New regulation on supporting innovative startup SMEs

The Government issued the Decree No. 80/2021/ND-CP dated August 26, 2021 detailing and guiding the implementation of a number of articles of the Law on Support for Small and Medium-Sized Enterprises (SMEs), including the article on supporting innovative start-up SMEs.

Accordingly, innovative start-up SMEs will be provided support in terms of technical facilities, intellectual property consultancy, exploitation and development of intellectual property; procedures on standards, regulations on technology, measurement and quality; testing and perfection of new products and business models... Specifically, they will be supported 100% of cost of using equipment at technical establishments, arboreta and coworking spaces, but not exceeding VND20million per year per enterprise. They will also get the maximum support of 50% of rental for arboreta and co-working areas, but not exceeding VND 5 million per month per enterprise. The maximum support period is 3 years from the date enterprises sign their space lease contracts. The decree takes effect from October 15, 2021.

Reported by Phuong Le-Translated by Kim Tin