Sunday,  Feb 17, 2019,10:15 (GMT+7) 0 0
Australia offers AUD10 million for innovation
By Thuy Dung
Thursday,  Jan 10, 2019,20:03 (GMT+7)

Australia offers AUD10 million for innovation

By Thuy Dung

The program's stakeholders from Australian and Vietnamese Governmental sides in the launching event - PHOTO: THUY DUNG

HANOI - Australia will support Vietnam in building an innovation ecosystem through a development assistance program worth AUD10 million, heard attendees at a launch event held on January 10 in Hanoi.

Aus4Innovation is designed to strengthen Vietnam’s innovation ecosystem, build lasting partnerships between Australian and Vietnamese scientists and researchers, and help the Vietnamese Government and people fully embrace the opportunities offered by Industry 4.0.

Aus4Innovation, which will last for three years, is a flagship program designed to support the Australian–Vietnam Innovation Partnership, which was first established at APEC 2017 by Australian Foreign Minister Julie Bishop and Vietnam’s Minister for Science and Technology Chu Ngoc Anh.

“Through our Aus4Innovation program, we want to share the best of Australia's public and private sector expertise to assist Vietnam in taking advantage of new technologies and to shape the future of its economy,” stated Craig Chittick, Australian Ambassador to Vietnam, at the launch event.

“Asia is on the verge of great transformation and change: Aus4Innovation is an exciting opportunity for us to assist Vietnam in harnessing its skills and experience and creating new lasting connections in science and technology,” said Chittick. “It is a great example of our approach to further developing the Australia–Vietnam strategic partnership.”

According to an Australian report published recently, digital technology and online connectivity will be a driving force for the growth and transformation of the Vietnamese economy in the coming decades. The IT industry alone is expected to make up 8%-10% of the country’s GDP by 2020.

The Vietnam Government is playing an active role in accelerating the development of the digital economy through policies such as the ecommerce master plan. These have recently been bolstered by government directives on transformation to facilitate Industry 4.0.

The private sector is also investing heavily in digital industries in Vietnam, particularly in manufacturing facilities. Young tech entrepreneurs are developing new apps, software, platforms and services for consumers and businesses.

Aus4Innovation from Australia will explore the emerging areas of technology and digital transformation, trial new models for partnership between public and private sector institutions and strengthen Vietnam's capabilities in forecasting, scenario planning, commercialization and innovation policy.

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