The three-year project, with a total investment of nearly US$1.1 million, includes $980,000 from the Republic of Korea’s Official Development Fund (ODA) through UNIDO, and a corresponding fund of $100,000 will be covered by Việt Nam .

 

Speaking at the launch ceremony, the head of the International Co-operation Department under the MOIT, Lê Hữu Phúc, said the ministry pledged to do its utmost to support the work, adding that Việt Nam would see its industry sector grow thanks to the project.

 

Việt Nam enjoyed high industrial growth but added values and technology application rates remained low, he said, noting that reasonable and feasible policies would be crucial for the country to develop its industrial sector with higher added values and competiveness.

 

RoK Consul General to Việt Nam, Park Sang-shik, said his country would share its experience in technological development with Việt Nam and provide full support for the Southeast Asian country to implement the project.

 

Industrial development report

 

On the same day, UNIDO released the Industrial Development Report 2016, which focuses on the role of technology and innovation in sustainable industrial development.

 

The report highlights the urgent need for international co-operation to boost technological changes and attain inclusive and sustainable industrial development.

 

It underlines the role of technology and innovation in industrialisation and modernisation and affirms the inevitability of industrialisation during development. Additionally, technology is able to foster all three aspects of sustainable development: economy, society and environment.

 

However, the technological application in developing the economy and solving social problems in Việt Nam is still limited, participants at the launch said.