PM issues instructions on facilitating startups

Wednesday, 2020-02-19 17:43:19
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The PM has signed Directive No.09/CT-TTg asking for more favourable conditions for start-ups. (Illustrative image)
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NDO – Prime Minister Nguyen Xuan Phuc has signed Directive No. 09/CT-TTg asking for more favourable conditions for start-ups.

The Directive stated that although the Government has issued Resolution No. 01 on creating favourable conditions for investment and business activities, the Vietnam’s startup ecosystem still faces difficulties and barriers and remains less competitive compared to that of other countries in the region.

Therefore, the PM asked the Ministry of Planning and Investment (MPI) to urge its business registration agencies to provide detailed guidance and facilitate startups to register new business lines that are not included in the current business line codes and the national database on business registration.

The government leader also asked for the amendment to the Investment Law to facilitate foreign investors in establishing, contributing capital and purchasing shares in startup investment funds in Vietnam.

The Directive urged the MPI to build a draft decree on incentive mechanisms and policies for the National Innovation Centre and submit the draft decree to competent agencies in the first quarter of 2020.

Meanwhile, the Ministry of Science and Technology should continue to implement the project on supporting the national innovation start-up ecosystem by 2025 and technology incubators and report the results to the PM in the first quarter of 2020.

The PM also requested the building of three innovation and startup centres at three universities as well as promoting the startup ecosystem within the education sector.

In particular, PM Phuc asked for the establishment of a capital trading platform for startups and the result should be reported to the PM in 2020-2021 period.

In addition, policy consultancy and favourable legal corridor for technology startups must be set up.