Gov’t presses for solutions to boost startup ecosystem

Under the directive, the Government chief has tasked the Ministry of Planning and Investment to draft a Decree on preferential mechanisms for the Viet Nam National Innovation Center (NIC).

The NIC was established by the Government chief in October last year to promote innovation and growth model based on scientific and technological in the era of the 4^th Industrial Revolution.

The draft Decree shall be submitted to competent authorities in the first quarter this year, PM Phuc ordered.

Phuc also asked the Ministry of Information and Communications to mull over construction of a center responsible for researching and developing policies to accelerate the 4^th industrial revolution in Viet Nam and report to him in the 1^st quarter this year.

Meanwhile, the Ministry of Education and Training was tasked to put forwards measures to encourage innovation and startup activities at educational establishments, including universities.

The Ministry of Finance shall consider amendments to Decree No. 138/2007/ND-CP dated August 28, 2007 on organization and operation of local-level development investment funds in the direction of allowing them to finance small and medium-sized startup businesses.

According to a report from the Topica Founder Institute, which is a startup accelerator program, during 2015-2018, the investment deals in Vietnamese startup enterprises constantly increased in number and investment capital.

In 2015, the total investment capital in the deals was at US$136 million and up to US$889 million in 2018.

Despite the initially impressive results in Viet Nam’s startup ecosystem development, it is necessary to continue building a network of startup connections at national and international scales to exploit the potential and promote the creation of innovative startup centers across the country and develop plans to support startup enterprises to improve technologies and commercialize their research results./.

By Kim Loan