Vietnam and Finland signed agreement for the IPP's second phase on Thursday
Vietnam and Finland signed an agreement for the second stage of the Innovation Partnership Program (IPP) on Thursday.
THe 11 million euro (US$15.3 million) program aims to help Vietnam boost its scientific development and innovation.
The IPP's second phase will be carried out from now until 2018 under the management of the Vietnam Ministry of Science and Technology, with 9.9 million euro ($13.73 million) of the funds provided by Finnish government and the rest supplied by the Vietnamese government, news website VnExpress reported.
It aims to complete regulatory documents on scientific technology, developing technologies in local areas and establish an expert team in the field of technology innovation to support domestic enterprises.
Speaking at the signing ceremony, Nguyen Quan, Science and Technology Minister, said that in this second phase, the ministry would make more efforts towards breakthroughs in scientific technology as well as create opportunities for enterprises and scientists to work together to make products that have high scientific values and at the same time, can be used by enterprises for practical purposes.
The first phase of the program was conducted 2009-2014 with a total fund of $9.97 million, of which 89 percent was funded by Finnish official development assistance.
It brought results with over 300 projects proposed and 60 implemented, focusing on four main areas: developing institutional capacity, building innovation capability, financing and supporting initiatives and innovations by enterprises and promoting the Vietnam-Finland partnership.
IPP seeks to promote science-technology and innovation in Vietnam to fully-industrialize the country by 2020. It is considered by Finland as one of the country's key project in support of Vietnam.