Minister of Science and Technology Nguyen Quan has called for a strong business start-up spirit this year to turn Vietnam into a start-up haven in the next decade.

Minister of Science and Technology Nguyen Quan has called for a strong business start-up spirit this year to turn Vietnam into a start-up haven in the next decade.

In a recent interview with Vietnam News Agency, Quan said Vietnam has gained experience in start-up ecology, and this year the ministry will propose adding contents regarding venture investment and start-up infrastructure into the law, thereby creating a legal corridor for start-ups.

As this is the beginning of the 2016-2020 plan, he said the priority goal this year, is bringing to life decrees and circulars on realising the Law on Science and Technology, including empowering research institutes and science-technology organisations with the right to self-determination.

On development orientations, the sector will work to maintain Vietnam’s rankings in terms of sci-tech development, including being third in ASEAN, ranked second among low-income countries and 52 nd in the world.

If more attention is paid, Vietnam is very likely to achieve higher rankings, Quan commented.

Reviewing 2015’s activities, the Minister gave praise to a comprehensive and expansive legal system that paves the way for a broader technology market, linking technologic advances with manufacturing and trading.

Technology markets, commerce platforms and intermediary units on the national, regional and local scale have contributed to stimulating supply and demand, evidenced by increased transaction volumes, he said.

However, he also pointed out shortcomings faced by the sector, such as limited staff and technical equipment, and the shortage of policies to make breakthroughs in science and technology development.