Prime Minister Nguyen Xuan Phuc has issued a directive aiming to create favourable conditions for start-ups and innovations. (Photo: baochinhphu.vn)Hanoi (VNS/VNA) -An equity crowdfunding platform is being established to boost the developmentof start-up firms.
Prime Minister Nguyen Xuan Phuc has asked the Ministry of Finance to developa plan before 2021.
The request was highlighted in the Prime Minister’s Directive No 09/CT-TTgissued recently about creating favourable conditions for start-up firms.
The directive said there were many limitations and difficulties in the start-upecosystem, which made Vietnam less competitive than other countries in theregion.
The problems lie in business prerequisites which did not match Industry4.0, lack of investment in research and development, limited financialsupport from the Government and the shortage of a legal framework for theoperation of new services.
The Prime Minister asked the Ministry of Planning and Investment to review theLaw on Investment to create favourable conditions for foreign investors tofound, contribute capital and buy stakes in start-up investment fundsin Vietnam.
In addition, incentive policies for the national innovation centre would bedeveloped and proposed to the Government within the first quarter of this year.
The ministry must also provide detailed instructions for firmsoperating in new business lines, especially those coming from the sharingeconomy and Industry 4.0.
The Ministry of Science and Technology would develop databases about scienceand technology organisations, research centres, incubation centres and start-upsupport organisations to promote their cooperation.
Start-up and innovation support centres would be developed at threeuniversities which the Ministry of Education and Training would select andreport to the Prime Minister before the end of March.
The ministry would also raise solutions to encourage the development ofstart-up firms and promote innovation at universities. Support wouldbe provided to universities to expand their education programmes toinclude new technologies.
The Prime Minister asked ministries to develop a legal framework for theoperation of new businesses run on technology platforms, stressing that thelegal framework must encourage technological development and application.
Under Government Resolution No 01/NQ-CP dated January 1 aboutsocio-economic development this year, accelerating start-up development wasimportant to creating breakthroughs in renovating Vietnam’s economicgrowth model towards tech-based business, while improving labour productivityand efficient use of resources.
Vietnam is implementing a project to support innovation andstart-ups approved in 2016 to create favourable conditions for the developmentof start-up firms which could scale up rapidly based on intellectual property,technology and new business models.
The project aims to provide support for 2,000 start-up projectsand 600 start-up firms.
According to statistics from EchelonMagazine, there are now around 3,000 start-up firms in Vietnam, nearlydouble the figure of 2015./.
VNA
