The initially small number of science and technology enterprises (S&T enterprises) have laid first foundations for the formation of a new technology enterprise culture in Vietnam.

Last year, 87 new enterprises were established as S&T enterprises, and about 160 records were reviewed for certification. S&T enterprises have not only acted as a bridge to quickly introduce studies and the applications of science and technology into production, but also as a major production force, creating products with high added value, contributing to socio-economic development.

To be recognised as S&T enterprises, these enterprises are subject to the completion of the science and technology incubators and technological mastery of scientific and technological achievements that they are owners or legitimate users. In other words, the formation of these enterprises is the beginning of a creative enterprise system that many countries like US, Japan, the Republic of Korea, Thailand, and many European countries have early developed and succeeded.

To speed up the formation and development of S&T enterprises, the Ministry of Science and Technology (MOST) has implemented many policies to support these businesses such as exemption or deduction of corporate income taxes, reduced land rents, and easy access to financial sources.

After more than seven years since the government Decree 80 issued in 2007 on S&T enterprises, there have been more than 2,000 S&T enterprises nationwide. According to MOST, the average annual revenue of an S&T enterprise is about 59.8 billion VND, with average profit of 6.4 billion VND.

For example, Ba Ria-Vung Tau Urban Sewage and Development One Member Limited Company (Busadco), one of the first S&T enterprises in the country, has achieved remarkable results in the fields of mechanical manufacturing, biotechnology, and building materials.

To date, Busadco has registered 30 useful initiatives and solutions correspondent to 30 major scientific and technological products. In which, 23 products have been widely applied in 48 provinces and cities across the country and are about to be exported to Malaysia and Laos. The most prominent is the precast reinforced thin-walled concrete panel, ensuring the technical elements of reinforced concrete, quick installation, and low production costs.

Director of TOSY Robotics JSC Ho Vinh Hoang has studied hard for years to create consumer products of domestic and international appreciation. At the Consumer Electronics Show 2013 (CES 2013) in US, the company’s dancing mRobo and DiscoRobo surprised visitors. These unique products have been exported to more than 60 countries around the world.

Labour Hero, Busadco CEO Hoang Duc Thao said “We nourish a specific passion for scientific research objectives for the introduction of scientific and technological products to meet practical needs.”

Hoa Tu Long Thermo Industrial Co., Ltd. has become the first domestic enterprise inventing hi-tech medical waste incinerators. With the new technology, burning 1kg of medical waste only costs from 2,000 - 5,000 VND, whereas the old technology may cost up to 50,000 VND. So, the new technology may save nearly 900 billion VND annually, considering the national current amount of medical waste. In addition, this technology is also cheaper from 40-50 percent compared with foreign alternatives.

According to the national target scientific development strategy approved by the prime minister, Vietnam will strive to have approximately 5,000 S&T enterprises by 2020.

“We expect that in the near future, Vietnam will possess more high-tech brands. This definitely won’t be simple, but we should try our best because once we own high-tech brands, we will gain enormous benefits,” Ho Vinh Hoang said.