Tuesday, November 5, 2024 9:23:12 AM - Markets open
VN-INDEX 1,244.71 0.00/0.00%
HNX-INDEX 224.71 +0.26/+0.11%
UPCOM-INDEX 91.76 +0.15/+0.17%
Limited resources and a lack of incentives hindering eco-innovation
vietnamnews - 8/27/2024 1:29:55 PM
 (0 ratings. You must sign in to rate.)
Training has mostly covered the theoretical part but is severely inadequate in providing businesses with technical know-how, financial support and supply-chain connections.
 
 
A worker at a wood furniture factory in the northern province of Bắc Giang. — VNA/VNS Photo
 
 Limited resources and a lack of support policies have hindered businesses’ eco-innovation, the development of products and processes that contribute to sustainable development, according to economists and policymakers.
 
Nguyễn Thị Luyến, head of the economic institution research department at the Central Institute for Economic Management (CIEM), said eco-innovation and more efficient utilisation of resources in production have gained traction in recent years with many localities launching programmes and initiatives for green development models.
 
At the same time, the participation of numerous organisations, scientists and experts has been crucial in training and encouraging businesses to engage in eco-innovation practices.
 
CIEM, however, said such policies were still lacking as a consistent, synchronised and coordinated effort.
 
For instance, it’s unclear what criteria businesses must fulfil to qualify as eco-innovation businesses and what regulations they must follow. Training has mostly covered the theoretical part but is severely inadequate in providing businesses with technical know-how, financial support and supply-chain connections.
 
"The primary source of financing for innovation is mainly from the businesses' pocket, followed by loans. The number of businesses with access to the State’s financial support remained small,” she said.
 
Luyến added more policies were needed to involve the private sector, in particular commercial banks and investment funds. She said support must be given in consideration of business sizes and characteristics to encourage innovation and participation.
 
Mette Ekeroth, a representative of the Danish Embassy in Vietnam, said Vietnamese SMEs often respond and adapt quickly to new challenges and requirements, not shying away from experiencing new business ideas and models.
 
She said eco-innovation has proven to be a challenge. However, it can also be an opportunity for pioneering businesses to enhance their competitive advantage, maximise resource-use effectiveness and reduce carbon emissions.
 
CIEM Deputy Director Nguyễn Hoa Cương said the State has steadily given more support to businesses, especially small and medium-sized enterprises (SMEs) in promoting and implementing eco-innovation, including both financial and non-financial incentives.
 
For example, there are incentives for eco-innovation for businesses under the Investment Law 2020, the Science and Technology Law 2013, and the Law on Efficient Use of Energy, including preferential regimes for corporate income tax, value-added tax, import-export taxes and land and water lease rates.
 
He said it’s time the Government implement dedicated support policies and set the criteria requirements as the foundation for the development of business eco-innovation. Meanwhile, the country should focus on completing the legal framework and support policy system for green innovation, including standards, technical regulations, tax policies, financial investment, market policies, consumption policies and policies on education, training, research and development. — VNS
 
Read original article here
Newer News
04/11 Numerous US businesses set to arrive in HCM City to implement signed agreements
04/11 Foxconn to invest US$80 million in Bắc Giang for chip manufacturing expansion
04/11 Rice exports likely to set new record in 2024
04/11 VN among the top three ASEAN countries in term of industrial competitiveness
04/11 How the US election result can impact Vietnam's exports
01/11 Vietnam develops 'purely Vietnamese' generative AI
01/11 Ministry of Finance deploys pilot project for smart border gates
01/11 Vietnam poised to become the third-largest data centre market in ASEAN
31/10 Surging rice import is business as usual: MARD
31/10 US receives request for anti-dumping probe into Vietnamese pharmaceutical capsules
Older News
27/08 World Bank forecast that VN’s economy will expand by 6.1 per cent in 2024
26/08 RoK boosts agri-equipment exports to Vietnam
26/08 At least 30,000 food and beverage stores in Vietnam closed in H1
26/08 Ministry auctions import of 126,000 tonnes of sugar
26/08 Opportunity for Vietnam as Indonesia increases rice tender volumes
26/08 New policy promotes green banking development in Vietnam
26/08 Clean electricity export: a bumpy road ahead
23/08 HCM City seminar discusses AI trends in marketing
23/08 EVN, TKV work to ensure adequate coal supply for electricity production
23/08 Vietnam-Korea expo opens in HCM City
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 9:14:59 AM
VN-INDEX 1,244.71 0.00/0.00%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.