The Law on Science and Technology from 2013 is set to undergo a significant transformation as it will be renamed the Law on Science, Technology, and Innovation. This change reflects the evolving landscape of innovation and the need for a more comprehensive legal framework to regulate and promote innovation activities in Vietnam. The new draft law aims to regulate the content in the context that innovation is now regulated in a number of current laws, providing a more cohesive and streamlined approach to fostering innovation in the country.
Innovation, as defined in the Law on Science and Technology, is the process of creating new products, processes, and services to improve productivity, quality, and create added value through the application of scientific research results and technological development. While the concept of innovation is present in various laws, the full content and related elements of innovation have not been clearly defined in any legal document. To promote innovation activities, there needs to be close connections among research institutes, universities, and enterprises. This collaboration is essential for achieving high efficiency and driving innovation forward.
The draft law emphasizes the importance of fostering innovation activities among enterprises, communities, and state management agencies. It aims to establish a comprehensive legal framework to promote the development of the national innovation system, encouraging innovation activities and providing incentives to support science, technology, and innovation activities. By creating a conducive environment for innovation, the law seeks to drive economic growth, enhance competitiveness, and improve the overall quality of products and services in Vietnam.
One of the key aspects of the proposed amendments to the law is the focus on universities as strong research entities, equivalent to research institutes. The development of sci-tech activities in universities requires research content, activity content, and investment funding to support research initiatives. Additionally, support programs for postgraduates and the establishment of centers of excellence in science and technology are essential for fostering innovation within universities and research institutions.
Furthermore, the draft law encourages the establishment of spin-off enterprises within universities to commercialize research results and generate revenue. By incentivizing lecturers and researchers to participate in the management of enterprises based on their research results and intellectual property, the law aims to bridge the gap between academia and industry, fostering closer collaboration and knowledge transfer.
Addressing the financial investment mechanism for sci-tech activities is another crucial aspect of the proposed amendments. The law aims to synchronize provisions with existing financial policies, ensuring effective and transparent use of investment resources. By revising regulations related to sci-tech tasks, projects, and administrative procedures, the goal is to streamline processes and facilitate quick and convenient selection of the best topics and tasks for investment.
In conclusion, the overhaul of the Law on Science and Technology to the Law on Science, Technology, and Innovation represents a significant step towards promoting innovation and driving economic growth in Vietnam. By establishing a comprehensive legal framework, incentivizing collaboration between academia and industry, and addressing financial investment mechanisms, the draft law aims to create a conducive environment for innovation and technological advancement in the country.
