Science and technology create breakthroughs for economic growth

In order to promote economic development based on science, technology and innovation, the Ministry of Science and Technology has proposed new mechanisms and policies, including increasing total factor productivity (TFP) with a contribution to GRDP of 50-55%. This requires localities to be proactive in developing investment plans for science and technology, effectively utilizing the special mechanisms recently approved by the National Assembly.

In fact, many countries around the world have used innovation as an important tool to promote development. According to experts, economies with large investments in research and development (R&D) such as the US, Germany, and South Korea have maintained stable growth rates, with labor productivity surpassing countries with traditional development models.

In addition, the local innovation index (PII) published by the Ministry of Science and Technology in the past two years has become an important tool, helping provinces and cities accurately assess the effectiveness of innovation activities for socio-economic development. Improving this index is not only a goal but also a measure of competitiveness and the ability to utilize science and technology. Therefore, the People's Committees of provinces and cities need to actively and proactively coordinate with the Ministry of Science and Technology and relevant agencies to promote the implementation of this index, propose specific tasks and solutions to improve the index annually to promote local socio-economic development based on science, technology and innovation.

One of the important tasks to promote science and technology is to accelerate the implementation of specific policies in localities with strong development potential such as Hanoi, Ho Chi Minh City and Da Nang. These are areas with adequate infrastructure, resources and policy mechanisms to pilot new models. If successful, these policies can be replicated nationwide, becoming an important foundation to enhance science and technology capacity and create momentum for sustainable economic development.

Enterprises also play a key role in bringing science and technology into production practices. According to the Ministry of Science and Technology, the rate of enterprises investing in research and development in Vietnam is still low. Therefore, encouraging private enterprises to participate more strongly in research and technological innovation will contribute to creating breakthroughs, helping the economy take advantage of scientific advances in the context of digital transformation and the 4.0 industrial revolution.

One of the bottlenecks that needs to be resolved is the source of investment capital for scientific research. In many developed countries, the establishment of innovation support funds, combining the state budget and private investment, has helped create important steps forward in research and development. Vietnam needs similar mechanisms to encourage businesses to invest more in science and technology, while accelerating the application of research results to production.

In order to build a foundation for economic growth in the 2026-2030 period, the Ministry of Science and Technology also coordinated with the Central Policy and Strategy Committee and experts to study a new growth model, with the goal of achieving double-digit GDP growth. Accordingly, experts said that to achieve a growth rate of 8% by 2025 and towards 10% in the following years, Vietnam needs breakthrough and feasible solutions. Scientific research must be linked to the major policies of the Party and State, while ensuring high practicality. Important solutions include: maintaining macroeconomic stability, developing economic sectors with competitive advantages, institutional reform, and promoting innovation in the private economic sector.

To create a solid legal corridor for science, technology and innovation, the Ministry of Science and Technology plans to submit the Law on Science, Technology and Innovation to the Government and the National Assembly for approval next May. Along with that, a strategy for science and technology development for the next phase will also be developed, aiming to create new driving forces for sustainable development ■