The signing ceremony between FIRST and Rang Dong JSC to research and develop new LED products for hi-tech agriculture sector. - Photo MOST

HA NOI (Biz Hub) - A counterpart group of businesses led by Rang Dong Light Source and Vacuum Flask JSC (Rang Dong) has signed a project agreement worth VND78 billion (US$3.7 million).

The agreement was signed on November 1 with the project management unit of Fostering Innovation through Research, Science and Technology (FIRST) to research and develop new LED products for Viet Nam's hi-tech agriculture sector.

The project will be implemented during a period of 32 months. FIRST will provide 40 per cent of the project's funding and the remaining will be funded by the counterpart group of businesses.

Rang Dong will lead the counterpart group for the project, along with four other companies, two universities and a research institute. The group was founded based on the market demand for developing new LED products for Viet Nam's hi-tech industries.

LED products developed as part of this project are expected to decrease production costs and increase revenue for farmers, lessen the consumption of electricity in the agriculture sector, reduce green-house gas emissions and help protect the environment.

FIRST is Viet Nam's flagship scientific and technological project funded by the World Bank and managed by the Ministry of Science and Technology. The project aims at improving productivity, competitiveness and quality of the country's economic growth by enhancing the efficiency of science-technology research and development and promoting technological innovations among local businesses. – VNS