Finland will provide another US$13.8 million to Vietnam for boost scientific development and innovation in the next five years, Tuoi Tre newspaper reported Wednesday.

Finland will provide another US$13.8 million to Vietnam for boost scientific development and innovation in the next five years, Tuoi Tre newspaper reported Wednesday.

The money will be used for the second phase of the Innovation Partnership Program.

IPP, funded by Finnish official development assistance, seeks to promote science-technology and innovation in Vietnam to turn the country into an industrialized one by 2020.

It aims at strengthening the institutional environment for innovation in Vietnam, building capacity for science and technology management, and facilitating public-private partnerships between Vietnamese institutions and with Finnish entities.

During its first phase in 2009 – 13 more than $9.6 million, of which 89 percent was provided by Finland, was spent.

Over 300 projects were proposed and 60 implemented, focusing on four main areas: developing institutional capacity, building innovation capability, financing and supporting initiatives and innovations by enterprises and promoting the Vietnam-Finland partnership.

“Some projects under the program have produced good results," Minister of Science and Technology Nguyen Quan said.

"Many companies have change their technologies. Many scientists have cooperated with companies to provide technology."

Examples are the Rang Dong light source and vacuum flask factory based in Hanoi and Haiphong Paint JSC based in Hai Phong city.