Victoria has developed and will make Australia's first local mRNA COVID-19 vaccine to be ready for clinical trials by the end of the year.

Acting Premier James Merlino says the government is investing $5 million in support for the Monash Institute of Pharmaceutical Sciences (MIPS) to manufacture doses of the mRNA COVID-19 vaccine for trials, which are due to start in the coming months.

Mr Merlino also says the vaccines received from the federal government would not meet demand in Victoria over the coming months.