Appealing for foreign investment in Science and Technology is one investment orientation of Vietnam. The latest legal document taking effect from September 1st 2010 clearly stated encouragement for foreign organizations and individuals to invest and cooperate with Vietnam in this field.
Prime Minister issued Decree No. 80/2010/ND-CP with five chapters and 38 articles outlining foreign cooperation and investment in science and technology, which is also applied to Vietnamese organizations and individuals investing abroad in science and technology.
Accordingly, fields in which foreign organizations and individuals are encouraged to cooperate and invest include Appliance and Development Research in Information Technology, Biotechnology, New Material Technology, Mechanical Technology and Machine manufacturing, Food and Agricultural Product Preservation and Manufacturing Technology, Waste Processing Technology, and basic research in Natural Science. Besides, the decree focuses on developing high tech enterprises in Vietnam; training and developing high tech human resources, transferring technology and science-technology services, and establishing and contributing to funds for science-technology development in Vietnam.
Among these fields, the most important fields are human resources, developing information technology, biology, preservation and manufacturing technology. The others such as Universal Technology are considered to be abstract and Vietnam will find it more difficult to attract foreign investment. For human resource development alone, investment opportunities are many, such as training, opening universities, local study abroad programmes, vocational training, career mentors, and even sending students to study or take internships abroad.
In fact, investment and appeals for foreign investment, especially in these fields requiring higher skill levels, must be evaluated over some time to determine the best approach.
Deputy Minister of Planning and Investment Cao Viet Sinh noted that Vietnam should upgrade efficiency in attracting FDI, and in order to do so, Vietnam should raise investment targets while limiting FDI projects that are high energy consumers or create environmental pollution. Therefore, Vietnam should foster and prioritize high technology and environmental protection projects.
Kim Phuong
Vietnamese
