The Governor of the State Bank of Viet Nam (SBV) has issued Circular No. 20/2022/TT-NHNN providing guidance for and integrating the substances related to the one-way money transfers from Viet Nam to overseas, and the payment or the money transfers for other current transactions by residents being institutions or individuals, as stipulated in the Ordinance on Foreign Exchange (as amended and supplemented) and Decree No.70/2014/ND-CP dated July 17, 2014 of the Government providing details for the implementation of  a number of Articles of the Ordinance on Foreign Exchange, the Ordinance amending and supplementing a number of Articles of the Ordinance on Foreign Exchange, and other relevant legal documents.

The new Circular comprises of 5 Chapters and 19 Articles with the following main substances:

Chapter I mentions the scope of regulation; the subjects of application; the explanation of terms and terminology.

Chapter II mentions the cases of purchasing, transferring or carrying foreign currencies to overseas for the purpose of one-way money transfer by institutions; the sources of foreign currencies being transferred or carried to overseas; the purchase of foreign currencies to be transferred or carried to overseas; transferring or carrying foreign currencies to overseas from the foreign currency source on a payment account.

Chapter III mentions the cases of purchasing, transferring or carrying foreign currencies to overseas for the purpose of one-way money transfer by residents who are Vietnamese citizens; the sources of foreign currencies being transferred or carried to overseas; the purchase of foreign currencies to be transferred or carried to overseas; transferring or carrying foreign currencies to overseas from their own foreign currency sources; the regulations related to the amounts of foreign currencies to be purchased, transferred or carried to overseas for each legitimate purpose.

Chapter IV provides guidance for the payment activities, the money transfers for other current transactions.

Chapter V stipulates the reporting requirements; the responsibilities of the authorized banks; the responsibilities of relevant institutions and individuals; the regulations on the abolishment and amendment of a number of relevant documents; the implementation.

The new Circular will take effect on February 15, 2023.

Bright future for Vietnam's wood pellet exports

With the trend of green consumption, the demand for wood pallets will continue to rise in the future, experts said.

According to Nguyen Thanh Phong, chairman of Phu Tai Bioenergy JSC in the south central province of Binh Dinh, Vietnam currently has more than 80 companies specialising in the production and export of wood pallets.

Companies located in the central region mainly export their products to the Japanese market, while those in the south ship to the Republic of Korea.

The Russia-Ukraine conflict has disrupted the gas supply from Russia to European countries, thus providing a chance for wood pallets from Vietnam to enter the European market, he told Nong Nghiep Viet Nam [Vietnam Agriculture] newspaper.

Phong said in the long term, Vietnamese companies plan to use other input materials than wood from planted forests, adding that they plan to use elephant grass, a tufted perennial grass that can grow in stands up to 4m high, as a raw material in the production of woodchips, he said.

He went on to say that if elephant grass is effectively used as a raw material for the production of wood pallets, the industry will no longer worry about the raw materials and farmers’ income will be improved as well.

Masayoshi Pelle Ito, deputy director of the energy and chemical division of Itochu Vietnam Co. Ltd, said the exports of wood pellets to Japan have increased in recent years.

In 2021, Vietnam exported 1.6 million tonnes of wood pellets to Japan and the figure rose to 2.5 million tonnes last year. It is expected to reach 4-5 tonnes from 2025, he said.

Masayoshi noted that the world tends to use wood pellets to replace coal in thermal power generation to reduce carbon emissions, thus, the demand for wood pellets will be extremely high in the future.

Vietnamese steel makers witness hardships in Q4/2022

Steel companies witnessed hardships in the fourth quarter of 2022 with many big players suffering losses.

Giant steel maker Hoa Phat Group (HPG) recorded a net loss of more than 2 trillion VND (85.3 million USD) in the fourth quarter, a new bottom after the third quarter where it recorded a loss of nearly 1.8 trillion VND.

In the last quarter of last year, the group's revenue also decreased by 42% over the same period of the previous year, to 26 trillion VND. In the whole of 2022, Hoa Phat Group recorded revenue of 142 trillion VND, down 5% year-on-year. Profit after tax for the whole year reached more than 8.4 trillion VND, only one-fourth of that in 2021.

