The State encourages organizations and individuals to invest in scientific and technological activities in Vietnam

According to the Decree No. 95/2014/NĐ-CP of Vietnam’s Government, raising of non-state budget funds for science and technology is prescribed as follows:

- The State shall encourage organizations and individuals to invest in scientific and technological activities in Vietnam in the form of direct investment, joint venture or partnership with Vietnamese science and technology organizations or enterprises, or entrusted investment. In this case, investment projects shall be entitled to incentives prescribed by law.

- Organizations and individuals may provide financial assistance for scientific and technological activities in Vietnam in cash, in kind or as intellectual asset. Donors may determine financial assistance purposes and designate Vietnam-based organizations and individuals to receive their financial assistance in accordance with current law.

- The State shall encourage organizations and individuals to mobilize non-refundable aid from domestic and foreign organizations and individuals for scientific and technological activities.

- The Prime Minister shall stipulate the management and use of financial assistance for scientific and technological activities.

Besides, Decree No. 95/2014/NĐ-CP also stipulates science and technology development funds of organizations or individuals as follows:

- Science and technology development fund set up by an organization or individual is an organization that operates for not-for-profit purposes to provide non-refundable financial assistance, concessional loans or interest-free loans or loan guarantee to meet science and technology development needs. The procedures for setting up this fund and its loan provision and loan guarantee activities must comply with law.

- Science and technology development funds of organizations or individuals shall be set up from non-state budget contributions of their founders, voluntary or donated capital contributions and other lawful sources.

- Science and technology development funds of organizations or individuals shall register their operation at provincial-level Finance Departments of localities where their head offices are based and, at the same time, notify their founding to provincial-level Science and Technology Departments.

- Science and technology development funds set up by organizations or individuals shall be prioritized in renting land for construction of their head offices and branch offices.

View more details at Decree No. 95/2014/NĐ-CP of Vietnam’s Government, effective from December 01, 2014.

Le Hai

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