing the effectiveness of scientific research, development and public application activities. technology, promoting innovation and technological innovation in enterprises to create added value for the economy.

FIRST was implemented in 5 years (2014-2019), with a total investment of 110 million USD, of which preferential loans of IDA (World Bank) is 100 million USD and Vietnam's counterpart fund is 10 million USD. . The project focuses on three subjects: institutions, science and technology organizations, enterprises.

According to the Minister of Science and Technology Nguyen Quan, in order to renovate the growth model, restructure the economy, there is no other way to be with high-quality science and technology and human resources.

This is the first project that the World Bank has funded Vietnam in the field of innovation. Minister Quan said that FIRST project has very suitable criteria with the orientation of science and technology development of Vietnam, this will help this field to fulfill the goals that have been set.