Statutes of National Technology Innovation Fund issued
Prime Minister Nguyen Xuan Phuc has issued a decision promulgating the organisational and working statutes of the National Technology Innovation Fund (NATIF).
Hanoi (VNA) – Prime Minister NguyenXuan Phuc has issued a decision promulgating the organisational and workingstatutes of the National Technology Innovation Fund (NATIF).
Accordingly, the NATIF is a non-profit Statefinancial fund which is subordinate to the Ministry of Science and Technologyand not covered by the State budget. It operates as a single-member limitedliability company with all of its charter capital owned by the State.
It provides soft loans and guarantees loans oroffers financial aid for enterprises, organisations, and individuals toresearch, apply, transfer, innovate, and complete technology.
The purpose of the fund is to assist businessesin transferring, innovating, and completing technologies that are encouraged tobe transferred as stipulated in the Law on Technology Transfer; promotetechnology transfer to serve agricultural development in rural, mountainous,and disadvantaged areas; support the development of technologies andscience-technology companies, as well as technology decoding; and aid thetraining of science and technology human resources to serve technologytransfer, innovation, and completion.
The NATIF is tasked with receiving, managing,and using sources of capital such as the State budget, legal financial sources,and voluntary donations by domestic and foreign businesses, organisations, andindividuals; selecting missions and projects to be supported by the fund;making rules on financial aid and deciding on support levels in a transparentmanner; examining and managing mission and project implementation; andassessing implementation outcomes.
It has the right to suspend or take backfinancial aid if any of the assisted businesses, organisations, and individualsis found to have violated regulations on the use of the fund’s capital. It canalso deal with complaints or sue businesses, organisations, and individualsthat infringe their contracts and commitments with the fund./.
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Illustrative image (Photo: VNA) 
