return icon

Plan to have 5,000 sci-tech firms may be unattainable

Under its science and technology development strategy, Vietnam would have 5,000 science and technology firms by 2020, including 2,000 in HCMC.

At a recent conference, after hearing a presentation by an official of the HCM City Department of Science and Technology about policies on research and industrial development, a representative of a business said the "policies sound very attractive, but it is difficult to approach the incentives.”



To be able to access support packages, businesses must be classified as science & technology firms. However, without capital and policy, businesses cannot be upgraded into science & technology firms.

Under current regulations, science & technology firms are businesses which carry out production of goods and services formed from scientific research.

To be able to access support packages, businesses must be classified as science & technology firms. However, without capital and policy, businesses cannot be upgraded into science & technology firms.

To be recognized as science & technology firms, businesses have to satisfy many requirements and submit dossiers to the department for approval.

However, as deputy director of the HCM City Science & Technology Department Nguyen Ky Phung, said businesses are required to provide many documents beyond the dossiers.

It is foreseeable that the goal of having 5,000 science and technology firms by 2020 will not be reached. To date, Vietnam has only 400 businesses of this kind, including 76 businesses in HCM City.

In an effort to improve the situation, the government last March promulgated Decree 13 with new regulations to simplify administrative procedures, offering more incentives to businesses.

The newly released decree stipulates that businesses in all fields can register as science & technology firms to enjoy preferences.

The conditions for enjoying tax incentives were relaxed: businesses only need to have 30 percent of total revenue coming from products created on the basis of scientific research, instead of 70 percent as required previously.

The new decree also stipulates that science & technology firms can enjoy corporate income tax exemption for the first four years of operation and 50 percent tax reduction in the next nine years.

The tax incentives for the first 13 years are believed to be attractive to technology startups, because fledgling businesses need great support in their first phase of operation.

Phi Anh Tuan, deputy chair of the HCM City Information Technology Association, commented that it is understandable why a high number of tech firms have been created recently: the qualifications of the Vietnamese labor force are increasing significantly, while opportunities are everywhere.

Mai Lan  


Local technology group sells 25 million shares to Samsung SDS

Local technology group sells 25 million shares to Samsung SDS

The board of directors of CMC Corporation has approved the issuance of 25 million shares through a private placement for Samsung SDS, the system integration arm of South Korea’s electronics conglomerate Samsung.  

Vietnam-made virtual reality technology allows on-the-spot travel

Vietnam-made virtual reality technology allows on-the-spot travel

Xtreme Studio’s launch of the Vietnam-made virtual reality (VR) game called Top of Vietnam on May 10 showed that VR can be used in many different fields and that Vietnamese can master this technology.



High costs and legal impasses hinder LNG energy development in Vietnam

Too many variables and over-reliance on imports have been hindering Viet Nam's plan to build power plants running on liquefied natural gas (LNG), industry experts have said.

Three Vietnamese military officers awarded UNHQ medal

The United Nations on May 26 awarded its medal to three officers of the Vietnam People’s Army who are working at this organization’s headquarters in New York, USA, on Peacekeeper’s Day (May 29).

Trade revenue set to eclipse 700 billion USD this year

Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts.

Government takes action to protect wild birds

Deputy Prime Minister Le Van Thanh has signed a directive to protect migratory and wild birds in Vietnam.

Quang Nam man owns 2,000 antique gardening tools

Collecting old items is how 47-year-old Tran Van Phuc from Quang Nam province describes the previous daily life of the working class to the younger generation.

Tourism booms as people are anxious to travel after Covid lockdowns

Since March, many families have booked long-distance tours for the summer now that the economy has reopened.

Mekong Delta farmers back away from rice as input costs rise

Rice farmers in many Mekong Delta provinces are reducing rice cultivation over rising prices of inputs like fertilisersnbsp;and pesticides.

Mural depicting VN, US’s friendship inaugurated

A ceramic mural, US-VN Friendship, has been inaugurated at the new US-Vietnam Co-operation Centre in Hanoi.

New pact promotes Vietnam-Europe fashion links

Culture, lifestyle and fashion links between Vietnam and Europe will be promoted under a Memorandum of Understanding signed this week by the European Chamber of Commerce in Vietnam (EuroCham Vietnam) and the Aquafina Vietnam International Week.

Vietnam likely to consider nuclear power development

The Economic Committee of the National Assembly (NA) has recently proposed developing nuclear power over the next decades to ensure national energy security and meet the ‘net zero’ goal Vietnam set at the 26th UN Conference on Climate Change (COP26).

Short animated Vietnamese film competes at Cannes Film Festival

“Giac Mo Goi Cuon”, known as “Spring Roll Dream” in English, a short animated film by a young Vietnamese director has been nominated in the La Cinef, a category at the Cannes Film Festival which honours works by students from global film schools.

PM welcomes Intel’s investment expansion in Vietnam

Prime Minister Pham Minh Chinh applauded Intel’s decision to expand its investment in Vietnam while receiving its CEO Patrick Gelsinger in Hanoi on May 27.

Hanoi to build 17 bridges spanning Red River

In addition to the seven existing bridges, Hanoi will have 10 more bridge crossing the Red River, under a development plan to 2030 with a vision towards 2050.

Localities asked to report progress of large FDI projects

The Ministry of Planning and Investment has requested localities to report the execution of large foreign direct investment (FDI) projects that need significant investment and use large land lots.

Opportunities for e-commerce in Vietnam to boom

Recently, e-commerce in Vietnam is assessed to grow robustly. It is forecasted that Vietnam's internet economy will reach US$57 billion by 2025, ranking second in Southeast Asia, after Indonesia.