The Ministry of Science and Technology yesterday signed a cooperative agreement with HCM City People’s Committee on science and technology development between 2017 and 2020.

The ministry and People’s Committee will work together on policies related to the establishment of venture funds and provision of loans and investment in innovative startups.

The Sài Gòn Hi-Tech Park in HCM City and Hòa Lạc Hi-Tech Park in Hà Nội will cooperate in training hi-tech human resources and nurturing hi-tech enterprises.

As part of the agreement, the city’s technological floor will be upgraded into a national one as part of the cooperation. Activities that are now assessing technological demand in the city will be sped up.

An ecosystem for innovative startups in the city will be developed, while activities for improving awareness about intellectual property of enterprises, universities and research institutes will be carried out.

Enterprises in the city will also benefit from a co-operative programme to reform their technologies, as it has become important to develop an integrated circuit industry in the city.

Nguyen Thanh Phong, chairman of the city’s People’s Committee, said the co-operative programme would be an important foundation for the city to reach its targets and tasks issued by the Government.

“It will effectively exploit the city’s sources for sustainable and rapid development,” Phong said.

Science and technology is one of the city’s main nine service industries that contribute to economic development, he said.

The development of science and technology is “the shortest way” to raise the city’s growth and competitiveness, and help it integrate globally, he added.

The city plans to allocate 2 per cent of total expenditures for development of science and technology, he said.

On the same day, the ministry also signed a cooperative agreement with Việt Nam National University-HCM City on science and technology development for the 2017-2020 period.

In the agreement, the two partners will carry out a science and technology programme for the sustainable development of the Mekong Delta region and develop basic science programmes in physics, chemistry and ocean science. They will also provide assistance to enterprises in applying innovative technologies.

University students will also be assisted in their academic research.

The Ministry of Science and Technology said it would help the Viet Nam National University-HCM City to carry out a programme on preservation and sustainable use of sources of genes through 2025, and possibly up to 2030.