VINIF effectively supports scientists in commercializing research products

These are the achievements that Vingroup Innovation Foundation (VINIF) has achieved after 5 years thanks to its transparent and innovative funding and management mechanisms.

From the reality of commercialization of science and technology products

In the current social context, commercialization of science and technology products through research and development (R&D) plays an essential role in determining the potential and position of a country. Advanced countries in the world such as the US, China, Europe, Japan, Korea, etc. always allocate large budgets for investment in R&D activities, accounting for 3 - 4% of GDP.

According to the announcement of the Organization for Economic Cooperation and Development (OECD), in 2022, the 5 countries spending the most money on R&D are the US, China, Japan, Germany and South Korea, with the corresponding amounts of 660 billion USD, 556 billion USD, 194 billion USD, 148 billion USD and 105 billion USD, accounting for 2.6 - 5% of GDP.

Vietnam ranks 55th with a spending level of 900 million USD, accounting for 0.4% of GDP. However, if calculated by per capita income spending on science and technology development, specifically R&D, Vietnam only spends 10 USD/person on this activity, ranking 84th in the world.

Seminar "Promoting research, application and commercialization of science and technology products"

In reality, most of Vietnam's research is still academic, with the results being international publications, or further leading to inventions or useful solutions. According to world statistics, the conversion rate from inventions to products is only about 2 - 5%. According to Vietnamese statistics, the rate of research projects from universities and research institutes that can commercialize products is 0.9%.

Obviously, a pioneering push is needed to promote the commercialization of research products in universities; the brightest path must still be the cooperation and joint efforts of businesses in coordinating with schools and institutes, or carrying out research projects themselves towards applicable products that meet the needs of society.

To promote the strength of investment in applied science from private resources

2023 is considered a year with many positive signals for the development of science and technology when many important mechanisms and policies are gradually being perfected, promoting application in economic development.

The Prime Minister issued Document 690, which highlighted the point of "accepting risks, specificity and delay in scientific research". The Deputy Prime Minister signed Directive 25/CT-TTg of the Prime Minister on developing a synchronous, effective, modern and integrated science and technology market. From these documents, the amendment of mechanisms and policies to promote the development of science and technology and innovation will be changed. Accordingly, the Ministry of Science and Technology has also submitted the amended Science and Technology Law, absorbing comments from agencies in society.

Right before these important events, the seminar "Promoting research, application and towards commercialization of science and technology products" took place on the morning of July 26, 2023 in Hanoi, within the framework of the seminar program "5-year milestones of operation" of VINIF Fund was held with the participation of managers and leading domestic experts in science and technology , education and training.

At the seminar, experts emphasized the special importance of private funds such as VINIF, with its dynamic funding and management mechanisms and vision towards cutting-edge, highly applicable research, which will greatly help scientists in commercializing their research products.

Detailed statistics on product commercialization in projects funded by VINIF Fund

According to Professor Vu Ha Van, Scientific Director of VINIF Foundation, Vingroup Corporation, in order for research products to be brought to market, scientists need to commit, sacrifice, and equip themselves with skills to narrow the gap from the laboratory to the user.

"Many scientists have good ideas, but to turn them into products that are accepted by users requires many things, from capital to the author's dynamism. When scientists ensure that their products have great potential, VINIF will help connect them with units and businesses in need," said Professor Van.

Following this approach, after only 5 years of establishment and development, VINIF has implemented 7 large, completely non-profit funding programs, with a total funding for scientists of up to now reaching 800 billion VND. These seven large programs include science and technology projects, master's and doctoral scholarships, post-doctoral scholarships, master's training cooperation projects in data science, seminars/conferences, public lectures/visiting professors, and preserving cultural and historical values.

In particular, the program to sponsor science and technology projects has achieved remarkable results, making outstanding contributions to the positive and sustainable development of society, with over 500 works published in prestigious international journals, over 400 products of all kinds, 70 inventions; especially many funded projects after acceptance have been commercialized, transferred technology, and established successful start-up and spin-off businesses.

Commercialization is a hallmark of VINIF-funded research projects.

In the past 5 years, VINIF has funded 117 science and technology and applied research projects, which are key projects with funding ranging from 2 to 10 billion VND/project. Up to now, 34 projects have been accepted and successfully completed all registered tasks, including many projects published in Q1 magazine with valuable and highly applicable products.

A very notable point is that among the projects that have been accepted, successful product commercialization projects and technology transfer/start-up and spin-off projects account for 21% and 50% respectively. These numbers are very high, not only compared to the general level in Vietnam but also compared to R&D projects in many developed countries such as the UK, the US, China, etc.

Indeed, VINIF has been a source of inspiration for changes in the management mechanism of science and technology projects, in addition to positive impacts on the postgraduate education and training environment in Vietnam. In 2023, with a proposal to consult with the Ministry of Science and Technology, VINIF is a private fund that contributes ideas to the draft of the revised law on science and technology, towards improving the remuneration for scientists, while improving the sustainability of the science and technology market in Vietnam.

Continuing the successes of the past years, in 2023, VINIF Fund will continue to strongly sponsor up to 160 billion VND for programs to improve science and technology and education and training. Of which, VINIF Fund will sponsor 16 new research projects with a budget of 73 billion VND, selected from 170 input applications, through a scientific council of 400 prestigious domestic and international experts in many fields, going through many rounds of assessment.

With high selection standards, prioritizing research that ensures factors that can commercialize products on the market, the above projects promise to create more new businesses, enlivening the country's science and technology market.

In total, the VINIF Fund has funded 800 billion VND for more than 3,000 scientists, created over 1,000 articles in prestigious international journals, 500 science and technology products in various forms, 200 science and technology awards, hundreds of inventions and useful solutions, and over 20 start-up, spin-off and commercialization enterprises of science and technology products, generating hundreds of billions of VND in revenue each year.

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