Economic growth based on science, technology, and innovation in Vietnam

Abstract

In Vietnam, the contribution of science and technology to economic growth remains low, investment by the business sector in innovation is weak, and the quality of human resources does not yet meet requirements. These facts differ from the policy ideas defined since the 1990s. The main reasons are the heavily bureaucratic characteristic of science management mechanisms, the inconsistency in institution design, and especially, limitations in mobilizing and allocating capital for science and technology. Looking to the future, the process of growth based on science and technology in Vietnam faces challenges in choosing the appropriated time to transform the growth model and selecting the suitable quantities to expand fiscal and monetary policies to achieve high growth while maintaining macroeconomic stability.