Prime Minister Nguyen Xuan Phuc (centre) at the meeting on science, technology and innovation in Hanoi on May 15 (Photo: VNA)

The event is jointly organised by the Ministry of Science and Technology, the Australian Embassy in Vietnam and the International Development Innovation Alliance (IDIA).
Prime Minister Phuc appreciated foreign partners for sharing their experience on developing a digital economy and innovation. He said while natural materials are becoming exhausted, it’s necessary to promote gray matter and innovation. He said the growth model based on resources and labor should be shifted to a digital economy based on innovation and technology, noting that they are the important steps to help Vietnam avoid the middle-income trap.

Mr. Phuc said: “Businesses should understand that investment in research and development is the shortest way to improve competitiveness and obtain sustainable development. Fierce competition in the global integration requires Vietnamese businesses to invest more in technological research, development, and innovation to gain higher position in the global value chain. Businesses should be the center of innovation.”

The meeting is held within the framework of the “Innovation Week” in Hanoi from May 13-17, heading to comprehending tools, technology and trends related to the Fourth Industrial Revolution, their risks and potential benefits to the fair and inclusive development in Vietnam and other nations.