Vietnam passes Law on Science, Technology and Innovation
The new law comes at a time when innovation identified as one of three breakthroughs for development.
THE HANOI TIMES — The National Assembly today [June 27] passed the Law on Science, Technology, and Innovation to regulate the acceleration of research and innovation.
Approved by 435 out of 438 deputies, the law is due to come into effect on October 1.
FPT introduces new products at a hi-tech conference in Hanoi. Photo: Hai Linh/The Hanoi Times
The legislation focuses on four priorities: building research infrastructure; encouraging risk-taking in research and development (R&D); introducing flexible funding; and offering legal protection for researchers facing objective risks.
The law aims to transform leading universities into innovation hubs, strengthen links with businesses, and increase support for technological development in remote and disadvantaged regions.
Researchers and project managers who adhere to the correct procedures will be exempt from legal liability, including criminal liability, if their work encounters unavoidable risks.
The new policy places businesses at the heart of the innovation system, with the government providing infrastructure, funding, and regulatory support.
Additionally, the law backs high-risk research with venture capital, risk-sharing mechanisms and incentives to attract global talent. Leading organizations will have greater budgetary control and the ability to hire contract experts.
It represents a significant step towards the institutionalization of Party’s resolutions, including Resolution No. 57 on science and innovation, Resolution No. 66 on the knowledge-based economy, and Resolution No. 68 on reforming the management of scientific tasks.
