Technology market new but promising: experts Illustrative image (Photo: VNA) Vietnam’s technology market may be new but it has prospered and promises great potential as the technology and equipment traded have constantly increased, according to the Vietnam Economic News. The Ministry of Science and Technology’s data pooled from four technology exchanges and techmarts - two common forms of technology market - show the number of technology and equipment transactions last year reached 5,482, up 33.5 percent from the previous year, reaching a total value of 2.746 trillion VND (129 million USD). Newly established technology exchanges succeeded beyond expectations. For example, the Hai Phong Technology Exchange established in 2008 has attracted nearly 40,000 people to come to exchange scientific views and search for scientific products and technologies. Nearly 4,300 pieces of technology and equipment information were registered for sales, while 300 contracts valued at 380 billion VND were inked. The Da Nang Technology Exchange, five years after its establishment, has recorded 5,321 domestic businesses and 153 foreign companies registering 7,754 technology transactions. In addition, the Ho Chi Minh City and Hanoi technology exchanges are also promising with daily huge transaction volumes. Technology and equipment markets are held periodically on national and international scales with much more enhanced links between science and life. The number of contracts signed in periodical techmarts is increasing with average annual growth rate reaching 34 percent. Techmart 2005 attracted only 40 domestic and international companies, but Techmart 2013 attracted 225 domestic and international companies introducing 1,500 technologies and products and signing 1,337 sales contracts worth of more than 156 billion VND. According to prime ministerial Decision 2075/QD-TTg approving the technology market development programme by 2020, the value of technological products and services traded will increase not less than 15 percent on an annual basis, while some high-tech products increasing by not less than 20 percent. The proportion of intellectual property transactions (including technical solutions, processes, and know-how) of the total traded value of traded technological products and services will increase no less than 10 percent by 2015 and no less than 20 percent by 2020. Many localities in the country are implementing technology exchange projects such as Thai Binh, An Giang, and Tien Giang. Universities are also tending to boost the establishment of virtual technology exchanges such as the Hanoi University of Science and Technology. Intellectual property offices have been established in several research institutes such as the Cuu Long Delta Rice Research Institute and the Institute of Food Technology. According to Secretary General of the Vietnam Chamber of Commerce and Industry Pham Thi Thu Hang, Vietnamese enterprises have increasingly invested in science and technology with the investment rate accounting for about 2.8 percent of total capital of an enterprise. In 2007, an enterprise only invested about 712 million VND, but since 2010, the cost of technological innovation has tripled, reaching over 2 billion VND per year per enterprise. This will promote technology market development in the future. “It is necessary to have a skilled workforce to be able to exploit the potential of the technology exchanges. The human resources here include scientists and technology skilled workers who are able to evaluate and select technologies, and connect inventors and businesses methodically,” said Pham Van Dien - Director General of the National Agency for Technology Entrepreneurship and Commercialization Development under the Ministry of Science and Technology. According to Director of Ministry of Science and Technology’s National Office in the southern region Bui Van Quyen, the establishment of technology exchanges is spontaneous with overlapping functions. Therefore, better institutionalised management models, as well as incentive mechanisms and policies should be created to facilitate technology development.-VNA