Ho Chi Min City to invest $70M in bio-technology

Ho Chi Minh City will invest around VND1.4 trillion or US$70 million in bio-technology from 2010 to 2015, with 89 percent of the amount coming from state budget.

This was announced at the ‘2nd National Biotechnology Conference in Southern Vietnam’, held in Ho Chi Minh City.

Despite having made significant strides, the bio-technology industry in Vietnam remains relatively backward compared to its counterparts in other countries in the region.

Speaking at the conference, Phan Minh Tan, director of the HCMC Department of Science and Technology said: "Bio-technology plays a vital role in industrialization and modernization. It contributes to national food security and sustainable agricultural economic development.”

Ho Chi Minh City is considering bio-technology, information technology, material technology and mechanical automation as the four key breakthrough technologies that need to be developed. As a result, the city has decided to invest a large amount to develop bio-technology till 2015.