General preferential policies for the Vietnam National Innovation Center and innovative startup persons/entities

According to Articles 5 and 6 of Decree No. 94/2020/ND-CP of Vietnam’s Government, preferential policies for innovative startup entities working or operating at the Vietnam National Innovation Center (hereinafter referred to as “NIC”) are specified as follows:

Visas and foreign workers

- Aliens may be granted multiple entry visas of which the validity is corresponding to the time they work directly at the NIA under the guidance of the Ministry of Public Security, including:

+ Those working at the NIC, including employees, experts and scientists of the NIC, startup businesses working or operating at the NIC, and partners supporting innovation and entrepreneurs;

+ Family members (e.g. natural parents, spouses, natural or adopted children under 18 years old) of those mentioned above.

- Overseas Vietnamese, foreign experts working at the NIC may be granted work permits by the Management Board of Hoa Lac Hi-Tech Park in accordance with the simplified processes and procedures.

Note: The Head of the Management Board of Hoa Lac Hi-Tech Park shall consider issuing the decision to approve the NIC's plan to employ foreign workers at the Hoa Lac Hi-Tech Park.

Investment loan incentives

- Investment projects of entrepreneurs and startup businesses working or operating at the NIC and the NIC's investment projects on the list of projects funded by State investment credit loans shall be given preferential treatment in case of taking out state preferential loans at the Vietnam Development Bank in accordance with the law.

- The NIC itself, entrepreneurs, startup businesses  working or operating at the NIC may receive grants, financial aids, support, loans and loan guarantees from the National Technology Innovation Fund, the National Science and Technology Development Fund, the Small and Medium-sized Enterprise Development Fund and science and technology development funds of provinces and centrally-run cities in accordance with the law.

View more details at Decree No. 94/2020/ND-CP of Vietnam’s Government that was issued August 21, 2020.

Le Vy

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