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Vietnam-RoK jointly-founded institute promotes R&D in biotechnology

The Vietnam – Korea Institute of Science and Technology (VKIST) has recently signed several MoUs with both domestic and foreign partners on promoting research and development (R&D) in science and technology.

One of the agreements was between VKIST and CVI Pharma, a Vietnamese pharmaceutical company, which allows them to bolster cooperation in medicinal plant-based health products. Over the last two years, the two sides have been working together in three R&D projects, which will be soon assessed and put in production.

VKIST President Kum Dongwha said in the coming time, the institute will focus its efforts on R&D in biotechnology. In particular, it will cooperate with partners to develop natural cosmeceutical products, he said.

VKIST is a public science and technology agency founded in 2015 under the support of the Government of the Republic of Korea, aiming to become a leading research institute in applied science and advanced technology development for the industrial sector and sustainable economic growth.

It was established through a joint project between the two governments following an official visit by Vietnamese Prime Minister Nguyen Tan Dung to the RoK in March 2012.

In September 2013, the Vietnamese Ministry of Planning and Investment and the Korean Ministry of Foreign Affairs inked an agreement to start the project for building VKIST, modeled after the Korean Institute of Science and Technology (KIST), with an investment of 35 million USD sourced from the RoK’s non-refundable ODA.

It is the largest project funded by non-refundable aid provided by the RoK to Vietnam to date./.