The panels mentioned a project run by the Ministry of Science and Technology which looks to support the national innovation system to 2025 and regulations on investment for small-scale businesses and start-ups according to the Government’s Decree No.38/2018/ND-CP.

Phan Hoang Lan, a representative from the Department of Market Development and Science-Technology under the Ministry of Science and Technology, said policies relating to startups are still new in Vietnam and need time for reflection and review.

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Participants at the workshop

It takes about three years for the country to build a legal framework and supportive policies, she added.

Trinh Thi Huong, a representative from the Agency for Enterprise Development under the Ministry of Planning and Investment, said the decree encourages the establishment of innovative startup firms.

The Ministry of Science and Technology said it will propose a mechanism to attract investment in innovative startups from businesses at home and abroad, especially from overseas Vietnamese intellectuals.

Source: VNA