The amendments to the Law on Science and Technology are expected to create a smoother legal corridor for Vietnam to catch up with the global science and technology trend, according to Deputy Minister of Science and Technology Bui The Duy.

In an interview granted to the Vietnam News Agency, Duy said that the Law on Science and Technology, first adopted in 2000 and revised in 2013, has played an important role in creating a legal corridor for scientific and technological activities toward the country's socioeconomic development.

However, amid substantial changes in the world situation, especially the rapid growth of science and technology and the boom of digital technology, the law needs to be amended. This should drive more investment capital and human resources from businesses for research and development activities, the official said.

He said that the revised Law on Science and Technology will establish adequate legal corridors to promote the development of the national innovation system while encouraging innovation in enterprises, communities, and state management agencies.

Duy underlined the need for the bill to include policies to strengthen the mobilisation of investment resources from society.

He held that the State should implement support programmes to create more favourable conditions for the transfer of research results and connections between businesses and universities.

At the same time, the bill should form mechanisms to encourage businesses to engage in science and technology development, including reducing land rent for them, especially for small- and medium-sized enterprises during their difficult early stages, the Deputy Minister suggested.

To increase the number of researchers and social investment resources, the Law on Science and Technology needs to be comprehensively revised, integrating all regulations regarding research and development activities into the law and not just relying on current regulations, he stressed.

The official also gave several specific proposals on the amendments to the law, including those to increase investment for universities for R&D activities, as well as support policies for post-graduates.

At the same time, it is necessary to build centres of excellence, closely linking research and training activities, he said. Vietnam is currently encouraging the establishment of spin-offs in universities, which has not only generated revenue for universities but also helped commercialise research results.

Regarding mechanisms to promote financial investment in science and technology, Duy said that the first issue to be addressed is how to harmonise the provisions of the Law on Science and Technology with the existing financial policies to make the most of all these policies.

The official stressed that to ensure effective use of investment resources, it is necessary to adjust regulations on procurement and bidding when using investment funds for technology development, either from the State or enterprises. This will encourage State support mechanisms, he held.

In particular, it is necessary to research new issues and core technologies, and even buy research results and inventions from abroad, then transfer them to domestic enterprises so that they can use and develop these inventions, the Deputy Minister added.