New policy needed for young start-ups

Building the correct legal framework is one of the major challenges holding back start up businesses and now the Government is looking at easing red tape and giving an easier ride to both young companies and the private sector
new policy needed for young start ups

A start-up business shows its products at the Da Nang Start-up and Innovation festival in the central city

That was the message from Dr. Tran Du Lich, a member of the Prime Minister’s advisory team, speaking at the Da Nang Start-up Innovation Festival on November 1.

He said state-owned companies had a head start over new start-ups because they already had good legal framework in place. This is blocking start-up development in Vietnam, Lich said, adding legal framework was often first priority for businesses, but start-up raised from innovation and initiative idea don’t do this.

Nguyen Hoa Binh, chairman of Next Tech Group, an investor on the TV show Shark Tank Vietnam, said Vietnam needed to establish a ‘sandbox’ policy to support start-up business – a model that had not been existed in the past decades.

It cannot create innovation if we apply traditional legal framework or business model for start-up business, Binh said.

Deputy Minister of Industry and Trade Tran Thanh Tung, who is a mastermind of the national business start-up project in Vietnam, said a new policy would be needed to create the best conditions for both domestic and foreign business start-up projects. But he did warn the policy could ensure profit transferring for foreign businesses which may be seen as money laundering.

Ambassador of Israel to Vietnam Nadav Eshcar added that a start-up ecosystem and innovation authority were built to support new ideas and initiatives.

Deputy head of mission of Ireland to Vietnam Elisa Cavacece said it committed to continue co-operation with Da Nang City in start-up support. She said the city and the Ireland Embassy in Vietnam had agreed a Memorandum of Understanding (MoU) on high quality human resource education, management skills for the city’s personnel and start-up programme for students in the city.

Dr. Catherine Phuong from the UNDP, said the private sector was an important factor for sustainable development under the UNDP’s Sustainable Development Goals (SDG) in 2030, adding start-up business idea promotion was still a challenge and a youth collaboration was established in Vietnam two years ago to support young start-up businesses.

Vice Chairman of the municipal People’s Committee Le Trung Chinh said Da Nang had been planned as a national centre of business start-up and a rendezvous of global enterprises.

The city also debuted its first Da Nang start-up venture Fund with the joint fund-raising from business groups at the festival. The fund will provide fund for innovation and business initiatives in the city and central Vietnam.

Da Nang has 18,000 businesses, 95 percent of which are small- and medium-sized enterprises. The city plans to support 200 projects and 80 start-up businesses, in which at least 20 percent of businesses will successfully call fund from investors, in 2020.

Source: VNA

Related News

Breakthrough policy to attract new generation FDI

Breakthrough policy to attract new generation FDI

VCN - Currently, many countries are competing to attract investment from leading chip and semiconductor enterprises. This requires Vietnam to have breakthrough policies to attract foreign direct investment (FDI) in these new fields.
Customs implements VAT reduction policy from July 1st

Customs implements VAT reduction policy from July 1st

VCN - To implement the contents relating to customs field, General Department of Vietnam Customs requested local customs departments to reduce VAT for group of commodities as stipulated at Decree 72/2024/NĐ-CP.
Policy on tax payment extension and land rent reduction are going to be issued in June

Policy on tax payment extension and land rent reduction are going to be issued in June

VCN - Deputy Prime Minister Tran Hong Ha said that the Government has promoted policies to support people and businesses to improve people's health, restore trust, and promote investment in production and business. In particular, the Government is issuing a Decree on extending the tax payment deadline this June.
Vietnam is ready to welcome a new wave of investment in the semiconductor industry

Vietnam is ready to welcome a new wave of investment in the semiconductor industry

VCN - Deputy Minister of Planning and Investment Tran Duy Dong (Photo) gave an interview to Customs Magazine about Vietnam's preparations to attract FDI into the semiconductor industry.

Latest News

Seafood exports expected to exceed $10 billion in 2025: expert

Seafood exports expected to exceed $10 billion in 2025: expert

The achievement of the $10 billion export milestone in 2024 is attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU.
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics. But overcoming all, the industry continues to survive and has confidence in the future.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.

More News

“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

VCN - Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.
Binh Dinh province works to attract investment from Japan

Binh Dinh province works to attract investment from Japan

The People’s Committee of Binh Dinh province on December 18 inked a cooperation deal with the Japan - Vietnam Friendship Association of Sakai city as part of the south-central province’s efforts to attract more investment and development resources from the Northeast Asian country.
Agricultural, forestry and fishery exports “reach the target” early

Agricultural, forestry and fishery exports “reach the target” early

VCN - According to a report from the Ministry of Agriculture and Rural Development, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at US $5.3 billion, up 13.9% compared to November 2023. It is notable that it not only “reaching the finish line” early, the agricultural sector also exceeded the annual plan by over US $ one billion.
Thailand remains Vietnam’s biggest trading partner in ASEAN

Thailand remains Vietnam’s biggest trading partner in ASEAN

The activities conducted by the Vietnam Trade Office in Thailand in 2024 have enriched the trade and investment relations between the two countries, contributing to helping Thailand maintain its position as Vietnam's largest trading partner in the Association of Southeast Asian Nations (ASEAN), according to Le Huu Phuc, Vietnam's Trade Counsellor in Thailand.
Rubber value soars in 2024: VRA

Rubber value soars in 2024: VRA

All Vietnam's rubber’s top 15 export markets saw growth in export values in 2024, with Malaysia recording the highest increase, expanding fivefold, followed by Sri Lanka at 3.7 times, according to the Vietnam Rubber Association (VRA).
Vietnamese businesses struggle to access green finance

Vietnamese businesses struggle to access green finance

VCN - Green finance is gradually becoming an indispensable tool in Vietnam to support businesses, promote sustainable development, and move towards the goal of Net Zero. However, the path to accessing green capital is full of barriers, especially for small and medium enterprises.
E-commerce: a gateway to boost Vietnamese commodities in the UK market

E-commerce: a gateway to boost Vietnamese commodities in the UK market

E-commerce stands out as a promising channel to further enhance Việt Nam’s trade presence in this dynamic market.
Agro-forestry-fisheries exports top 62 billion USD in 2024

Agro-forestry-fisheries exports top 62 billion USD in 2024

Vietnam’s agro-forestry-fisheries exports are projected to reach over 62 billion USD in 2024, and continue to grow next year, heard at a conference in Ho Chi Minh City on December 16.
Removing “bottlenecks” for digital transformation in industrial production

Removing “bottlenecks” for digital transformation in industrial production

VCN - Although implementing digital transformation towards smart production creates many opportunities, it also poses significant challenges for businesses, especially in terms of investment costs and human resources.
Read More

Your care

Latest Most read
Seafood exports expected to exceed $10 billion in 2025: expert

Seafood exports expected to exceed $10 billion in 2025: expert

The achievement of the $10 billion export milestone in 2024 is attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU.
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.
“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.
Mobile Version