HA NOI (Biz Hub) — Technological innovation was important to helping Vietnamese businesses enhance their competitiveness and create new, high-quality products and services, Prime Minister Nguyen Tan Dung said.

He was addressing a ceremony in Ha Noi yesterday to launch the National Technology Innovation Fund, which was established by the Ministry of Science and Technology.

He hailed the ministry's efforts to set up the fund which would serve as an important financial institution of the State to boost technological innovation among businesses.

The establishment of the fund also illustrates the Vietnamese Government's resolve to boost economic growth and renovate growth models based on science and technology.

With charter capital of VND1 trillion (US$47 million), the fund aims to promote businesses' creation of new products and services that have a high level of technology and added value.

It was set up in accordance with Decision 1342/QD-TTg issued by the Prime Minister in August 2011, and Decision 1051/QD-TTg in July 2013. — VNS