Decree No. 80/2021/ND-CP dated August 26, 2021 adopted by the national government prescribing a number of articles of the Law on Support for Small and Medium Enterprises (SMEs) will officially take effect from October 15, featuring some regulations on supporting SMEs to embark upon innovative startups.

The Da Nang Department of Science and Technology enters a contract on supporting innovative startup businesses and organisations in June 2021. Photo: M.QUE

Under the Decree, innovative startup SMEs are determined according to one of the following criteria: the production and sale of products formed from inventions, utility solutions, industrial designs, and integrated layout designs of semiconductors, computer software, mobile phone applications, cloud computing, new livestock breeds, new plant and aquatic varieties, the manufacturing and trading of products that have won awards at national and international startup and innovation competitions and science and technology events in accordance with the national laws.

Enterprises that meet the above criteria, after being approved and selected, will be eligible for the free-of-charge use of equipment at technical facilities, incubators, and co-working areas, but not exceeding VND20 million/year/enterprise.

Also, SMEs will enjoy a subsidy of up to 50% of the rental at incubators and co-working areas, but not exceeding VND5 million/month/enterprise.

The maximum support period is 3 years from the date of signing the premise lease contract.

Beside, they will enjoy a subsidy of 100% of the contract value for management consulting and development of products and services protected by intellectual property rights in the country, but not exceeding VND 50 million/contract/year/enterprise.

There will be support of up to 50% of the consulting contract value for establishing transfer, exploitation and protection of intellectual property rights abroad, but not exceeding VND 50 million/contract/year/enterprise.

Reporting by M.Q – Translating by A.T