In the fourth quarter of 2022, Hoa Sen Group (HSG) suffered a loss of 680 billion VND, down from 887 billion VND in the third quarter of 2022. The Vietnam Steel Corporation (TVN) reduced its loss from 567 billion VND in Q3 to 410 billion VND in Q4. Nam Kim Group (NKG) and Tisco (TIS) also reduced their losses compared to the previous quarter, reaching 356 billion VND and 17 billion VND, respectively.

The decrease in consumption volume combined with the continuous decline in prices significantly affected the revenue of steel enterprises. According to data from the Vietnam Steel Association (VSA), total steel product consumption in 2022 reached 27.3 million tonnes, down 7.2% compared to 2021. Total exports were 6.28 million tonnes, down nearly 20%.

Construction steel was the only item that recorded a slight increase in output by 3% over the same period of the previous year. Meanwhile, consumption of galvanised steel decreased by 22% mainly due to the weakening of the export market, down by 38%. Sales of products of galvanised steel and steel pipes declined, causing the output of hot rolled coil (HRC) to decrease by more than 13%.

Although continuing to report losses, Hoa Phat is quite optimistic about the situation of the steel industry this year. The group said that "the steel industry has gone through the most difficult period and is on the way to recover" and is closely monitoring market developments to adjust production and business activities flexibly. Hoa Phat's steel sales volume increased again in the last month of 2022 after many previous decreases.

According to Kallanish, Hoa Phat has restarted a blast furnace in Hai Duong and increased its bar steel capacity by 700,000 tonnes per year. This is also a signal that the situation of the construction steel market has improved. Previously, Hoa Phat closed three blast furnaces in the last two months of 2022. The company also continues to invest in Hoa Phat Dung Quat 2 Iron and Steel Production Complex.

According to the forecast of the World Steel Association (Worldsteel), global steel demand is estimated to decrease by 2.3% in 2022 but will increase by 1% in 2023 and reach 1,815 million tonnes. The reopening of China will help the resumption of construction activities and boost infrastructure investment, thereby helping construction steel demand recover. Increased industrial demand in the country will also help restore global supply chains. Steel selling price is also expected to increase again.

Rebar prices in China have recovered 19% and are trading at their highest levels since mid-August last year. Meanwhile, the prices of coal - the most important material in steelmaking, have leveled off and shown signs of falling. This will probably support the profit margin of the steel industry in the future.

In addition, the Government stepping up investment in infrastructure projects with the goal of ensuring economic growth in 2023 may support domestic steel demand, especially construction steel. However, the real estate industry, after a quiet year in 2022, is not expected to recover in 2023, which will partly affect the recovery of domestic steel demand.

Bamboo Airways named as most punctual carrier in early days of the year

Bamboo Airways was the most punctual airline during the opening days of the new year, with an on-time performance (OTP) rate of 96.4%, according to the Civil Aviation Authority of Vietnam (CAAV).

The on-time performance (OTP) rate of Vietnamese airlines in January remained high at 95.3%, a decline of 0.9% compared to the previous month, while the number of launched flights increased by 15.6%.

Bamboo Airways recorded the highest OTP rate of 96.4%, followed by Vietnam Airlines with 95.9%, VietJet Air with 95%, Pacific Airlines with 93.6%, Vietravel Airlines with 93%, and Vietnam Air Services Company (VASCO) with 86.9%

From December 19, 2022, to January 18 Vietnamese airlines operated a total of 29,416 flights, of which 10,846 flights were run by national flag carrier Vietnam Airlines, 10,693 by low-cost airline VietJet Air, 4,900 by Bamboo Airways, 1,912 flights by Pacific Airlines, 579 by VASCO, and 486 by Vietravel Airlines.

The cancellation rate of the entire aviation industry in January remained unchanged compared to the previous month with 53 canceled flights, accounting for 0.18% of the overall figure. The CAAV attributed the delay of flights to the late arrival of aircraft and technical issues. 

FTAs - push for Vietnam’s 2023 export

The 15 free trade agreements (FTAs) to which Vietnam is a member are expected to give a boost to Vietnam’s export activities this year, towards the growth target of 6%.

Phuc Sinh JSC, based in Ho Chi Minh City, has exported 50 containers of coffee, pepper, cashew nut and other products to Europe, the US and the Middle East in early 2023.

