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VN start-ups need more legal support: firm CEOs

Update: April, 11/2016 - 11:06
Illustrative image/ Photo

HÀ NỘI Viet Nam News -— Vietnamese start-ups need consultancy supports on tax policies, legal, finance and accounting, as well as training courses to help them become professional entrepreneurs.

Trịnh Nam Thái, CEO of raised this idea while contributing to the project, “The national programme to support start-up ecosystem and innovation” built by the National Agency for Technology Entrepreneurship and Commercialisation Development (NATEC).

Phạm Hồng Quất, the agency’s director said that NATEC had received several ideas from ministries and sectors to complete the project. It would be built to meet with the demand of start-ups in the science and technology field in the first stage of development.

Specifically, an electronic platform would be established on the network infrastructure of the National Agency for Science and Technology Information (VISTA). The project would also build a database and a system connecting domestic and foreign specialists, especially overseas Vietnamese with experience in start-ups and successful entrepreneurs in the science and technology sector.

In addition, there would be training courses specialising in attracting funding and building business models for start-ups with support from the Government.

“We want to create a working environment which will help investors share business experiences as well as appeal for venture funds. Angel investors would also act as trainers,” Quất said.

NATEC would call for co-operation from institutes, schools and localities to build the best working environment for start-ups.

The project would also propose a mechanism for the association between start-up centres and investment funds to help them access funds and facilitate them in divestment.

However, successful start-ups believed that the support should be closely linked with reality.

Nguyễn Hữu Tuất, CEO Mpos Việt Nam, said that a website or an electronic platform would be only a tool for start-ups accessing information. The Government should have a start-up nurturing programme to support them and their partners, as well as a training system to turn ideas into products.

Tuất said the Government should be active in setting up a centre to give legal aid to start-ups on regulations with regard to business conditions, taxes and listening to their difficulties relating to legal issues.

He said the Government should have policies to reduce or exempt taxes for businesses, provide support services to start-ups such as co-working space, electricity, water and the Internet to minimise their costs.

He expected the Government to create a process to facilitate the entry of foreign funds and organise a discussion with investors to resolve vexing issues. – VNS

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