According to economic experts, start-up businesses need to make good use of incentives and supportive policies from the Vietnamese government.
Overview of the workshop
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At the workshop, participants discussed and exchanged ideas on innovative start-up incentives under Project 844 on supporting for the startup ecosystem and national innovation initiative until 2025; regulations on investment for small and medium enterprises in accordance with the government’s Decree 38.
Decree 38 provides guidance on investment in small and medium enterprises, establishment of management organizations for innovative investment fund, mechanism for using local budgets to invest in small and medium enterprises.
The representatives at the workshop said that Vietnam’s policies have already begun to encourage investment in start-ups.
According to the Ministry of Science and Technology, in the time ahead, its Project 844 will continue to study investment mechanism and policy for innovative start-ups of economic sectors, to promote the environment for innovative start-ups, to promote research and mechanisms to attract investment for innovative start-ups from domestic and foreign investors, especially overseas Vietnamese, Vietnamese intellectuals living abroad and so on.
Phan Hoang Lan, an expert from Market Development Agency and Science and Technology Enterprise, said that Vietnam’s policies related to start-ups are still new for start-ups. Therefore, it needs more time to complete the legal framework and supporting policies.
Decree 38, which was issued in March 2018 to recognize the investment funds for innovative start-ups, is a very new issue, Lan added.
Accordingly, investment in innovative start-ups in Vietnam has just been established. However, this will be a prerequisite for promoting the flow of capital for innovative start-ups by encouraging the establishment of innovative start-up enterprises, investment funds and investment-using mechanisms for innovative start-ups, Lan stressed.
Currently, the funding for start-up activities is mainly for research and development, while market research and experience exchanges remain no supported policies, investment tools, as well as investment models. There are many policy frameworks missed in Vietnam. However, Vietnam’s ministries are currently studying and proposing to the government to consider for new policies.
