Vietnam needs to inquire experience from the Republic of Korea in developing science-technology models for the creation of highly-value products, Minister of Science and Technology Nguyen Quan said at a workshop in Ho Chi Minh City on October 17.

Currently, the ministry is building a project for the establishment of the Vietnam-Korea Institute of Science and Technology (V-KIST), which will be submitted to the Prime Minister for approval in December this year. 
Former Korean Minister of Education, Science and Technology Ju-Ho Lee shared his country’s development policy in the field, which helps boost the local economy over the past 50 years. 

He said the RoK is considered one of the biggest spenders in the world on science-technology studies, which makes up 3.74 percent of the nation’s gross domestic product (GDP). 

Since 1992, the RoK has activated a science-technology development plan, namely G7 project, which encourages the expansion of knowledge economy, he added.