High-Tech Market Concept; Characteristics and Role of High-Tech Market

buy and sell, exchange technology products and science and technology services on the basis of the interests of the participating parties.

Based on the inheritance and development of the market concepts mentioned above, the author believes that: The technology market is a component of the science and technology market, in which the supply and demand relationship of technology products and services is implemented through exchange, purchase and sale activities between the owners of technology products and services and those who need to use technology products and services by economic contracts or other agreements according to the provisions of current law.

2.1.2.2. Concept of high-tech market; characteristics and role of high-tech market

* High-tech market concept

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CNC is a product of industrial revolutions in the history of social development, however, understanding and analysis are still confusing between science and technology. Only when the 4.0 revolution has developed and strongly impacted all aspects of social life from production to consumption, has CNC been properly, fully and meaningfully perceived. For this reason, up to now, not only in Vietnam, but also in the world, there has not been a unified concept of TTCNC, commonly referring only to the science and technology market. Most of the research documents on the market recently published in Vietnam as well as countries with highly developed market economies, the term TTCNC has not been mentioned in both theory and practice. In particular, in market economies with developed science and technology levels such as the United States, Japan, Korea, China and some other European countries, the connotation of TTCNC is mainly mentioned in relation to CNC R&D activities.

In Vietnam, although the term TTCNC has been included in the High Technology Law No. 21/2008/QH12 in 2018; accordingly, "The State encourages organizations and individuals to participate in developing the high-tech market" [87, p.12], in legal documents on science and technology, on CNC and CGCN as well as in recently published scientific works, there is no unified concept.

The most important is the concept of the science and technology market... In legal documents and scientific works, the concept of the science and technology market is mainly approached. Typically: "The science and technology market is the place where activities of buying and selling, transferring ownership with payment of science and technology products that have been materialized in the form of know-how, drawings, models of products or methods, production and management processes, patents, licenses... and services related to such buying - selling, transferring" [55, p.105]; "The science and technology market is a term used to refer to a type of market in which the buying and selling, exchanging of goods are products and services of science and technology activities" [57, p.9]; "The science and technology market is a market in which goods are scientific and technological inventions; science and technology services include both tangible and intangible, material and immaterial in a defined institutional environment" [32, p.27]. These concepts have long caused misunderstandings that the science and technology market, technology transfer market or technology transfer market are homogeneous.

On the basis of inheriting, developing and perfecting some concepts about the market, the science and technology market that the author has approached and researched; at the same time, based on the characteristics of CNC, the author believes that: The high-tech market is a special technology market, where the relationship between supply and demand of high-tech products and services is carried out through exchange, purchase and sale activities between the owners of high-tech products and services and those who need to use high-tech products and services by economic contracts or other agreements according to the provisions of current law .

The content of the concept of TTCNC only reveals the following contents:

Participants in the IT market include suppliers, demanders of CNC products and services, and other intermediary organizations. Participants in the IT market are very diverse and rich, including: the State, domestic and foreign enterprises, or any organization or individual who has the right to participate in the IT market based on the provisions of law and the need to supply, exchange, broker, or use CNC products and services.

Participants in TTCNC : CNC products or services created by CNC in tangible or intangible form, material or immaterial, with outstanding quality, features, high added value, and environmentally friendly.

Operation of the market : According to the rules of the market economy. The market, like other types of markets, must comply with the principles and rules of the market economy such as the law of supply and demand, the law of value, the law of competition...

* Characteristics of high-tech market

First, the high-tech market is a monopoly market for high-tech products and services.

CNC products and services on the TTCNC are special goods because when purchased, CNC products and services are difficult or impossible to use without human skills; have high costs; are produced individually or in limited quantities; are highly risky because CNC products and services have high input investment costs, so cost recovery is more risky and the research process does not ensure good confidentiality, then information and research ideas leaked to the outside will lose the novelty and competitiveness of CNC products and services.

CNC products and services are highly exclusive. Accordingly, the buyer who has an exclusive contract for CNC products and services has the right to own and use the CNC products and services; and has the right to transfer to a third party as the seller of CNC products and services if the contract allows. However, in the contract, the buyer's responsibility is not allowed to transfer CNC products and services to a third party.

