Government official advocates for broad community endorsement of the growth and development of new businesses and entrepreneurship.
The Vietnamese government is taking significant steps to revise its national startup scheme, with Deputy Prime Minister Nguyen Chi Dung leading the charge. The revised scheme, set to follow international best practices, will specifically focus on supporting start-ups and unicorn enterprises.
During a meeting in Ha Noi on August 1st, Deputy Prime Minister Nguyen Chi Dung emphasised the importance of fostering entrepreneurship, particularly in the areas of innovation, technology, and digital platforms. The aim is to nurture ideas from inception to commercialisation, creating a supportive ecosystem that delivers tangible results for the national innovation and start-up ecosystem.
To achieve this, the revised scheme will refine its guiding principles, objectives, tasks, and solutions to create a supportive ecosystem with new breakthrough elements. This includes the establishment of a state-funded venture capital fund, the creation of a specialized stock exchange for innovative startups, and the restructuring of the National Technology Innovation Fund to directly support businesses.
Additionally, new decrees recognise convertible investment instruments and allow flexible investment fund structures, which will boost venture capital flows for startups. These initiatives form a comprehensive approach to underpin innovation-driven startups financially, legally, and operationally.
In order to ensure the revised scheme is grounded on strong political and legal foundations, Deputy Prime Minister Nguyen Chi Dung has instructed a thorough review of existing Party resolutions to identify any gaps and propose additional policy guidance. The revised scheme will clearly define its scope and content to provide a comprehensive roadmap for supporting start-ups and unicorn enterprises.
The Deputy Prime Minister has set a tight deadline, demanding the final draft to be submitted to the Government by August 15th. The revised scheme, once implemented, is expected to significantly contribute to the growth and development of Vietnam's startup ecosystem.
The Vietnamese government, under Deputy Prime Minister Nguyen Chi Dung, is focusing on supporting technology-centered start-ups and unicorn enterprises by refining its startup scheme. This revised scheme aims to foster entrepreneurship in innovation, technology, and digital platforms, providing an ecosystem that nurtures ideas from inception to commercialization.
To achieve this, the government plans to establish a state-funded venture capital fund, create a specialized stock exchange for innovative startups, and restructure the National Technology Innovation Fund to directly support businesses. Additionally, new decrees will recognize convertible investment instruments and allow flexible investment fund structures, boosting venture capital flows for startups.
In terms of policy, the revised scheme will undergo a thorough review of existing Party resolutions to identify any gaps and propose additional guidance. This will ensure a strong political and legal foundation for the scheme.
With a tight deadline, the final draft of the revised scheme is expected to be submitted to the Government by August 15th. If implemented, this scheme is anticipated to significantly contribute to the growth and development of Vietnam's startup ecosystem, particularly in the areas of technology, finance, and entrepreneurship.
