Vietnam targets bioeconomy as major driver for future GDP growth

A recent workshop in Hanoi, organized by the Vietnam Association of Science and Technology Information and the Department of Information and Statistics, highlighted the bioeconomy as a major driver for future economic growth. Experts noted that the global bioeconomy is currently valued at approximately $5 trillion and is projected to reach $30 trillion by 2050, potentially accounting for nearly one-third of the global economy.

Vietnam possesses significant advantages in this sector due to its high biodiversity, developed agricultural base, and abundant biological by-products. While the current direct contribution of the bioeconomy to Vietnam's GDP is not yet fully realized, national strategic goals aim for biotechnology to contribute about 7% of GDP by 2030 and between 10% to 15% by 2045.

Speakers emphasized the need to bridge the gap between laboratory research and market commercialization to overcome the ‘valley of death’ in product development. The integration of biotechnology with artificial intelligence and big data is also expected to accelerate research and development processes.