Second, users of CNC products and services depend heavily on the suppliers of CNC products and services.

The relationship between supply and demand of high-tech products and services in the market often occurs in cases of information asymmetry. Accordingly, sellers of CNC products and services have a deeper understanding of information related to CNC products and services than buyers. They control the process of operation and management.

CNC products and services; because they know the secrets and application features of those CNC products and services; On the contrary, buyers of CNC products and services know very little about the quality and price of CNC products and services, and these goods are often new products and services that have not been tested by the market... Therefore, buyers of CNC products and services must be guided by the seller of CNC products and services, must research and read the accompanying documents, and especially they must learn how to use and operate those CNC products and services.

Third, the transaction costs of CNC products and services are high and require scientific and technological service organizations.

Due to the special nature of CNC products and services, their real value is difficult to determine accurately. As a high-risk commodity, there must be intermediary costs for appraisal and evaluation; the negotiation and negotiation of contracts for the purchase and sale of CNC products and services is very complicated, containing many terms and clearly defining the rights and obligations of the participating parties, resulting in high transaction costs. Therefore, in order for CNC products and services to be easily accessible and exchanged between buyers and sellers on the CNC market, it is necessary, as in other markets, to establish a system of intermediary service organizations for this special commodity through the process of consulting, pricing, and appraisal. However, these issues require highly qualified human resources; therefore, the formation of a high-quality science and technology service organization requires the importance of a team of science and technology staff.

* The role of high-tech market

In fact, although the labor market in general and the financial market in particular were formed and developed later than other types of markets in the market economy such as the labor market, financial market, real estate market, etc., after the birth of the financial market, it affirmed its important role in socio-economic development, specifically expressed as follows:

Firstly , the establishment of TTCNC has promoted the improvement of productivity, quality and quantity of CNC products and services, enhanced the competitiveness of these goods in domestic and international markets, contributing to shortening the gap.

development level between economies, creating conditions for economies with slow technological development to be able to receive technology transfer from economies with advanced science and technology level.

Second , the TTCNC has created a foundation for science and technology activities to develop more vibrantly, richly and diversely, from research and development activities to technology transfer from economic sectors both domestically and internationally, contributing to enhancing the science and technology potential of countries.

Third , the development of TTCNC has created conditions for the formation and development of science and technology human resources, and the number of trained workers at all levels is increasingly large, contributing to improving the quality of the production force.

Fourth, along with the development of the scientific and technological revolution, especially the initial achievements of the fourth industrial revolution as a worldwide trend in automation and data exchange in production technology, digital convergence with core elements such as artificial intelligence (AI), Internet of Things (IoT), Big Data, Blockchain... have been very good tools and platforms for the development of the high-tech market in the new period. Typically, the development of the digital technology market, online market... through digital marketing forms is the main trend in the current era of technology business. The digital technology market impacts and influences most activities in society such as finance, banking, labor, real estate, healthcare, education, media... and gradually affirms its superiority and prominence in the activities of human life.

2.2. Concept, content and factors affecting the development of high-tech market in Vietnam

2.2.1. Concepts and factors constituting the high-tech market in Vietnam

2.2.1.1. Concept of high-tech market in Vietnam

On the basis of inheriting, developing and perfecting a number of concepts on the market, science and technology market and information technology transfer; especially starting from the specific contents of the socialist-oriented market economy, especially the characteristics of

Characteristics of current market types, the author believes that: High-tech market in Vietnam is a special type of technology market, where the exchange, purchase and sale of high-tech products and services take place through economic contracts or other agreements as prescribed by law .

2.2.1.2. Factors constituting the high-tech market in Vietnam

From the above analysis and interpretation, it can be seen that, in essence, the market is a combination of supply and demand for a certain type of product or service, in which buyers and sellers compete equally. Based on the characteristics of the market economy in general, especially the characteristics of the socialist-oriented market economy in Vietnam, the elements constituting the market economy can be summarized as follows:

One is the supply of high-tech products and services;

Second , the demand for high-tech products and services;

Third , intermediary organizations connect supply and demand for high-tech products and services.

