Enhancing Science, Technology and Innovation to Drive Sustained Growth in Viet Nam
24 November 2014
Viet Nam needs to rely more on productivity gains driven by innovation in order to boost its economy, according to a new joint study by the World Bank and Organisation for Economic Co-operation and Development (OECD) released today.
The study, The OECD-World Bank Review of Science, Technology and Innovation in Viet Nam, looks at the key elements, relationships and dynamics that drive the Vietnamese innovation system and opportunities to enhance it through government policy.
“Increased competition in globalising markets means that it is more important than ever to invest early in advanced technological capabilities,” said Victoria Kwakwa, World Bank Country Director for Viet Nam. “This will help Vietnamese enterprises better position themselves in global value chains.”
Despite its historical record of scientific research, Viet Nam’s innovation system in the modern sense is only emerging. Current science, technology and innovation capabilities are weak and the national innovation system is in a nascent and fragmented state. Research and development both in the public and private sectors still have a lot of room for improvement, according to the report.
“Viet Nam’s challenge is to achieve sustainable high GDP growth in a less buoyant international environment,” said Andrew Wyckoff, Director for Science, Technology and Innovation at the OECD. “To avoid falling into a ‘middle-income trap’, the country will need to considerably improve its domestic innovation capabilities.”
Full press release and infographic