Source: Deal Street Asia
Over 400 technology transfer contracts worth nearly VND400 billion ($17.8 million) were inked during the Techmart 2015 exhibition in Hanoi over the last four days, according to local media reports.
Technology products showcased during the event were mostly hi-tech equipments to serve the agriculture and automation sectors, and to address environmental issues like waste management.
The highest contract value was reportedly at VND150 billion, which is a household waste incinerator technology deal between two local firms. The second largest contract, worth VND120 billion, was a wastewater treatment sold by Hanoi-based NUSA Vietnam Energy and Environment Technology JSC.
The Techmart event, which kicked off in 2005, has seen a lot of such technology transfer memoranda each year, Le Xuan Dinh, director of the national technology and science information department, reportedly said. He added that 60 per cent of the contracts were implemented.
Unlike previous years where Techmart attracted mostly research institutes, this year saw participation from private companies and technology enthusiasts. Out of the total 600 showcases, tech businesses accounted for 500. This was the first time that startups occupied booths at Techmart.
Being the largest multi-disciplinary tech exhibition in Vietnam, products and equipment for engineering continued to remain the dominant theme followed by agricultural tech tools and IT and telecom.
As Vietnam enters a spate of bilateral and multilateral free trade pacts, local businesses face intense competition from foreign players, particularly from strong technology bases like the US and Japan. “If we are not able to create new technologies and innovate high value-added products, Vietnam might easily lose in the global market,” the Minister of Science and Technology Nguyen Quan said, while addressing the opening of the Techmart 2015.