Strengthening Economic Innovation in Vietnam: A SWOT Analysis of Research and Development Role and Impact

Dinh Tran Ngoc Huy; Pham Anh  Dung; Le Ngoc  Nuong; Le Thi  Han; Dinh Tran Ngoc  Hien; Pham Hung  Nhan

doi:10.71435/604101

Authors

Dinh Tran Ngoc Huy MBA, International University of Japan, Japan - Thammasat University, Thailand -Ho Chi Minh University of Banking, Vietnam
Pham Anh Dung PhD, Faculty of Business and Management, Apollos University, Montana, US University
Le Ngoc Nuong PhD, Department of Law and Economic management, Thai Nguyen University of Economics and Business Administration (TUEBA), Vietnam University
Le Thi Han MSc, Ho Chi Minh University of Banking, Vietnam
Dinh Tran Ngoc Hien Technological University, HCM city Vietnam
Pham Hung Nhan Political School of Ca Mau Province, Vietnam

DOI:

https://doi.org/10.71435/604101

Keywords:

R&D, Economic Innovation, Public-Private Partnerships, Vietnam, Technological Competitiveness

Abstract

This research aims at analyzing Research and Development (R&D) for economic innovation in Vietnam, the opportunities and challenges for enhancing the partnership between public and private sector institutions and universities. In this work, adopting an analytical and descriptive approach, historical analysis, document, and comparative analysis, we assessed the existing framework for R&D in Vietnam and its contribution to the country’s economic growth. The results highlighted the fact, where Vietnam has succeeded in constructing the public R & D network, especially through governmental funding to institutes but the interaction between the public and private sectors has still a long way ahead. Cross-sectional studies between South Korea and Taiwan illustrated that public-private partnerships and university collaboration important for advancement of the innovation capacity and economic growth. The study also looks into the issues of obsolescence of equipment and technology, low private sector participation and problems of technology transfers in the global market. Thus, it is recommended that Vietnam should compliment its R&D environment by benchmarking to such models, identifying specific sectoral linkage, and increasing R&D investment in the relevant sectors. In this way, Vietnam can improve the role and efficiency of R&D with an aim to enhance productivity, and thus enhance the competitiveness and sustainable economic growth.

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