Preferential policies for innovative startup entities and persons operating at the Vietnam National Innovation Center

According to Articles 10, 11 and 12 of Decree No. 94/2020/ND-CP of Vietnam’s Government, preferential mechanisms and policies for innovative startup entities and persons working or operating at the Vietnam National Innovation Center (hereinafter referred to as “NIC”) are specified as follows:

Startup business’s participation in bidding

- When bidding for bids falling under the jurisdiction of the Bidding Law, startup businesses operating at the NIC shall be granted an exemption from a number of criteria for evaluation of prequalification applications, bidding packages, and proposals for the bidder's competence and experience, including revenue, financial resource, similar contract and other requirements, which is relevant in terms of their particular characteristics.

- When evaluating and ranking bid packages, proposals, bidders who are small or extra-small start-up businesses operating at the NIC shall be entitled to incentives as applicable to bidders supplying goods with their domestic production costs accounting for 25% or more in accordance with regulations of law on bidding, and the incentive calculation method shall conform to the Government’s current regulations on contractor selection.

NIC’s support: Entrepreneurs or startup businesses working or operating at the NIC, and the NIC’s partners supporting innovation shall be entitled to the NIC's support as follows:

- Providing the NIC’s support in the completion of administrative procedures in the process of research, investment, trading and commercialization of their products and services.

- Providing the NIC’s support in the application for entry visas, work permits and residence permits.

- Providing the NIC’s support in advertising and promoting investment and being connected to the startup and innovation ecosystem.

- Providing the NIC’s support in having access to the NIC’s offices, laboratories, testing or experimenting facilities, means or amenities.

Enterprise registration and establishment of industrial property rights

- When applying for enterprise registration, entrepreneurs and startup businesses working or operating at the NIC shall be granted enterprise registration within 1 business day from the date on which the Business Registration Division receives valid applications for enterprise registration.

- Entrepreneurs and startup businesses working or operating at the NIC shall be given priority to complete procedures for establishing industrial property rights ahead of the appointment date upon request.

Moreover, entrepreneurs or startup businesses working or operating at the NIC, and the NIC’s partners supporting innovation shall be entitled to the following preferential mechanisms and policies:

- They may raise and receive funding from research funding programs of the Government and domestic and foreign enterprises, organizations and individuals in accordance with the law to put their ideas or concepts into practice on the basis of exploitation of new and fast-growing intellectual property, technologies, and business models.

- They shall have access to utmost tax incentives prescribed in law on taxes.

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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