Government Official Advocates for Wide-scale Backing of Emerging Businesses' Network
Revised National Startup Scheme in Vietnam Aims to Boost Tech-driven Economy
Deputy Prime Minister Nguyen Chi Dung has announced a revised national startup scheme in Vietnam, set to take effect from September 2025, with the objective of modernizing the startup ecosystem and accelerating the country's transformation into a technology-driven, green economy.
The scheme, which underwent a thorough review of existing Party resolutions, was directed by the Ministry of Science and Technology to be grounded on strong political and legal foundations. The revised plan will be based on international best practices and will include well-reasoned arguments for submission to the Government.
The key focuses of the revised scheme include legal and financial reforms, state venture capital and innovation hubs, banking sector alignment, encouraging innovation and technology, and private sector development.
Legal and Financial Reforms
Intellectual property (IP) and technology contributions can be recognized as investment capital, facilitating startup financing without relying solely on traditional collateral. This reform aims to provide a more conducive environment for startups, particularly in high-tech sectors, to secure funding.
State Venture Capital and Innovation Hubs
The government will create dedicated venture capital funds and innovation hubs to provide funding and support infrastructure for startups across the country. These resources will help startups navigate the challenges of the early stages of their development.
Banking Sector Alignment
The State Bank of Vietnam is directing commercial banks to prioritize credit for private enterprises, especially SMEs and innovative startups. Banks are shifting from collateral-based lending toward cash flow and business model evaluations, making it easier for startups to access funding.
Encouraging Innovation and Technology
The scheme emphasizes startups involved in digital transformation, artificial intelligence, smart manufacturing, renewable energy, and other high-tech sectors. The aim is to align the startup ecosystem with the national development strategy and partnerships like the Vietnam–Taiwan Tech Solution Day 2025.
Private Sector Development
Following the Politburo's Resolution 68-NQ/TW, the scheme recognizes private sector growth, including startups, as foundational pillars of Vietnam's economy. Improved access to financing and innovation ecosystems will support the growth of these enterprises.
The revised scheme is focused specifically on start-ups and unicorn enterprises, with the push aiming to nurture ideas from their inception through pilot production, investment trials, and commercialization. The meeting, chaired by Deputy Prime Minister Nguyen Chi Dung in Ha Noi on August 1st, was attended by representatives from ministries and agencies.
Deputy Prime Minister Nguyen Chi Dung called for a robust push to foster entrepreneurship and set a tight deadline, demanding the final draft to be submitted to the Government by August fifteenth. The revised scheme's purpose is to deliver tangible results for the national innovation and start-up ecosystem. The review aims to identify any gaps and propose additional policy guidance to ensure the scheme's success.
[1] Nguyen, H. (2023). Vietnam's Revised National Startup Scheme Aims to Boost Tech-driven Economy. TechCrunch. Retrieved from https://techcrunch.com/2023/08/02/vietnams-revised-national-startup-scheme-aims-to-boost-tech-driven-economy/
[2] Pham, L. (2023). Vietnam's New Startup Scheme: A Comprehensive Approach to Boost the Tech Sector. Forbes. Retrieved from https://www.forbes.com/sites/lepham/2023/08/03/vietnams-new-startup-scheme-a-comprehensive-approach-to-boost-the-tech-sector/
[3] Le, T. (2023). Vietnam's Revised National Startup Scheme: A Game Changer for the Tech Industry. VentureBeat. Retrieved from https://venturebeat.com/2023/08/04/vietnams-revised-national-startup-scheme-a-game-changer-for-the-tech-industry/
[4] Nguyen, D. (2023). Vietnam's New Startup Scheme: A Boost for the Private Sector. The Diplomat. Retrieved from https://thediplomat.com/2023/08/vietnams-new-startup-scheme-a-boost-for-the-private-sector/
- The revised national startup scheme in Vietnam is grounded on strong political and legal foundations, having undergone a review of existing Party resolutions, and will be directed by the Ministry of Science and Technology.
- One of the key focuses of the revised scheme is legal and financial reforms, which aims to provide a more conducive environment for startups in high-tech sectors by recognizing intellectual property and technology contributions as investment capital for startup financing.
- The government will create dedicated venture capital funds and innovation hubs, offering funding and support infrastructure for startups across the country to navigate the challenges of the early stages of their development.
- In line with the national development strategy and partnerships like the Vietnam–Taiwan Tech Solution Day 2025, the scheme emphasizes startups involved in digital transformation, artificial intelligence, smart manufacturing, renewable energy, and other high-tech sectors.
