The World Bank (WB) will provide 100 million USD to help Viet Nam  implement the Fostering Innovation through Research, Science and Technology (FIRST) project which was inaugurated on November 7.

The funding is to realise a financial agreement reached by the State Bank of Viet Nam  and the WB on July 25, 2013.

Addressing the event, Minister of Science and Technology Nguyen Quan praised the WB’s support, saying the project aims to turn knowledge into goods and technological capacity for businesses.

It is expected to bring businesses and scientists closer and apply science and technology to the cause of poverty reduction and economic development, the minister said.

Victoria Kwakwa, WB Country Director for Viet Nam , affirmed the significance of technological education, research and innovation to each country’s prosperity, affirming that the WB stands ready to help Viet Nam  implement projects in this field.

The FIRST project, to last from 2014 to 2019, has a total investment of 110 million USD, including 100 million USD from the WB and the remainder from Viet Nam . It includes three components, including knowledge and policy development, supporting Government research institutes’ reform and enterprises’ innovation, and project management.

Its long-term objective is to raise the competitiveness and quality of Viet Nam ’s economic growth through the acceleration of scientific research, technological application and innovation activities.

(Source: VNA)