The Ministry of Planning and Investment and the Central Youth Union promote cooperation to promote innovation for young people

The Ministry of Planning and Investment and the Central Youth Union promote cooperation to promote innovation for young people

03/10/2022
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(MPI) At the National Youth Entrepreneurship Forum 2022 taking place on the afternoon of October 1, 2022 with the theme "Youth start-ups and the country recover and develop after the pandemic", Deputy Minister of Planning and Investment Investment Tran Duy Dong participated in a policy dialogue session between Government leaders and Youth; Signing the cooperation program between the Ministry of Planning and Investment and the Ho Chi Minh Communist Youth Union in the period of 2022-2027.

Attending the Forum were Deputy Prime Minister Vu Duc Dam and representatives of leaders of ministries, sectors, central and local agencies, innovation and start-up businesses, and support centers. , start-up incubators, experts, innovative startup consultants.

Within the framework of the Forum, the signing ceremony of the cooperation program between the Ministry of Planning and Investment and the Central Committee of the Ho Chi Minh Communist Youth Union for the period 2022-2027 took place with the goal of effectively implementing the Party's guidelines and guidelines. enhance the role of youth in promoting innovation, socio-economic development of the locality and the country.

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The signing ceremony of the cooperation program between the Ministry of Planning and Investment and the Central Committee of the Ho Chi Minh Communist Youth Union in the period of 2022-2027. Photo: MPI.

The main contents of the Coordination Program include:

  • Coordinating to implement support activities to equip young people with knowledge and skills on innovation and entrepreneurship, improve business capacity, digital transformation for young people and youth-owned businesses and cooperatives ;
  • Disseminate information about the support program of the Small and Medium Enterprises Development Fund to innovative and start-up enterprises in accordance with the provisions of the Law on Support for Small and Medium Enterprises;
  • Propagating and replicating exemplary examples of innovation and entrepreneurship, digital transformation application models, and innovative models for effective and pervasive economic development, making positive contributions to the community. community;
  • Develop an innovation network, a global network of young Vietnamese knowledge and young entrepreneurs, and connect international organizations, NGOs, and investment funds for Vietnam's development goals.
  • Advise, develop and implement policies to support youth development and support Vietnam's youth-owned innovation and entrepreneurship ecosystem with the goal of sustainable development.

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Deputy Minister Tran Duy Dong attended the dialogue session. Photo: MPI.

Speaking at the opening of the dialogue session, Deputy Minister Tran Duy Dong informed about the advantages and limitations of attracting investment, including foreign investment for innovation and start-up in Vietnam. Vietnam has a stable geopolitics and is considered by investors as a safe, potential and attractive investment destination. With the high attention of the Government and the participation of the whole political system in improving the business investment environment, the consensus of businesses, the investment environment of Vietnam is becoming more and more open. , creating favorable conditions for investors, reflected in the indicators of competitiveness, innovation, global competitiveness... The advantage of human resources, intellectual potential and labor skills high motion. This is a great advantage in the context of globalization and knowledge economy.

According to Deputy Minister Tran Duy Dong, besides the above opportunities and advantages, Vietnam still has challenges and limitations related to the provisions of the law; The investment efficiency is not high, the ICOR coefficient of our economy is quite high, reflecting that the realized investment capital is not really effective, the investment is still scattered, fragmented and prolonged. Investment funds are still small and need to be expanded, especially to attract foreign investors for innovation. The available resources have not been well mobilized to serve growth. Investment in science, technology and innovation activities is still low. Skilled labor force, especially high-tech workers, new industrial sectors are still limited.

Regarding mechanisms and policies on investment capital for innovation and start-ups, Deputy Minister Tran Duy Dong said that recently, there have been many support mechanisms, especially the Law on Support for Small and Medium Enterprises, which regulates creative start-up, policies to support innovative start-up businesses and regulations on investment for creative small and medium-sized enterprises (Corporate income tax exemption and reduction regulations; technology and training support; human resource creation, investment attraction, market information, trade promotion, etc.). Next are the guiding documents to concretize the contents of supporting creative startups in the Law, including Decree No. 80/2021/ND-CP dated August 26, 2021 of the Government detailing and guiding the implementation of a number of articles of the Law on Supporting Small and Medium Enterprises; Circular 06/2022/TT-BKHDT dated May 10, 2022 of the Minister of Planning and Investment guiding a number of articles of Decree No. 80/2021/ND-CP.

Regarding the mechanism for quick investment, divestment, capital withdrawal, and capital transfer exclusively for innovative startups: Decree No. 38/2018/ND-CP of the Government detailing investment for innovative start-up small and medium enterprises, there are specific regulations from innovative start-up investment funds. At the same time, regulations on divestment, especially capital transfer, are also detailed in the Decree. In the coming time, the Ministry of Planning and Investment will evaluate the implementation of Decree No. 38/2018/ND-CP and collect ideas from the creative startup community to continue to improve related regulations. investment, capital withdrawal, capital withdrawal and capital transfer.

Regarding the venture investment mechanism, in Resolution No. 31/2021/QH15 dated November 12, 2021 of the National Assembly on the Economic Restructuring Plan for the 2021-2025 period, the Government assigned the Government to study and develop policies. The law encourages venture investment. The Government has assigned the Ministry of Planning and Investment to assume the prime responsibility for implementing this task. Accordingly, the Ministry of Planning and Investment is studying and synthesizing the ideas of the innovation business community, including the opinions of the youth startup community, to propose to the Government mechanisms and policies. on venture capital.

Earlier, in the morning of the same day, a seminar on "Specific mechanisms and policies to create a breakthrough for innovation and entrepreneurship in Vietnam" was held by the National Innovation Center, Ministry of Planning and Investment. and Investment in coordination with the Central Youth Union within the framework of Youth Entrepreneurship Forum.

The seminar attracted the attention of the public with the participation of representatives of the Economic Committee of the National Assembly, representatives of units under the Ministry of Planning and Investment including the Enterprise Development Department, Foreign Investment Department, Legal Department, National Center for Innovation, representatives of the Central Youth Union, and more than 100 delegates who are representatives of innovative enterprises, typical youth start-ups and representatives of enterprises. large enterprises, investment funds, international organizations, press.

Many topics were discussed at the workshop in the policy dialogue between representatives of ministries, departments, branches, central agencies and delegates. Discussions focused on very specific issues such as: mechanism of outward investment of innovative and start-up enterprises, investment funds, some existing problems of Decree 38/2018/ND-CP on the limit on the number of investors or the term of operation is made investment; propose to expand the loan content, optimize the fund's idle capital, and at the same time propose Vietnamese state management agencies to consider and study the experience of some developed countries in the world. about promoting investment in innovation and entrepreneurship, making Vietnam an attractive investment destination.

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Dialogue on "Mechanisms and policies to create a breakthrough for innovation and entrepreneurship in Vietnam". Photo: NIC.

Right at the dialogue session, representatives of units of the Ministry of Planning and Investment agreed to organize next week a detailed discussion between units and innovative and start-up businesses. investment funds to remove the "bottlenecks" that were raised at the Workshop. This in-depth discussion will invite more representatives of relevant units from the Ministry of Finance and the State Bank. This is a strong message from central agencies in general and the Ministry of Planning and Investment in particular, demonstrating the commitment to accompany and resolve to remove difficulties and obstacles in the innovation ecosystem because Vietnam's Sustainable Development Goals.

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