Prime Minister Nguyen Xuan Phuc has issued a decision promulgating the organisational and working statutes of the National Technology Innovation Fund (NATIF).

Illustrative image (Photo: VNA)

Accordingly, the NATIF is a non-profit State financial fund which is subordinate to the Ministry of Science and Technology and not covered by the State budget. It operates as a single-member limited liability company with all of its charter capital owned by the State.

It provides soft loans and guarantees loans or offers financial aid for enterprises, organisations, and individuals to research, apply, transfer, innovate, and complete technology.

The purpose of the fund is to assist businesses in transferring, innovating, and completing technologies that are encouraged to be transferred as stipulated in the Law on Technology Transfer; promote technology transfer to serve agricultural development in rural, mountainous, and disadvantaged areas; support the development of technologies and science-technology companies, as well as technology decoding; and aid the training of science and technology human resources to serve technology transfer, innovation, and completion.

The NATIF is tasked with receiving, managing, and using sources of capital such as the State budget, legal financial sources, and voluntary donations by domestic and foreign businesses, organisations, and individuals; selecting missions and projects to be supported by the fund; making rules on financial aid and deciding on support levels in a transparent manner; examining and managing mission and project implementation; and assessing implementation outcomes.

It has the right to suspend or take back financial aid if any of the assisted businesses, organisations, and individuals is found to have violated regulations on the use of the fund’s capital. It can also deal with complaints or sue businesses, organisations, and individuals that infringe their contracts and commitments with the fund.

Source: VNA