VietNamNet Bridge – The Government has recently issued regulations on organization and operation of the national fund for technological renewal.

The VND1,000 billion (US$47 million) fund, which is a non-benefit State-owned financial institution, will supply financial support to organizations, individuals and businesses on technological research, transfer and renewal.

It will select scientific and technological projects to give loans or grants, develop regulations on its financial support and decide the granted amount transparently while monitoring, managing and reviewing the supported projects’ implementation.

The targeted projects are those related to researching and developing new advanced technologies; piloting new production; transferring, improving and creating new technologies for producing national major products.

The fund will also support projects on developing scientific and technological businesses, expanding existing scientific and technological businesses and transferring technologies for rural and agricultural development.

The fund can terminate and recover the loans or grants if beneficiaries violate its regulations.

Its organization includes a managing board, which have nine to eleven members who are scientists, managers and business representatives, an operating agency and a controlling board. The members are re-elected every five years.

The capital is allocated from the State budget for scientific and technological activities and re-filled every year to ensure the charter capital. The fund can use up to 50% of its State budget capital to support preferential interest rates, loans and guarantees.

Source: VGP