The company shipped abroad about 50 million USD worth of goods to Europe in 2020 and 63 million USD in 2021, which grew some 30% last year.

It is among the hundreds of domestic firms that are effectively utilising the FTAs, contributing to raising Vietnam’s agro export revenue to over 53 billion USD in 2022.

Chairman and General Director of Phuc Sinh JSC Phan Minh Thong noted that with tax incentives, the deals will help Vietnamese goods compete with those from other countries despite difficulties forecast for this year as many major importers are expected to face inflation.

Import-export was Vietnam’s bright spot in 2022, hitting a record of around 730.2 billion USD, of which 371.5 billion USD came from export, statistics show.

Notably, thanks to the EU-Vietnam Free Trade Agreement (EVFTA), garment-textile exports to the EU reached 4.46 billion USD, representing a year-on-year rise of 34.7%.

The sector is projected to rake in 47-48 billion USD this year, which is within its reach as the FTAs will accelerate the relocation of investment from other countries to Vietnam, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Minister of Industry and Trade Nguyen Hong Dien also held that the agreements will further prove their role this year as the market share of many key exports still remains limited in foreign countries.

Businesses seek to retain employees in face of export order shortages

Vietnamese firms are enduing a shortage of export orders and are therefore trying to retain employees in the initial months of the new year, a period which is usually considered the off-peak production season.

Since the fourth quarter of 2022 many labour intensive industries such as garments, footwear, wood processing, mechanics, and the support industry have all struggled due to a lack of export orders. This gloomy situation is expected to last through the first quarter, potentially even into the second quarter, of the year, a situation which will force businesses to introduce solutions in a bid to ensure employees’ rights.

At Dong Anh Export Mechanical Instruments Joint Stock Company in Hanoi, nearly 1,000 employees have returned to work after a week-long break for the Lunar New Year that ended on January 27. Despite difficulties caused by the COVID-19 pandemic, the company managed to increase employees’ wages and bonuses by 10% in 2022 compared to the previous year. To motivate employees, the company directly paid VND500,000 in cash to everyone on the first working day of the year, whilst also providing them with free transportation both to and from production lines.

However, maintaining post-break production is always a hard nut to crack for any enterprise as many are enduring a lack of export orders. As a result, businesses are typically forced to use their contingent fund to retain employees. As a consequence of this increased expenditure, the fund at many firms is running out.

“The number of laid-off employees due to the lack of orders in the first and second quarters of 2023 is expected to decrease, and this depends a lot on economic development, especially export orders,” says Ngo Xuan Lieu, director of the National Center for Employment Services under the Ministry of Labour, Invalids and Social Affairs.

Experts say the labour market is facing a shortage of jobs due to the impact of the global market. Statistics show by the end of January, as many as 528 businesses had their orders axed, focusing on the garment, leather and footwear, wood processing, mechanics, and support industries. Most notably, orders for footwear, textiles, wood processing, and the support industry decreased by 20% to 30%, 25% to 30%, 70%, and 50%, respectively.

Furthermore, nearly 640,000 employees, accounting for approximately 4% of the total number of employees in enterprises, had their jobs affected. More worryingly, few people that lost their jobs have since gone on to find new jobs. Meanwhile, according to calculations, firms are expected to recruit nearly 400,000 employees after the festive break, a figure which is much higher than the number of workers who have lost their jobs or who have been put on leave.

To support employees, the Vietnam General Confederation of Labour has issued a resolution to provide allowances worth VND1 million to VND3 million for each laid-off employee, or those who have had their working time cut. The implementation of the resolution is scheduled to last until the end of March, with more than 600,000 employees expected to benefit from the programme.

Along with allowances, experts suggest that businesses re-train employees as a way of improving their skills to match employment trends.

Unpredictable changes occurring worldwide, including the risk of a global recession and the protracted Russia-Ukraine conflict, are therefore exerting an adverse impact on the national economy and the labour market, with the situation anticipated to subside in the second half of the year. Amid this context, it is necessary to implement policies to retain skilled human resources and stabilise the labour market for the recovery period.

Vietnam, Netherlands eye further cooperation in sustainable development

Sharing natural similarities, the two countries have beefed up their sustainable development partnership in sustainable agriculture, water management, and climate change adaptation, said Dutch Ambassador to Vietnam Kees van Baar.

