The move aims to develop start-up and innovation eco-system, contributing to growth model transformation based on science and technology development. 

The Ministry of Planning and Investment is tasked to define the functions, tasks, rights and structural organization and approve operational regulations of the NIC.

The Ministry is allowed to mobilize domestic and foreign resources for the center in accordance with the legal regulations.

Meanwhile, Ministry of Science and Technology is assigned to coordinate with other relevant agencies to complete procedures for construction of the NIC at the Hoa Lac Hi-Tech Park in Ha Noi.

The NIC is part of the Government’s efforts to join the 4th industrial revolution and the Government will expand this model if the NIC is successful, according to PM Phuc.

Phuc expects that the NIC, initiated by himself in July last year, must be able to connect with businesses, laboratories and network of Vietnamese talents across the world.

Under the direction of the Government chief, the Ministry of Planning and Investment set up a research group responsible for developing the project with the particpation of foreign consultancy companies like Boston Consulting Group and Arup.