The World Bank is set to support the Vietnamese government with a 55.6 million U.S. dollars project on innovations targeting people with low incomes, which will be carried out nationwide from 2013 to 2018.

The information was unveiled at a conference held by the Ministry of Planning and Investment along with the Vietnam Academy of Science and Technology in southern Ho Chi Minh City on Friday, State-run Vietnam News Agency reported.

Accordingly, the project aims to create opportunities for Vietnamese businesses to access loans and capital so that they can enhance their proficiency in implementing innovations through applying, perfecting and expanding their operations, as well as commercializing technology to improve living standards for low- income people.

According to the project management board, developing traditional medicine, information technology and communication, agriculture and aquiculture will be a priority in implementing the project.

In addition, scientific research on the above-mentioned spheres must be practical, applicable, environmental friendly and cost effective, and may be implemented in two or three years.

The studies must ensure cooperation among domestic and foreign researchers, entrepreneurs, partners and people generating innovative initiatives that are in line with local conditions and have potential to be internationally competitive, said the report.