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Keys to success for science, technology, and innovation – Vietnam Investment Review


Keys to success for science, technology, and innovation
Nguyen Quoc Sy, chairman VinIT Technology Institute

Science, technology, and innovation are the foundation for industrialisation and modernisation of the country, enabling the country to develop further. In order to take advantage, we not only need to create a legal corridor and an effective implementation mechanism, but also need to clearly define the goals, resources, organisational, and implementation models.

In particular, we need to pay attention to new factors, make the most of favourable opportunities, and have plans to solve difficulties, creating momentum and strength for the development of sci-tech and innovation.

There are many tasks set for national development through this, including short-term and long-term ones. I believe that tasks must be set in accordance with the country’s development conditions, within one’s capacity, and must be objective and realistic.

For example, we want to build a semiconductor industry which is necessary for the development of our industries and economy. However, it is also necessary to mobilise many resources, make large investments, and have careful preparation to succeed.

Countries typically require decades to develop a semiconductor industry, and we are no exception: we cannot skip stages. Many countries have spent a lot of money, effort, and time but could not succeed. Avoiding failure is also success – in the context of our limited resources, when carrying out large projects simultaneously, we need to avoid over-investing, leading to losses.

I believe that developing sci-tech and innovation requires a truly effective organisational and management system that operates in line with the market economy. Research results must be evaluated based on their effectiveness and impact in promoting economic, social, security, and defence development, helping enhance the country’s position and prestige.

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Models of relevant activities between the state, scientists, and enterprises need to be summarised and lessons learned. In fact, to be successful in Vietnam’s conditions, an entity often has to perform many tasks, which is not easy for private enterprises or scientists to carry out.

New policies to remove obstacles in sci-tech, innovation, and digital transformation activities, including one on exemption from civil liabilities, contribute to clearing the way so that scientists can confidently and boldly research and implement related projects.

However, it is also necessary to pay attention to monitoring and effectively managing investment capital for projects. Some involved in science struggle with managing cash flow or commercialising their products, even during the research process. Therefore, there should be support mechanisms for them to effectively use investment capital, avoiding losses and other consequences.

Obviously, scientific research is a creative activity that is not always successful. The important thing is that we accumulate experience and knowledge to achieve success. The real failure that needs to be avoided, in my opinion, is when money corrupts people working in science.

Vietnam has an important geopolitical position in the heart of Asia-Pacific. More than 60 per cent of goods in transport through this region, and so this is a great opportunity for Vietnam to cooperate internationally and develop science, technology, and innovation.

However, to take advantage of this and achieve success, we first need to change our working culture, industrial style, and labour discipline. Without this change, the strategy will not be successful.

Japan and South Korea are typical examples of the transformation to a sci-tech powerhouse thanks to changes in thinking, style, and industrial working culture.

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Our system human resource training management in this area needs to change to suit the tasks in the new situation. For example, it is necessary to change the scientific research and education system, especially university education, linking training with scientific research, bringing research into enterprises to be able to directly and effectively solve practical application problems.

In particular, waste in investment in science and technology is one of the main concerns. Thousands of research topics have been funded but have not been put into practical application, causing huge amounts of waste. Many research results have not been deployed for the country’s economic or social development. The novelty, creativity, and application of many research topics are frail. It needs to conduct a general inspection and re-evaluate ineffective investments, and even cut down on these to focus on areas with high potential.

International cooperation should be considered a national development strategy, in which science, technology, and innovation must be the spearhead of international cooperation. That is not only about sharing markets, but also about increasing sci-tech capacity, learning methods and models of management organisation.

In the open world of globalisation and fierce competition today, no-one can go it alone. Extensive international cooperation is the key to helping us quickly learn, supplement, and improve ourselves. This is the path that many countries have succeeded in and are pursuing, not just Vietnam.

ASEAN, RoK agree on 30 million USD project to foster digital innovation ASEAN, RoK agree on 30 million USD project to foster digital innovation

The Ministry of Science and ICT of the Republic of Korea (RoK) said on January 16 that it will begin a five-year joint project with ASEAN worth 30 million USD to bolster digital innovation in Southeast Asia.

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