Government boosts investment in science and innovation with $400 million fund

<p>Prime Minister Pham Minh Chinh announced plans to allocate an additional $400 million from increased revenue and cost savings to support science, technology, innovation, and digital transformation.</p>

On March 7, Prime Minister Pham Minh Chinh chaired a nationwide online conference to discuss the implementation of recently approved laws and resolutions from the 9th extraordinary session of the 15th National Assembly.

At the event, the Prime Minister announced that the government plans to allocate an additional 10 trillion VND ($400 million) from increased revenue and cost-saving measures to support science, technology, innovation, and digital transformation.

This move aligns with Resolution 57 of the Politburo, which mandates allocating at least 3% of the annual state budget to these critical fields to drive national economic and technological growth.

Enhancing the legal framework for policy implementation

During his speech, Prime Minister Pham Minh Chinh emphasized the importance of effective law enforcement following the National Assembly’s passage of new laws and resolutions.

He called for stronger inter-agency cooperation to identify and resolve legal bottlenecks in policy execution, particularly in areas such as affordable housing, infrastructure development, and economic reforms.

Streamlining processes for social housing projects

The Prime Minister highlighted challenges in social housing development, noting that current procedures take up to five years to complete a single project.

To address this issue, the government is considering reforming investment approvals and allowing simultaneous implementation of multiple processes to accelerate project completion.

Investment boost for science, technology, and digital transformation

As part of efforts to strengthen Vietnam’s position in science and technology, the government will allocate the additional 10 trillion VND ($400 million) through various funding mechanisms, including:

State budget allocations

Government bond issuances

Reallocation of existing funds

The Ministry of Finance and relevant agencies have been directed to develop specific project proposals to ensure effective deployment of resources for scientific research, technological advancement, and digital transformation.

The Prime Minister reaffirmed the government’s commitment to enhancing Vietnam’s legal and institutional framework to support national development, emphasizing the importance of legal compliance, governance reforms, and economic modernization under Resolution 27 of the Party Central Committee./.