Among the factors that make up the CNC market mentioned above, the scale of supply and demand for CNC products and services are factors that reflect the scale of the CNC market, large or small. The determination of whether to buy or sell a type of CNC product or service, with what volume and price, is determined by the supply and demand of CNC products and services. That shows that the CNC market is the place where the two stages of production and consumption of CNC products and services are closely combined. Thus, the CNC market requires: The subject of exchange, purchase and sale is CNC products and services; The subjects participating in exchange, purchase and sale are sellers, buyers and intermediary organizations connecting supply and demand; the conditions for implementation are the needs of the supply and demand of CNC products and services.

2.2.2. Concept and content of developing high-tech market in Vietnam

2.2.2.1. Concept of developing high-tech market in Vietnam

From the perspective of Chinese economists, the core content of developing the R&D market is to enhance the commercialization of research results and increase the market orientation of research activities through measures such as improving the legal environment and developing the research system.

intermediary... This approach is suitable for countries with relatively developed science and technology capacity, including many high-level scientific fields.

In the context of the increasingly expanding and developing international economic integration as today, for countries with low scientific and technological capacity in an underdeveloped economy like Vietnam, the content of developing the hi-tech market is not only to increase the quantity and commercialization of hi-tech products and services, increase transactions and participants in hi-tech markets, but also to improve the quality of market development, increase market capacity, and the rationality of the hi-tech market structure.

Based on the concept of high-tech market; high-tech market in Vietnam and the elements constituting the high-tech market, the author believes that: Developing the high-tech market in Vietnam is the process of transforming the elements constituting the high-tech market through the use of appropriate mechanisms and policies to impact the economic relations between the forces participating in the high-tech market in the direction of gradually increasing the value of these elements in terms of quantity, quality and structure to increasingly better meet the needs of socio-economic development in the context of international economic integration and the impact of the 4.0 revolution.

The content of this concept only reveals the following contents:

Firstly , the subjects participating in developing the CNC market include the subjects supplying and demanding CNC products and services, and intermediary organizations connecting supply and demand. In which:

The suppliers of CNC products and services are domestic and foreign suppliers, including: Science and Technology Organizations, Science and Technology Enterprises, independent inventors, higher education institutions, and science and technology research agencies of ministries, branches, and localities. Foreign suppliers are mainly implemented through foreign direct investment, or purchase and sale, and exchange through economic contracts according to the law.

The subjects of demand for CNC products and services are enterprises, the state, other organizations and individuals.

The State is a subject with high demand for CNC products and services, especially products related to the implementation of state management functions in various fields.

Enterprises with demand for CNC products and services are related to the need to improve and innovate technological capacity to improve economic efficiency and labor productivity in production and business. To innovate and improve technological capacity, enterprises can develop technology on their own or cooperate with other entities to enhance technological capacity.

Other organizations and individuals in need of CNC products and services to serve their development activities.

Intermediary organizations provide CNC product and service services including: technical support services, information services, financial services, legal services, technology appraisal services and many other types of services to promote and boost CNC transactions in the market.

Second, the content of developing the hi-tech market in Vietnam is the process of expanding the scale, improving the quality and perfecting the structure of the elements constituting the hi-tech market such as: increasing the quantity and improving the quality of the supply of hi-tech products and services; increasing the demand for hi-tech products and services; increasing the quantity and quality of intermediary organizations connecting supply and demand in a direction suitable to the conditions of the socialist-oriented market economy in Vietnam.

Third , the method of developing the high-tech market is the combination of market activities with the State's plan, which is implemented indirectly through: Economic tools and policies such as state budget capital investment and foreign investment to support market development; Education and training system to improve the quality of human resources for the development of the high-tech market; Support policy mechanisms, ensuring the legality of entities participating in the high-tech market, especially ensuring intellectual property rights and the right to ensure accurate information about high-tech products and services.

Fourth , the purpose of developing TTCNC is to create changes in the direction of expanding the scale and improving the quality of CNC products and services, contributing to promoting research, innovation, technology innovation and application activities, CNC transfer, modernizing production and service industries with competitiveness and socio-economic efficiency to better meet the needs of society for consuming CNC products and services.

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