Government approves a project to develop national start-up ecosystem
According to the newly-approved project to develop a start-up ecosystem, the Vietnamese Government plans to complete the legal system for start-ups and provide support for 800 projects and another 200 start-up firms by 2020.
The Prime Minister has approved the "Supporting the national ecosystem for start-ups by 2025 " project in an effort to fuel a start-up boom.
The project aims to create a favourable environment and support the start-ups to develop rapidly based on the exploitation of intellectual property, technology and new business models.
This was part of initial efforts made by the government to strengthen the development of the start-up community as Vietnam was seeking to become a start-up nation amidst its rapid integration into the global economy.
A start-up is a type of business that can scale quickly, based on intellectual property, technology and an innovative business model.
Under the project, the government targets to complete legal system to supports start-ups and set up a national e-portal by 2020.
Besides, the country plans to support 800 projects and 200 start-up enterprises, 50 of which are expected to mobilise seed funding from venture-capital investors or get involved in merger and acquisition (M&A) deals, worth about 1,000 billion VND.
By 2025, the project targets to assist 2,000 start-up projects and another 600 start-up firms, 100 of which are expected to receive venture capital or get involved in M&A deals, worth 2,000 billion VND.
Subjects earmarked to receive support include individuals or groups with start-up projects or firms with a high possibility of growing quickly, having been in operation for less than five years from the date of the business registry certificate and organisations that provide incubation services to start-ups.
One of the key parts of the project is to develop a national e-portal for start-ups, with the aim to providing information on technologies, inventions, standards, intellectual property rights and new business models, as well as policies, investments, incubation services and support systems.
Three major goals of the project include the development of start-up incubation zones, the technical infrastructure for start-ups, and enhancement of the capacity of start-ups.
In addition, incubation activities will be promoted at ministries, in sectors and in localities with potential for the development of start-ups through the establishment of zones with free Internet and a supportive IT infrastructure.
Besides, the country will continue implement work on the Vietnam Silicon Valley project, launched in 2013 and sponsored by the Ministry of Science and Technology, aiming to build a dynamic, advanced start-up ecosystem by 2020.
Under the project to develop a start-up ecosystem, support for training will also be provided to enhance the capacity of start-ups, while completing the technical infrastructure and adding incentives for loan interest rates and tax and investment policies.
The project aims to create a favourable environment and support the start-ups to develop rapidly based on the exploitation of intellectual property, technology and new business models.
This was part of initial efforts made by the government to strengthen the development of the start-up community as Vietnam was seeking to become a start-up nation amidst its rapid integration into the global economy.
A start-up is a type of business that can scale quickly, based on intellectual property, technology and an innovative business model.
Under the project, the government targets to complete legal system to supports start-ups and set up a national e-portal by 2020.
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By 2025, the project targets to assist 2,000 start-up projects and another 600 start-up firms, 100 of which are expected to receive venture capital or get involved in M&A deals, worth 2,000 billion VND.
Subjects earmarked to receive support include individuals or groups with start-up projects or firms with a high possibility of growing quickly, having been in operation for less than five years from the date of the business registry certificate and organisations that provide incubation services to start-ups.
One of the key parts of the project is to develop a national e-portal for start-ups, with the aim to providing information on technologies, inventions, standards, intellectual property rights and new business models, as well as policies, investments, incubation services and support systems.
Three major goals of the project include the development of start-up incubation zones, the technical infrastructure for start-ups, and enhancement of the capacity of start-ups.
In addition, incubation activities will be promoted at ministries, in sectors and in localities with potential for the development of start-ups through the establishment of zones with free Internet and a supportive IT infrastructure.
Besides, the country will continue implement work on the Vietnam Silicon Valley project, launched in 2013 and sponsored by the Ministry of Science and Technology, aiming to build a dynamic, advanced start-up ecosystem by 2020.
Under the project to develop a start-up ecosystem, support for training will also be provided to enhance the capacity of start-ups, while completing the technical infrastructure and adding incentives for loan interest rates and tax and investment policies.
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