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Hanoi, Vietnam to Form a Technology Trading Platform

Image credit: Vietnam Plus

Hanoi is working on a plan to form a technology trading platform – a move considered critical for the development of the science-technology market in the capital and Vietnam as a whole. The municipal People’s Committee has identified the market as a component of the economy with a key role to play in promoting technological invention and innovation.

According to a report, Deputy Director of the municipal Department of Science and Technology, Nguyen Quoc Ha, said that although many significant strides forward have been made, the science-technology market in the capital has yet to match the city’s potential. He pointed out that technology providers such as research institutes, universities, enterprises, and individuals still lack experience in marketing. They also have little understanding about demand, while those with demand for the products lack information about suppliers.

Vu Anh Tuan, Deputy Director of the National Agency for Science and Technology Information, under the Ministry of Science and Technology, noted that setting up a network of technology trading platforms in Hanoi, central Da Nang city, and Ho Chi Minh City has fallen short of expectations. The network was one of the three objectives of the government’s programme to develop the science-technology market by 2020.  Therefore, in the time ahead, Hanoi needs to establish a platform of this kind to encourage technology trading and help fuel the science-technology market in both the capital and the country, he said.

Hoang Ba Tien, a representative from the Vietnam National Seed Group (VINASEED), said his company always has a demand for new seedling technologies. However, technology transactions have been conducted mainly via advisory units or introductions by scientists themselves. He said that the company does not have anywhere to connect with or proactively seek the products it needs. It is necessary to have a technology trading platform to access related information to serve production and business activities.

The resolution from the 17th Hanoi Party Congress pointed out the necessity of continuing to prioritise the development of the science-technology market. Forming a technology trading platform for Hanoi and a national technology exchange connected with the world’s major tech hubs are other tasks for the municipal Party Committee. The tasks fall under its programme to develop science, technology, and innovation during 2021-2025.

Ha said the Department of Science and Technology is completing a plan on the building and operation of Hanoi’s technology exchange. Accordingly, it will operate both physically and online. The physical platform will display technological products and provide a venue for suppliers and buyers to meet. The online version will act as an e-commerce platform for trading technologies and equipment, a platform for advisory and brokerage activities, and a database on scientific and technological advances.

The transaction value of Vietnam’s science-technology market posted average annual growth of 22% during the 2011-2020 period. Vietnam ranked 42nd among 131 economies in the 2020 Global Innovation Index (GII). Among those making the most significant progress in their GII innovation ranking over time, Vietnam led 29 lower-middle-income countries and was third in Southeast Asia. Last year, it moved up 13 places from the previous year to 59th in the rankings of 100 economies with the best start-up ecosystems.

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