Need legal framework for technology market
Although mentioned in many national development strategies, in reality, Vietnam has not yet formed a real technology market where technologies can be bought and sold publicly, with transparent pricing, professional brokerage units and transaction support tools.
Engineers of Tomeco Company (Ngoc Liep Industrial Park, Hanoi) discussed the design of industrial fans. (Photo: DUY LINH)
This market plays a key role in promoting innovation, helping research results to be applied, technology to be exchanged and transferred, creating products to serve society. Without an efficient and transparent operating system, the innovation process will be delayed, costs will increase and it will easily lead to wrong investment decisions, limiting the development of the knowledge economy.
In fact, many businesses have difficulty accessing accurate information about technology (despite the existence of technology "marketplaces" or virtual exchanges), leading to invisible barriers in the innovation journey. Businesses need a reliable database of scientists to accurately identify leading experts in the field of research, thereby improving the efficiency of the innovation process. In addition, transparency of information about the transfer process, application costs and subsequent costs is essential to promote effective cooperation between technology sellers and buyers.
According to international reports and assessments, the lack of a properly functioning technology market makes Vietnam's innovation costs about 1.5 times higher than the average of OECD countries. To overcome this, it is necessary to improve the legal system, build an ecosystem including a technology market, a transparent trading floor and an arbitration mechanism to resolve disputes. Solutions such as establishing a Technology Guarantee Fund, training a team of professional brokers and standardizing technology valuation will help reduce risks, promote technology transfer and application, thereby improving the competitiveness and sustainable development of the Vietnamese economy.