PM pledges better conditions for startups to develop in Vietnam

17:50 28/11/2020
The government is committed to protecting intellectual property rights for startups to realize their full potential, said Prime Minister Nguyen Xuan Phuc at the 2020 Startup Youth Forum in Hanoi on November 27.

Prime Minister Nguyen Xuan Phuc encourages innovative startups at a youth forum in Hanoi.

Prime Minister Nguyen Xuan Phuc encourages innovative startups at a youth forum in Hanoi.

The government will prioritize investment in technology infrastructure, especially in information and telecommunications, to create the necessary foundation for economic sectors to participate in the digital transformation process, Phuc told the forum.

He asked ministries and local administrations to consider supporting businesses and startups as a top priority in their working agenda. He demanded them to frequently hold dialogues and set up platforms to share information with startups.

The PM also asked for stepping up the startup support fund, developing financial support assistance mechanisms and bringing into full play the role of private venture funds.

At the forum, many startups proposed the government remove hurdles to facilitate their operations.

Nguyen Duc Trung from VinaVenture pointed out many of the government’s support policies are either out of date as soon as they take effect or do not support startups much in their operations.

Long cited Decree No38 as a case in point, saying since its enactment, there has not been any fund in operation due to inappropriate management. “Will this policy change?” he raised the question.

In reply, Deputy Minister of Science and Technology Tran Van Tung admitted shortcomings in implementing the decree in reality and said his ministry will work closely with the Ministry of Planning and Investment to resolve the issue.

Taking the floor, Prime Minister Nguyen Xuan Phuc asked the two ministries to revise the decree in December and he said he is ready to sign the document.

Other Cabinet members answered young participants’ questions relating to bank loans for startups, quality human resource development, and digital transformation.

The forum is part of the 2020 National Innovation Start-up Festival (Techfest Vietnam) with the participation of 500 delegates, including leaders of ministries, students and young entrepreneurs.