The information was released at a conference held by the Ministry of Planning and Investment along with the Vietnam Academy of Science and Technology in Ho Chi Minh City on July 19.
The project aims to create opportunities for Vietnamese businesses to access loans and capital so that they can enhance their proficiency in implementing innovations through applying, perfecting and expanding their operations, as well as commercialising technology to improve living standards for low-income people.
Developing traditional medicine, information technology and communication, agriculture and aquiculture will lie at the heart of the project, said Trieu Quang Khanh, a representative from its management board.
He added that scientific research on the aforementioned spheres must be practical, applicable, environmentally friendly and cost effective, and may be implemented in 2 or 3 years.
The studies must ensure cooperation among domestic and foreign researchers, entrepreneurs, partners and people generating innovative initiatives that are in line with local conditions and have potential to be internationally competitive.