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National fund for technological renewal created

The Government has recently issued regulations on organisation and
operation of a national fund for technological renewal in service of
national development.

The 1 trillion VND (47 million USD)
fund will supply financial support to organisations, individuals and
businesses on technological research, transfer and renewal.

As a
non-benefit State-owned financial institution, it will select
scientific and technological projects to give loans or grants, develop
regulations on its financial support and decide the granted amount
transparently while monitoring, managing and reviewing the supported
projects’ implementation.

The targeted projects are those
related to researching and developing new advanced technologies;
piloting new production; transferring, improving and creating new
technologies for producing national major products.

The fund
will also support projects on developing scientific and technological
businesses, expanding existing scientific and technological businesses
and transferring technologies for rural and agricultural development.

The fund can terminate and recover the loans or grants if beneficiaries violate its regulations.

The capital is allocated from the State budget for scientific and
technological activities and re-filled every year to ensure the charter
capital. The fund can use up to 50 percent of its State budget capital
to support preferential interest rates, loans and guarantees.-VNA

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