Agriculture plays a pivotal role in the economies of Vietnam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Dau tu (Vietnam Investment Review).

According to him, close cooperation between the two sides has resulted in new visions, as well as the blooming of business cooperation, with a growing number of Dutch companies doing business and investing in Vietnam.

The Netherlands is the largest European investor in Vietnam. Dutch businesses, with their investments and their innovative and sustainable operations, actively contribute to Vietnam’s progress, he said.

Regarding the two countries’ cooperation in green trade, Kees van Baar said that both Vietnam and the Netherlands are delta countries and therefore vulnerable to rising sea levels resulting from climate change.

The countries also share the same ambition to become climate neutral in 2050 by reducing their greenhouse gas emissions.

Currently, the EU is developing and implementing new rules and regulations to support its climate ambitions, like the Carbon Border Adjustment Mechanism and Corporate Sustainability Due Diligence Directive.

These new mechanisms will become effective in the coming years and will modernise and strengthen the rules for imports to the EU markets regarding environmental, social, and governance (ESG) criteria, he said.

For companies exporting from Vietnam to the EU or being in the supply chain of an EU company, this means that there will be strong incentives to invest in ESG reporting to enjoy low tariffs and easy access to EU markets, he added.

Therefore, the Netherlands invests in ESG capacity building for Vietnamese companies. In the framework of the GEFE 2022 event in Ho Chi Minh City, the embassy offered workshops and will continue to do so in the context of the ‘Ready to Export’ programme, which is being implemented by the Dutch Business Association in Vietnam together with Vietrade.

Regarding the two countries’ hi-tech cooperation, the Ambassador said that the Netherlands is a small country in terms of area, but it is the 15th largest economy in the world.

The Netherlands has a rich history of entrepreneurial innovation with world-famous inventions, ranging from microscopes and telescopes to CDs and DVDs, as well as Bluetooth and Wi-Fi.

During his visit to the Netherlands last December, Vietnamese Prime Minister Pham Minh Chinh visited the world-leading production and knowledge economy of the province of North Brabant and the Brainport region in and around the city of Eindhoven.

In response to PM Chinh’s wish to strengthen the bilateral cooperation in innovation and creativity, the Netherlands is ready to share with Vietnam the knowledge and experience of our transition from a traditional agricultural and manufacturing industry into a world-leading high-tech hotspot, the Ambassador said.

Steel maker Hoa Phat receives new export orders in New Year

Hoa Phat Group, Vietnam’s largest steel maker, said that it has received several export orders during the opening month of the year from markets such as the United States, Canada, Mexico, Puerto Rico, Australia, Malaysia, and Cambodia.

Most notably, the group has exported construction steel branded Grade 60 - Aircooled rebar and hot rolled coil steel coded from SAE1006 to SAE1021 to the Americas market.

All of the construction steel is manufactured in line with the US’ ASTM standards, which are instrumental in classifying, evaluating, and specifying the material, chemical, mechanical, and metallurgical properties of the various types of steel imported into the US market.

The export shipments were transported from Hoa Phat Dung Quat and Hai Duong Iron and Steel Integrated Complexes.

Aside from traditional steel product lines, Hoa Phat Group has successfully produced high-quality steel lines for export to several demanding markets. In addition, its container factory project is expected to officially be put into operation in the first quarter of the year.

Last year saw Hoa Phat supply the market with 7.2 million tonnes of steel, of which export output contributed approximately 1.2 million tonnes, up 15% compared to 2021.

At present, the group’s construction steel has been exported to 30 countries worldwide, including the US, Japan, Canada, Singapore, Hong Kong (China), and the Republic of Korea.

Southeast region prepares for new FDI wave

The southeast region is preparing necessary conditions in infrastructure, administrative procedures and human resources to welcome a new wave of foreign direct investment (FDI), as investors have flocked to the region right from the beginning of this year.

The region, comprising Ho Chi Minh City and five provinces of Dong Nai, Binh Duong, Ba Ria–Vung Tau, Binh Phuoc, and Tay Ninh, has been attractive to investors. HCM City and Binh Duong were the leading localities in FDI attraction in 2022 with 3.94 billion USD and 3.14 billion USD, respectively.

Right at the beginning of 2023, Binh Duong welcomed many large firms coming to explore the local investment opportunities, including Sembcorp and CapitaLand from Singapore, Nebraska from the US, and Tokyu from Japan.

