According to Ministry of Information and Communications, more than 1,000 start-ups are established each year. However, the number of enterprises that exist after starting a business only accounts for about 10%. To start a business, businesses and individuals need to meet a variety of factors such as technology, planning, capital, knowledge of corporate governance, legal regulations on enterprises...
Open policies are in need
At the meeting with leaders of industries and domestic investment enterprises’ association in Binh Duong 2017, representatives of Binh Duong young entrepreneurs’ association suggested that policies for start-up businesses needed to be open, keep up with the transformation of start-up community, in particular the need for simplified administrative procedures and the development of credit funds.
According to many businesses, the simplification of legal procedures on registration, labor and inspection for start-up businesses was to reduce the legal burden and costs, help them focus on business. Young businessmen often have problems with administrative procedures, regulations on taxation, and competition with foreign enterprises, especially difficulties in accessing funds. These were big obstacles to newly established enterprises.
Businesses expressed their opinions at the meeting with leaders of industries and domestic investment enterprises’ association in Binh Duong in 2017.
Nguyen Quoc Cuong, Director of Department of Science and Technology, said that the department was developing the policy to support innovative start-ups. Mr. Cuong emphasized that in the process of policy development, functional branches would seek opinions from the business community; welcome opinions from the young business community to soon improve this policy.
Advantages of Binh Duong
According to experts, mechanisms and policies to support start-up enterprises still lack of synchronism and systematism. In addition, the fund mobilization of enterprises faces many difficulties, because legal framework and policy is not complete. Thus, the success rate of start-ups is very low.
With regard to Binh Duong province, the construction of a smart city model and the development of specific breeding grounds, such as breeding grounds at universities, or right at state-owned enterprises will be a big advantage for start-ups. Specifically, in the field of hi-tech agriculture, which is one priority of Binh Duong, start-up businesses will achieve close cooperation, support and consultancy with research institutions on high technology application in production, which will increase the competitiveness of the product.
Dr. Nguyen Thi Lien Thuong, Director of Experimental Research Center at Thu Dau Mot University, said that high-tech agricultural start-up enterprises should be consulted on technology development in production. The application of new technologies and processes will create good-quality, unique and safe products, and most importantly, create new products that meet the needs of the community and will be the strength of startups…
Provincial People's Committee has just launched the project "Supporting the national innovative startup eco-system until 2025". Accordingly, the province aims to support 800 projects, 200 start-up enterprises. Subjects of the project are individuals and groups of individuals having start-up projects; start-up businesses are likely to grow rapidly based on the exploitation of intellectual property, technology, new business models; start-up businesses have a operation duration of not more than 5 years from the issuance date of business registration certificate; and organizations provide services, material and technical facilities, investment and communication for innovative start-ups.
Reported by Tieu My – Translated by Ngoc Huynh
