National startup and innovation centers to be established

The Ministry of Science and Technology plans to issue regulations to establish national centers supporting startups and innovation later this month or in July, according to Minister Huynh Thanh Dat.

Authorized agencies have completed plans to set up the centers in Hanoi, central Da Nang city, and Ho Chi Minh City.

Their establishment is aimed at exploiting local resources for startups and innovation and moving towards the implementation of policy experimentation and regulatory models in new areas to facilitate startups and innovation. National and international experts will be engaged to provide consultancy to localities on designing specific models, he said.

Speaking at a Q&A session on science and technology matters at the ongoing 15th National Assembly (NA)’s fifth sitting in Hanoi on June 7, Minister Dat said special mechanisms are needed to promote startup and innovation activities, such as tax reductions, links with investment funds, and developing co-working spaces for scientists, researchers, and investors.

Addressing the session, NA Chairman Vuong Dinh Hue stressed the need to build mechanisms and policies to encourage investment in science and technology and promote connections with domestic and foreign science and technology research organizations and overseas investors.