Hanoi (VNS/VNA) - Innovativestart-ups will enjoy financial support from the National Technology InnovationFoundation (NATIF) fund, according to a directive issued by Prime Minister NguyenXuan Phuc.

The PM asked the Ministry of Science andTechnology (MoST) to draft a charter on the operation of NATIF to includeinnovative enterprises as recipients of the fund by the end of the year.

Under the directive, innovative start-upswill enjoy preferential loans and guarantees to incubate new ideas and businessmodels. Star-ups will need to ensure they comply with the Law on Support forSmall- and Medium-Sized Enterprises as well as the criteria set out by thefund.

The directive aims to lure investment ininnovative start-ups from domestic and overseas resources.

The Prime Minister approved the project in 2016with Decision 844/QD-TTg/2016. It focuses on supporting the national innovationstart-up ecosystem through 2025 and developing a legal system and a nationale-portal for start-ups by 2020.

PM Phuc wanted the MoST to recommendpolicies to foster an innovative start-up environment and organise annualmeetings with investors and start-up enterprises at home and abroad.

The MoST will work in collaboration withthe ministries of Planning and Investment, and Finance to identify innovativestart-up individuals and enterprises and support the establishment of domesticnetworks connecting to global networks of "angel investors" in orderto increase investment in Vietnamese start-up businesses.

In which, the contents of expendituressuitable for innovative start-ups will be paid for items includingrepresentatives of innovative start-up businesses participating in well-knownnurseries or working places in the world, the activities of Vietnam’s innovativestart-up representatives in a number of innovative start-ups ecosystems, andactivities such as market research, expert hiring, payroll, andcommercialisation of new technologies, products and services.

The Ministry of Planning and Investmentwill coordinate with the MoST to propose plans to fast-track investmentregistration certificates for foreign investors in Vietnam that are not yetcovered by international treaties that Vietnam is a signatory to.

The Ministry of Education and Training incollaboration with the MoST and the Vietnam Chamber of Commerce and Industrywill continue to launch start-up training courses at universities. Meanwhile,the Ministry of Labour, Invalid and Social Affairs will be in charge ofsimplifying administrative procedures relevant to work licences for foreignersin Vietnam, according to the directive.

Statistics from the MoST showed that thecountry has about 600,000 enterprises, including 3,000 innovative start-upenterprises. They are expected to be a driving force for growth, effectivelycontributing to the socio-economic development of the country.

The number of venture capital funds andindividual investors in the country has seen high growth. More than 40 venturecapital funds have been set up, including IDG Ventures, CyberAgent Ventures,Capital Ventures, Gobi Partners and 500 Start-ups.

Meanwhile, many Vietnamese businesses havejoined investment capital funds such as CMC Innovation Fund, FPT Ventures,Viettel Ventures and The Vietnam Innovative Startups Accelerator (VIISA), whichis jointly operated by FPT, Dragon Capital Group, Hanwha Group (the Republic ofKorea) and BIDV Securities Company.-VNS/VNA