Science and Technology market: Contexts, challenges and problems for policy research

Attending the seminar were experts and scientists from the Department of Innovation (Ministry of Science and Technology), the Vietnam Academy of Science and Technology, representatives of a number of businesses and units of the Vietnam Institute of Science and Technology Strategy.

Speaking at the introduction, Dr. Nguyen Huu Xuyen, Vice President of the Institute of Strategy, said that the seminar is a forum for scientists, policymakers, experts and stakeholders to jointly identify and analyze core issues, bottlenecks and obstacles in the policy of developing the science and technology market.

Thereby, proposing research orientations and improving the system of policies and laws, promoting the development of the scientific and technological market in the context of integration.

Current status of the science and technology market

A report on "S&T market - the driving force for innovation and economic development" by Dr. Nguyen Huu Xuyen showed an overview of the role, structure and operating mechanism of the science and technology market in Vietnam.

Especially, the reports emphasized the importance of developing an innovation ecosystem with the participation of intermediary organizations such as technology exchanges, science and technology application centers, science and technology enterprises, investment funds, incubators, etc. in order to connect, advise, price and support effective technology transfer.

In addition, it also suggested to improve institutions, policies and support-ecosystems to develop a modern science and technology market and integrate internationally, Dr. Nguyen Huu Xuyen emphasized.

Dr. Khong Quoc Minh, Department of Innovation (Ministry of Science and Technology) analyzed the new points of Law No. 93/2025/QH15 approved by the National Assembly on June 27, 2025 through a report on "Law on Science, Technology and Innovation 2025 and policy implications for the development of the science and technology market".

Dr. Khong Quoc Minh said that this is the first time that "innovation" has been included in the name and content of the Law, marking a fundamental change in development thinking when considering businesses as the center of the innovation system.

The Law affirms the central role of enterprises in the national innovation system, opening up many breakthrough policies: encouraging R&D and technological innovation in enterprises; promote the commercialization of research results using the state budget; improve the mechanism of intellectual property rights, management and exploitation of research results; developing innovation centers, venture capital funds and public-private cooperation.

The formation of the scientific and technological market is based on intellectual property with the close coordination of the "three stakeholders": The State - the University - the Enterprise. Dr. Khong Quoc Minh proposed to complete the legal framework, incentive mechanism and support ecosystem to accelerate innovation and develop Vietnam's science and technology market.

"Barriers in the commercialization of research results and actions of 3 stakeholders" by Dr. Nguyen Tuong Lan (Vietnam Academy of Science and Technology) pointed out the difficulties in bringing scientific research results to the market.

The difference in thinking between scientists (focusing on academic values) and businesses (towards market demand and profits) leads to a large gap in commercialization.

Emphasizing the problem of market demand, when many research topics have not come from production and business practices, leading to products that are not suitable or difficult to be applied, Dr. Nguyen Tuong Lan proposed a synchronous coordination model of the "three stakeholders": The State creates a mechanism, the University orients research in association with practical needs and businesses actively invest and cooperate to bring products to the market.

Solutions to develop the scientific and technology market

At the seminar, the delegates discussed, clarified the current situation and proposed solutions to develop the science and technology market associated with innovation in the new context.

Many opinions believe that the development rate of the scientific and technology market is directly proportional to the growth of the economy, but the scale and quality of the market in our country are still limited; the rate of high-tech processing and manufacturing enterprises is not high; the financial mechanism and interconnection policies between subjects still have many inadequacies.

In order to develop strategic industries such as semiconductor chips, automation mechanics, new energy, aerospace and aerospace; improve the capacity of enterprises to absorb technology; improve financial, tax and intellectual property mechanisms, encourage investment in R&D, etc. the science and technology market needs to be operated based on transparent data, intellectual property valuation according to the market mechanism, and at the same time clearly define the interests and roles of three stakeholders: the State creates policies, the University orients research in association with practice and enterprises actively innovate, application of research results to production.

At the end of the seminar, Dr. Nguyen Huu Xuyen said that the results of the discussion will be the basis for the Institute of Strategy to research, refer to the development of thematic reports and policy proposals in the coming time, contributing to promote the development of the science and technology market and the national innovation ecosystem./.

Translated by Vietnam Journal of Science and Technology (VJST - MOST).

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