According to the Ministry of Planning and Investment (MPI)’s Foreign Investment Department, the southeast region will continue to be the major FDI magnet of the country in 2023. This year, the country may lure about 36-38 billion USD in FDI.

In order to attract investors, over the recent years, the region has focused on developing the infrastructure system to strengthen regional connectivity. A 76.3-km Belt Road No.3 crossing four localities of HCM City, Binh Duong, Dong Nai, and Long An will be launched in the second quarter of this year, contributing to motivating the region’s development.

Meanwhile, regional localities have broadened the national highway and expressway systems to boost their growth.

Commenting on the growth prospect of the region, Japanese Consul General in HCM City Watanabe Nobuhiro said that once the Bien Hoa-Vung Tau expressway and Belt Roads No.3 and No.4 are put into operations, the connections among regional localities will be fostered, making the region even more attractive.

Alongside, the localities have also expanded their industrial parks (IPs) to make more spaces for investors.

HCM City is working on a 668-hectare Pham Van Hai IP, while Binh Duong is turning the 1,000-hectare Vietnam-Singapore IP (VSIP) to a green IP and investing on a 1,000-hectare Cay Truong IP as well as Rach Bap IP.

At the same time, Dong Nai is finalising procedures to set up eight other IPs, which are expected to provide more than 7,000 hectares of industrial land for investors.

Ba Ria-Vung Tau is also working on a plan to set up eight more IPs with a total area of over 8,000 hectares from now to 2030.

Furthermore, the localities have concentrated on improving their investment environment, with the promotion of single-window mechanism at IPs, aiming to make all procedures involving businesses faster, smoother and easier.

In terms of human resources, the localities have formed a linkage among the State, businesses and training facilities to ensure human resources training match businesses’ demands, and create a start-up ecosystem.

With the careful preparations of necessary conditions, experts predicted that the region will continue to take the leading role in FDI attraction.

Vietnamese businesses in UK boost cooperation with companies at home

The Vietnam Business Association in the UK (VBUK) will host and attend trade activities and fairs to promote tourism, cuisine and goods of Vietnam, and create more opportunities for businesses in the UK and the homeland to enhance business cooperation, its President Phuong Hoang has said.

Speaking at a Gala Dinner held in London on January 29 to review VBUK’s operation in 2022 and sketch out development orientations in 2023, Phuong said the association organised many activities, including online workshops with Vietnamese economic experts and entrepreneurs in the UK to share business knowledge and experience for the Vietnamese business community in the country.

The VBUK has also supported business cooperation between its member enterprises and businesses at home, he added.  

Addressing the event, Ambassador Nguyen Hoang Long spoke highly of the role of the VBUK in connect Vietnamese firms in the UK and the homeland.

At the World Economic Forum (WEF) in Davos earlier this month, Vietnam was seen as one of the three VIP markets (Vietnam, Indonesia, the Philippines) in the world, he said, adding that it is the second largest trade partner of the UK, so there is a large room and opportunities for the Vietnamese business community in the European nation.

The Vietnam Trade Office in the UK and the VBUK need to support member businesses to strengthen connection with enterprises in the homeland, and serve as bridges to bring Vietnamese goods to the UK market, the diplomat said.

At the event, Trade Counselor Nguyen Canh Cuong updated on the Vietnam – UK trade cooperation, and introduced 10 key exports of Vietnam for Vietnamese businesses in the UK to refer to, thus seeking business opportunities.

Established in 2006 as a non-profit organisation, the VBUK works to support business activities of Vietnamese businesses in the UK, and connect them with domestic businesses at the homeland which have demand to enhance import - export activities and raise capital from the UK market.

Vietnamese investment overseas on the rise in January

Vietnamese businesses poured US$126.7 million into investment projects overseas in January 2023, representing a 3.4-fold rise against the same period from last year, according to the General Statistics Office (GSO).

Of the total, US$126.6 million was invested in three new projects, marking a 2.9-fold increase compared to last year’s corresponding period.

It’s noteworthy that US$125 million was funneled into the wholesale and retail and repair of automobiles, motorcycles, motorbikes and other motor vehicles. This was followed by health care and social assistance activities with US$1.5 million, as well as the financial, banking, and insurance sector with US$140,400.

