(VOVworld) – To date, eleven projects in Vietnam have been invested millions of US dollars for fostering innovation through research, science, and technology.

Tran Quoc Thang, Director of the Management Board of the FIRST project. (Photo: VOV)

The information was released at a conference in Hanoi on Sunday to introduce the "Fostering Innovation through Research, Science and Technology" Project or FIRST Project.

The project sponsored by the World Bank aims to increase productivity, competitiveness, and quality of Vietnam’s economic growth through the acceleration of scientific research, technological application and innovation activities.

The project will continue to call for the second funding focusing on the support for foreign talented experts, public scientific and technological organizations, and groups which are cooperating on science and technological development and innovation.

The maximum financing for each component will be 7 million US dollars, with priorities to the research and development in IT and communications, biology, agriculture, new materials, mechanics, and automation.