Vietnam's capital to invest 340 mln USD in technology, innovation from 2026

HANOI, Dec. 4 (Xinhua) -- Vietnam's capital Hanoi will allocate 4 percent of its annual budget, equivalent to over 9 trillion Vietnamese dong (about 340 million U.S. dollars), for science, technology and innovation starting in 2026, VnEconomy reported Thursday.

Of the total, public investment will account for over 5.5 trillion Vietnamese dong (about 208 million U.S. dollars), according to the report.

Truong Viet Dung, vice chairman of the municipal People's Committee, said that to maintain growth targets of 8 to 10 percent this year and 11 percent next year, the city has no option but to rely on science, technology and innovation.

Tran Anh Tuan, director of the municipal Department of Science and Technology, said Hanoi is preparing to establish large-scale laboratories, each worth hundreds of millions of U.S. dollars or more. Enditem