Vietnam Approves EUR11M Finland-funded Innovation Partnership Program

Vietnam’s prime minister has approved the second phase of the EUR11 million Vietnam-Finland Innovation Partnership Program (IPP) that will be implemented in the 2014-2018 period, the Dau Tu newspaper reported. Of the amount, EUR9.9 million will come from Finland’s grant while the remaining EUR1.1 million will be funded by Vietnam’s state budget. The IPP, started in 2009, has encouraged technology upgrades, management improvements and developed new product ranges and creative marketing. Its establishment was in the context of Vietnam planning to be a modern, middle-income and industrialized country by 2020. The program, aimed at building Vietnamese - Finnish partnerships of enterprises and public sector institutions, has supported small and medium-sized enterprises (SMEs) working in information technology, bio-technology, engineering, and green energy, with priority for projects contributing to poverty reduction. In the first phase of the IPP between 2009 and 2013, Finland funded EUR7 million. The project was implemented in Hanoi, Haiphong, Hue, Danang, Lam Dong, Ho Chi Minh City, Can Tho, and An Giang. During the 40 years of Vietnam-Finland diplomatic relations, the latter has provided the former with about $400 million in development programs. (Dau Tu – Investment Feb 24 p2)