Ho Chi Minh City has recorded significant achievements in scientific and technology between 2012 and 2021, greatly contributing to the local economy, the municipal Party Committee said.

HCM City (VNA) – Ho Chi Minh City has recorded significant achievements in scientific and technology between 2012 and 2021, greatly contributing to the local economy, the municipal Party Committee said.

The HCM City Party Committee held a conference on February 16 to review the 10-year implementation of the 11th-tenure Party Central Committee’s Resolution 20-NQ/TW, issued on November 1, 2012 on the development of science and technology toward international integration. The resolution was issued in service of industrialisation and modernisation amid the socialist-oriented market economy.

It reported that over the last 10 years, the southern metropolis has strongly applied science and technology to public administration, especially using information technology in public services. The technological level of industrial production businesses has also been improved gradually.

The general speed of technological and equipment reform in the city was about 18.85% annually during 2016 – 2020, an increase from the 15% before 2016. Meanwhile, total spending on machinery and equipment averaged 20.6 trillion VND (870.3 million USD at the current exchange rate) each year.

This could be seen in the high total factor productivity (TFP), 35.62% on average, with science and technology contributing to 74% of the TFP growth. Between 2011 and 2021, the social labour productivity in HCM City was 2.7 times higher and the productivity growth was 1.7 times higher than the nationwide figures.

The technological level of industrial production businesses in HCM City has been improved gradually over the last 10 years. (Illustrative photo: VNA)

However, Vice Secretary of the municipal Party Committee Nguyen Ho Hai pointed out that there remain many challenges to the development of science and technology, which has yet to meet socio-economic development and urban management demand or truly become momentum toward development.

Deputy Minister of Science and Technology Le Xuan Dinh said HCM City is home to thousands of startups that account for about half of the total in Vietnam. Meanwhile, total investment in science, technology and innovation needs to make up at least 2% of the local GRDP, but it is hard for the state budget to cover the rate.

Therefore, HCM City should pay attention to attracting investment from venture funds to startups and innovation, he suggested.

The municipal Party Committee said in the coming time, HCM City will focus on reforming the system of science and technology organisations, and enhance connectivity with businesses in developing and reforming technology. They will also work to train manpower, offer preferential treatment to attract science and technology personnel. The committee plans to expand cooperation with international partners, and attract overseas Vietnamese scientists and technological experts./.

Source: Vietnam Plus