Deputy Prime Minister Tran Luu Quang has signed a directive on developing the science and technology market in a consistent, effective, modern, and integrated manner.

The directive identifies obstacles and difficulties hindering market development, including the lack of a consistent legal framework on technology transfer and a technology transaction floor, and an absence of policies that encourage commercialization and promote technology supply and demand.

Vietnam still depends on technology supply from abroad, the directive noted, while many results of technology research have failed to meet market demand, businesses still find it difficult to access qualified technology supply sources, and the capacity to absorb and master technology at many businesses remains limited.

To further develop the market under the directive, it is necessary to review policies on the market and create a new legal framework and new policies to promote its development, according to Deputy Director of the National Agency for Technology Entrepreneurship and Commercialization Development Pham Duc Nghiem.

He also suggested improving businesses’ capacity to absorb technology and adopt measures to help them apply and renew technology.

Vietnam’s science and technology market posted average annual growth of 20 per cent in the 2011-2020 period.