Vietnam's National Foundation for Science and Technology Development (NAFOSTED) recently hosted a workshop to discuss improvements to the national financial mechanism for strategic technology development. During the forum, a paradigm shift in budget governance was proposed, moving from mere operational cost financing to strategic investment to accelerate national technological independence.
The Director of NAFOSTED, Associate Professor Dr. Dao Ngoc Chien, emphasized the importance of creating a flexible financial ecosystem to spur innovation. Until now, rigid project management models have been considered incapable of accommodating the complexity of technological research and commercialization, which demand speed and world-class talent.
As part of a new draft Circular, NAFOSTED has proposed six groups of innovative mechanisms, including granting greater autonomy to researchers, providing emergency funds, and enabling result-based budget settlements. This initiative aligns with Vietnam's ambitious target to develop 30 strategic technology products and master at least 12 core technologies by 2030.
To attract top experts, the government has proposed a highly competitive compensation structure. Chief Engineers leading strategic projects are proposed to receive salaries of up to 300 million VND per month, followed by Chief Architects at 250 million VND, and Project Managers at 150 million VND per month. This scheme is designed to compete with international market standards and draw scarce talent into Vietnam's technology ecosystem.
This strategic move is also seen as an effort to strengthen national competitiveness amid deepening bilateral relations with various developed nations, including the United States. It is hoped that by building human capital and providing adequate financial support, Vietnam can position itself as a key player in technology competition and digital transformation both regionally and globally.
