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Government backs start-up businesses

Update: August, 13/2015 - 09:00
Legal and administrative procedures were the biggest challenges facing start-up businesses, according to a forum attended by Deputy Prime Minister Vu Duc Dam yesterday. — VNA/VNS Photo

HA NOI (VNS) — Legal and administrative procedures were the biggest challenges facing start-up businesses, according to a forum attended by Deputy Prime Minister Vu Duc Dam yesterday.

Dam met with the start-up business circle to assess policies and mechanisms, and to seek solutions to foster their development.

They told the Deputy PM the difficulties encountered, including the application of science and technology, access to capital resources, renovation and creation-related projects.

They expressed hope that the State would introduce mechanisms to enable businesses, enterprises and investors to contact Government bodies to solve existing weaknesses.

In reality, quite a few Vietnamese start-up enterprises register in foreign countries and develop their markets and products abroad, according to the Vietnam News Agency.

"Foreign investors also encounter difficulties accessing licenses to do business in Viet Nam," the agency reported, saying that led to brain drain and a loss of development resources.

The Deputy PM highly appreciated the efforts, activeness, creativeness and achievements of start-up businesses.

"Start-up enterprises should unite and stand firm in order to prosper and contribute to the competitiveness of Vietnamese enterprises in the region and the world," Dam noted.

"The Government has acknowledged shortcomings and limitations related to policies and mechanisms which were made to support young businesses, and is looking for solutions," he said.

He called for ministries, departments and sectors to put forward solutions to create a favourable environment for the establishment and development of new businesses.

The Government was considering setting up a mail box on its electronic information portal to deal with any queries from the business circle associated to mechanisms, policies and laws on doing business and making investments, Dam said.

On Sunday, 100 outstanding young entrepreneurs were honoured for their successful start-up businesses at a ceremony held in HCM City.

The awards were organised for the first time by the Viet Nam Young Entrepreneurs Association, the Viet Nam Youth Federation and Red Star Club, and aimed to inspire young businesspeople.

The 100 young entrepreneurs generated revenue of nearly VND9 trillion (US$412 million) in 2014, paid VND225 billion ($10.3 million) in taxes and created jobs for 16,000 people. — VNS

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