Vietnam accelerates reform to improve growth quality

The Prime Minister has recently asked ministries and sectors to implement mechanisms to attract high-quality human resources to high-tech zones and protect business investment in Vietnam.

Socialist-oriented economic reform has made Vietnam one of the world’s most successful market economies. The private sector has been promoted, the state sector restructured toward a market economy, and production, information technology, and high-tech business become key parts of the national economy. The poverty rate has fallen thanks efforts to reduce inequality.

Incentives to promote research in high-tech

There are three high-tech parks in Vietnam: the Hoa Lac High-Tech Park in Hanoi, the Da Nang High-Tech Park, and the Ho Chi Minh High-Tech Park. According to the Ministry of Science and Technology, these parks have attracted more than 200 projects with total registered capital of nearly US$10 billion.

The high-tech parks are intended to boost the development of high technology to serve local socio-economic development.

Prime Minister Nguyen Xuan Phuc

During a recent visit to the Hoa Lac High-Tech Park, Prime Minister Nguyen Xuan Phuc said, "I hope that the Hoa Lac High-Tech Park will contribute to the development of Vietnam’s science and technology in the context of the 4th industrial revolution and will be a place to build Vietnam’s startup ecology. Sectors at all levels should work harder to make the park successful.”

The Prime Minister asked ministries and sectors to issue guidelines, address obstacles, and revise the Law on High-Technology to boost the development of high-tech parks.

"Policies and mechanisms need to be specified to attract researchers to hi-tech parks. You should identify obstacles and submit a list to Deputy Prime Minister Vu Duc Dam who will then discuss them with leaders of the Ministry of Finance, Ministry of Planning and Investment, and Ministry of Science and Technology. The Prime Minister is ready to address legal obstacles and will discuss them with other cabinet members to work out incentives to attract talents to high-tech parks. This issue is of great importance to building a startup ecology in Vietnam”.

Reforms strengthened in various fields

2018 will be a turning point in Vietnam’s international integration. Vietnam will need to further improve its investment environment, reduce costs to help enterprises achieve greater and more sustainable growth, strengthen the market economy, encourage enterprises to invest in science and technology, and take advantage of the 4th industrial revolution. The Vietnamese government will focus on administrative reform to help Vietnam match the ASEAN-4 group in competitiveness and business environment.