VCIC jointly organized a workshop on formulating decree on innovative entrepreneurship investment in Vietnam

On October 19th, 2017 in Center for Women and Development, VCIC in association with   Agency of Enterprise Development – Ministry of Planning and Investment and NATEC – Ministry of Science and Technology organized the Workshop on Building decree stipulated on innovative entrepreneurship investment in Vietnam. At the workshop, many practical ideas were highlighted, derived from management practices and creative start-ups activities by management units, investment funds, enterprises and experts in the sector; the contents, regulations of the draft decree were also discussed extensively.

The workshop was co-chaired by Mr. Pham Duc Nghiem - Deputy General Director of National Agency for Technology Entrepreneurship and Commercialization Development  (NATEC) and PMU VCIC Director and Ms. Bui Thu Thuy - Deputy Head of Agency for Development Enterprise - Ministry of Planning and Investment. Participating in the workshop were representatives from the Ministry of Justice, the Ministry of Finance, the Ministry of Planning and Investment, innovative start-up funds, start-up organizations, creative entrepreneurs and specialists, as well as the press, media.

*The workshop was co-chaired by Mr. Pham Duc Nghiem - Deputy General Director of National Agency for Technology Entrepreneurship and Commercialization Development  (NATEC) and PMU VCIC Director and Ms. Bui Thu Thuy - Deputy Head of Agency for Development Enterprise - Ministry of Planning and Investment. Picture: VCIC

In the context of the inadequate legal framework for investment in innovative start-up in Vietnam, representatives of the Agency for Enterprise Development introduced details of the draft decree and issues for comments, focusing on some contents: (1) Investment methods for  innovative start-up; (2) The necessity to add some provisions to protect investors; (3) Determination of subjects entitled to tax incentives for innovative start-up investment under two options; (4) Model of organization, operation and management of the innovative startup investment; and (5) Mechanism of using the state budget to invest with the start-up investors.

*Workshop overview. Picture: VCIC

Given that investing in innovative start-ups was a new issue that both requires strict regulations and ensures high flexibility, Mr. Cao Dang Vinh - Head of Division of General Economic Law, The Department of Civil and Economic Laws - The Ministry of Justice said that the Decree was complicated and required active participation from all relevant Ministries, agencies, authorities as well as from the funds, innovative start-up investors directly affected by the Decree. Subsequently, delegates held an in-depth discussion about regulations on the establishment and operation of the innovative start-ups investment fund and on the mechanism of the investment funded by the state budget.

According to Ms.Truong Ly Hoang Phi - Director of Business Support Centre, the decree has initially met the aspirations of the business community. However, it was necessary to have circumstances that led to the provisions of the decree, along with other existing provisions.

After several discussion sessions on topics such as: the legal issues of the draft decree, tax incentives for innovative start-up investment, under the perspective of the start-up support units and of the startup business, the workshop has received many comments, detailed multidimensional discussion, giving the management and editorial team a more comprehensive and realistic view in order to further improve the Decree, thus to be applied in practice soon. Giving speech at the workshop, Pham Duc Nghiem affirmed that the workshop gave managers, innovative start-ups, businesses and investment funds a valuable opportunity to clarify ambiguous issues, propose ideas to promote the process of completing the legal framework for innovative startup investment.