With the Prime Minister's decision No. 1158/QD-TTG, Vietnam to develop National Science and technology Market aims to complete it by 2030. This market's primary purpose is to create a favorable environment for encouraging and facilitating science and technology market activities so that more relevant opportunities should be developed for science and technology companies. It is important to focus on technological intervention as this technology forms a strong positive effect for the society helping in increasing the production and positive externalities. When the market collapse and does not produce good results, it is important that the government should frame strong policies to re-build the market. In the present situation, the Vietnamese government is well aware of the same, and hence they are structuring the policies in a way to encourage the development and application of technology. And therefore, this recent move of developing the National Science and Technology Market is to increase the involvement of tech companies and build a stronger technological base. More importantly, the focus of a stronger technological base is not possible until a stronger focus is not there on IP assets, the invention, and patents.  

Focus on IP

Vietnam recognizes IP law and provides multiple mechanisms to protect work-related IP. But still, the inventor needs to be incentivized further. The Market prioritizes IP at the various front setting up goals for increasing the participation and transaction value of scientific and technological commodities. The program helps in setting out strong regulations which will help in the more technological transaction from developed countries and thereby increasing the whole sole development of economy such as increasing market demand, providing jobs and nurturing the human resource.

Few objectives from the Program

  • 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.

With the program, it is believed that shortcomings of the current IP regime be resolved giving a more favorable environment for inventors. Nevertheless, the legal framework has not been touched upon and only certain policy direction has been given which certainly helps in paving the way for strong policy implementation connecting the science with commercialization in an effective manner. If the inventor is more incentivized, it will enhance the value of the workforce which ultimately will benefit the industries and finally increasing the overall economy.

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