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Official Gazette

Tuesday, January 21, 2020

SMEs to receive support for business startup

Updated: 16:00’ - 02/01/2020
The Ministry of Planning and Investment is working on a draft national program to provide a total financial support of VND 5,000 billion (USD 216 million) for small- and medium-sized enterprises (SMEs) being innovative startups or participating in industrial clusters and value chains during 2021-25.

The program aims to develop and improve an innovative startup ecosystem in the country, create a favorable environment to promote and support the formation and development of startups with great growth potential based on the utilization of intellectual property, technology and new business models.

The program would support SMEs in developing and using infrastructure facilities, techniques and grounds; organizing training courses; applying scientific and technological advances, carrying out technology transfer and trial production and commercialization of products; providing financial and credit incentives; building capacity and connecting to foreign startup ecosystems; and creating a startup culture.

SMEs would be selected to receive such support if they have been founded and operating for less than five years since the date of receiving their first enterprise registration certificates and not yet made initial public offerings (for joint-stock companies), according to the draft.

Besides, the program would also support SMEs to join industrial clusters and production and processing value chains of six potential sectors, including electronics, mechanical engineering, IT industry, garment and textile, leather and footwear, agriculture-forestry-fisheries.

When joining industrial clusters and value chains, SMEs would be supported in building and using technical facilities; organizing training courses; carrying out branding and marketing; receiving consultancy on standards, technical regulations, measurement and quality; and carrying out procedures for trial production, testing, inspection and quality certification. They would also receive financial support and assistance for public communication.- (VLLF)
 

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