Strengthening the effectiveness of Innovation Policy

86% of economic growth is fuelled by innovation, so nations must embrace it to move forward. For governments, creating a favourable policy environment in which innovation can bloom is increasingly important.

Our #Aus4Innovation program is working together with Vietnam’s Ministry of Science and Technology to address bottlenecks and co-create innovation policy frameworks that incorporate international best practices with the unique characteristics of Vietnam’s innovation system. There will be a series of workshops and working discussions at which Australian and Vietnamese experts, as a team, will deep dive to understand Vietnam’s challenges in the innovation policy sphere and come up with measures to help make innovation policy more practical and efficient.

Speaking at the first workshop of the series, Dr Lucy Cameron from CSIRO – Australia’s national science agency, shared that Australia was the first jurisdiction in the world to tax big multi-national companies to keep local news companies and small businesses alive, while offering generous R&D tax concessions. This was among many practices in Australia that was shared during the workshop, together with findings from Vietnam’s policy review shared by departments of the Ministry of Science and Technology.