The Finnish government granted EUR5 million to carry out the Innovation Partnership Program (IPP) in Vietnam as a part to help Vietnam firms to improve their innovation for better development.
IPP is aimed to boost innovation within business, encouraging such activities as upgrading technology, improving management and developing products, services and new marketing ideas. In the first phase from 2009-2012, the program will be implemented in 8 cities and provinces, including Hanoi, Haiphong, Hue, Danang, Lam Dong, Ho Chi Minh City, Can Tho, An Giang with the initial budget of EUR6.2 billion. IPP will support small and medium sized enterprises (SMEs) involved in information technology, bio-technology, engineering and green energy with high priority given to projects focusing o poverty reduction. Tran Quoc Thang, IPP Director, said that Vietnamese businesses are reluctant to invest in developing products. Therefore, IPP will help promote their innovation activities and improve their competitiveness both in domestic and international markets. (Thoi bao Kinh te – Vietnam Economic Times Jul 22 p4, vovnews.vn Jul 21)
