Asia Business Channel

Vietnam to establish National Innovation Centre

  • Internationally acclaimed artist, Chen Man, is a “Fan” of the Mandarin Oriental
The Vietnamese government has officially launch a project that will result in the establishment of a National Innovation Centre (NIC) in Hanoi, that will lay the groundwork for Vietnam to capitalize on the Industry 4.0 era. When the establishment of the NIC was discussed late last year, Nguyen Chi Dung, Minister of Planning and Investments said that it would be key for promoting economic development based on science, technology, and innovation.

The Ministry of Information and Communication announced the creation of the NIC and said that they expect to break-ground on facilities this year. The NIC will be construction at a cost of $82 million USD on a 23-hectare area in Hoa Lac Hi-Tech Park. Construction is projected over a 3-year period, but certain operations could be ready in late-2020 or early-2021.

The NIC has a goal to create a balanced environment between innovative SME’s, technology companies and venture capital investment funds. As the NIC is developed, it hopes to have at least 40 technology companies, 150 SME’s and Startup companies and 15 ~ 20 venture investment funds involved in the NIC’s long-term development and management.

The draft plan for the NIC places research and development priority on four areas: (1) digital content technologies, (2) network security, (3) smart city technologies and (4) smart manufacturing technologies.

Vietnam’s Ministry of Planning and Investment’s has created the Vietnam Innovation Network initiative and the National Innovation Center is the first step in a planned nationwide network. How fast the NIC concept can be rolled out regionally and into other cities will be based, in part, on the success of the new NIC in Hanoi. According to consultants and government planners, each innovation center will focus on a number of specific areas. They will be functional spaces to create new technologies as well as venues to promote the introduction of these technologies.
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Internationally acclaimed artist, Chen Man, is a “Fan” of the Mandarin Oriental