DO INNOVATIVE ENTERPRISES RECEIVE INCENTIVES FROM THE GOVERNMENT OF VIETNAM?

• Methods to support innovative start-up businesses specified in Article 21 of Decree 80/2021/ND-CP are as follows:

– Select enterprises that won national or international prizes for startups or have startup-related products or projects, or are granted patents; or are granted science and technology enterprise certificate, high technology enterprise certificate or high technology-applying enterprise certificate.

– Select enterprises that have been invested in or will be invested in under commitment of startup investment funds; receive assistance or will receive assistance from co-working spaces, startup assistance organizations, service providers, incubation facilities, business promotion facilities, startup centers as prescribed by investment laws.

– Selection via a Council:

Assisting organizations may establish a Council to select eligible startups according to the criteria specified in Article 20 of this Decree following these principles:

a) The quantity of members and working mechanism of the Council shall be decided by the establishing authority;

b) At least 50% of the Council members shall be independent counselors. Other members shall be representatives of assisting organizations and work on a part-time basis;

c) The Council’s operating budget is consolidated into the management budget to support small and medium-sized enterprises of agencies and organizations supporting small and medium-sized enterprises.

•  The content of supporting innovative startups according to the provisions of Clause 2, Article 12 of Circular 01/2018/TT-BKHCN is as follows:

– Partial support for direct labor payment and use of specific services such as training and start-up coaching; marketing and promoting products and services; exploit technology information and inventions; payment, finance; Evaluate and value the results of scientific research and technological development and intellectual property; Legal consulting, intellectual property, investment, establishment of science and technology enterprises, commercialization of scientific research results and technology development, intellectual property.

– Partial support for providing digital space and online support services; Trial production, making sample products, perfecting technology

– Support part of the funding to participate in short-term training courses at a number of reputable business promotion organizations abroad and support part of the funding to connect startup networks and support startups. Vietnam’s industry and venture capital with the region and the world; connect

– Connect, introduce partners, and support procedures through science and technology representatives and Vietnamese trade representatives abroad to access foreign markets.