The Republic of Korea was the leading recipient of Vietnamese investment with US$125.1 million, trailed by Thailand with US$1.5 million, and Laos with US$140,400.

Petrol prices revised up following Tet

The Ministry of Industry and Trade and the Ministry of Finance revised up the prices of petrol in the latest adjustment on January 30.

Accordingly, the retail price of RON 95 went up 990 VND per litre to 23,140 VND (0.91 USD) from 7pm the same day.

The price of E5 RON 92 rose by 970 VND per litre to 22,320 VND while diesel price increased by 890 VND per litre to 22,520 VND.

The two ministries also decided to extract 850 VND per litre from E5 RON 92 and 950 VND per litre from RON 95 for the petrol price stabilisation fund.

PM urges faster progress of expressway projects in Mekong Delta

Prime Minister Pham Minh Chinh had a meeting with ministries, sectors, and Mekong Delta localities in Can Tho city on January 30 to look into the progress of some transport projects.

The working session followed his fact-finding tour of some key transport projects after the Lunar New Year holiday.

PM Chinh said the Mekong Delta, comprising 12 provinces and one city, holds a critically important role, boasts huge potential, but is also the region most vulnerable to climate change in Vietnam.

Breakthroughs in transport infrastructure and human resources will help this region develop more strongly in the coming time, he went on, noting that promoting transport infrastructure projects will also help accelerate public investment disbursement, one of the driving forces for national socio-economic recovery and development.

According to the PM-approved road network planning for 2021 - 2030, with a vision to 2050, the Mekong Delta will have six expressways with the total length of 1,166km. Some projects are underway and about 554km of expressways are expected to be completed by 2026, while the rest will be built between 2026 and 2030.

The PM affirmed that developing transport infrastructure, especially expressways, in the Mekong Delta is an objective requirement, so actions must be taken without hesitation to obtain observable and measurable results.

He demanded consensus, strong determination, great efforts, and drastic and effective actions, adding the sooner expressways are opened, the sooner the Mekong Delta can benefit from them.

Applauding ministries, sectors, and localities’ performance, the Government leader asked them to coordinate more closely in developing transport facilities, particularly expressways, in the region.

They need to quickly finish procedures in the first half of 2023 so as to start the remaining projects soon, PM Chinh said.

More realty businesses established, resume operations in 2022

The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction.

As per statistics from the Ministry of Planning and Investment’s Business Registration Management Agency, there were 8,593 new enterprises and 2,081 businesses resuming operations in 2022, up 13.7% and 56.7% year-on-year.

Meanwhile, the number of firms declaring bankruptcy or dissolution also grew by 38.7% against 2021.

The Ministry of Construction said 2022 still saw many challenges facing realty firms and forcing them to change their business and management plans. The changes included debt restructuring, scaling down production and investment, streamlining apparatus, and suspending new projects, among others.

In the face of complicated economic developments, from the middle of the third quarter to the end of last year, the operations of real estate exchanges also showed signs of difficulties. Less transactions were conducted compared to the beginning of the year, leading to a decrease in the scale of the trading floors, whose number is now more than 1,100.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, 103 transactions of capital contribution and share purchase were recorded in the sector in the year as of December 20, with their accumulative value reaching some 1.6 billion USD.

Science, technology, innovation to contribute over 50% to agricultural growth by 2030

The Ministry of Agriculture and Rural Development (MARD) is striving to increase the proportion of science, technology and innovation’s contributions to the sector’s growth by over 50% by 2030 through research, transfer and application activities.

The number of businesses engaged in innovation will account for 60% of the total working in the sector by 2025, and 85% by 2030.

The sector will support the construction and development of at least 200 hi-tech agricultural enterprises nationwide, and 50-100 high-tech agricultural zones in the agro-ecological ones.

More efforts will be made to turn science, technology and innovation into a breakthrough to strongly develop Vietnam's agricultural economy; transform to a green and environmentally sustainable growth model; and improve productivity, quality, efficiency and competitiveness of the industry.

The MARD will also strengthen public-private partnership in scientific research technology development and innovation; and mobilise resources from state budget, businesses and the community for these works.

At the same time, it will create conditions for enterprises and economic sectors to participate in research, complete technology and transfer or purchase technology inside and outside the country.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes