In 2002, the IMI was officially converted into a S&T enterprise in the model of parent company - subsidiary, which was regarded as a successful pilot conversion in Vietnam.

With research functions to create the electronic products, the conversion helped to promote research activities and created products of high competitiveness. Although the mechanical industry was identified as a key sector of the economy, but during the transition period it was one of the hardest sectors due to outdated technology and low labor capacity. Despite many difficult conditions, the IMI mobilized capital sources on its own and focused on mechanical integration with automation, electronics and Information Technology (IT) to create new products of high flexibility, helping to enhance competitiveness, occupy the domestic market share, raise the added value of products and bring high economic efficiency.

Since 2005, the new mechanical products of the IMI were exported, opening an era for Vietnamese brand high-tech export products, which saved over US$10 million per year as they could replace the imports.

To achieve the success in difficulties of the domestic economy, the IMI's Board of Directors attached scientific research with economic development strategies, then worked out their tasks to create products that can meet the actual demand of the economy. It also absorbed the world's advanced technologies through international cooperation to create competitive products; took different measures to mobilize capital sources to put research results into production and attached the benefits of staff members with the development of the Institute; created new mechanisms for transfer of scientific products, making a foundation for a rapid and sustainable development of the IMI.

The conversion from a research institute to a S&T enterprise brought remarkable success to the IMI. More specifically during the 2006-2011 period, the IMI was assigned and completed 12 State-level S&T projects, 65 S&T projects of ministry level and hundreds of S&T missions of institute level with total state budget expenditures of VND40 billion. During the period, the IMI was also granted certificates for 10 useful solutions and industrial designs for mechanical/electronic products and 15 applicable softwares. It also successfully designed and manufactured over 100 new products that are efficiently applicable to industrial production, bringing a revenue of hundreds of billions of dongs to the IMI and its unit members each year. The domestically-made products that replace the imports also helped save about US$10 million per year for the country. As compared with the pre-conversion period, until now the revenue of the IMI increased by 8.5 times and its profits also up by 9.4 times.

The achievements that the IMI obtained over the past years prove that the conversion policy from a research institute to a S&T enterprise is absolutely correct. This is also a pilot model for others units to follow in a bid to both raise their revenues and enhance the development of science and technology./.