The Ministry of Planning and Investment held a conference on Tuesday in Singapore to introduce the National Innovation Centre (NIC) and call for investment in Industry 4.0 projects.

The conference was organised in collaboration with the Singapore Manufacturing Federation (SMF) and the American Chamber of Commerce in Singapore.

Minister of Planning and Investment Nguyen Chi Dung said the NIC was developed with the transition of Viet Nam’s economic growth model in mind.

The NIC will be the first piece of the country’s innovation centre ecosystem. Dung said the NIC would not use money from the State budget, but would instead raise private capital.

It will prioritise work on smart factories, digital content, network security, smart cities and environmental technologies, he said.

“The NIC is expected to be the nucleus for promoting the country’s economic development based on innovation, science and technology in the context of rapidly changing Industry 4.0,” said Dung.

Experts at the conference said it was necessary for Viet Nam to introduce policies to attract talented innovators, many of whom were working abroad, to work in Viet Nam. In addition, policies related to taxation, land use, innovation, copyrights and the commercialisation of research must be made favourable.

In July 2018, the Prime Minister Nguyen Xuan Phuc asked the planning and investment ministry to outline the project to establish the NIC.

At a meeting early this month, PM Phuc asked for the development of the centre to be hastened.

The NIC is being developed in Hoa Lac Hi-Tech Park to lure 40 big technology companies, 150 start-ups and small- and medium-sized enterprises, plus 15 venture investment funds, creating more than 5,000 jobs. — VNS