Natif Foundation aims to support hundreds of technology innovation businesses

At the Forum “The Future of Science and Technology, Innovation and National Digital Transformation”, held on October 4 in Hanoi, Mr. Bui Quang Minh, Director of the National Technology Innovation Fund (Natif), said that businesses are the central subjects of the fund’s support programs and aims to support hundreds of businesses in the next year.

According to Mr. Minh, this is a two-way cooperative relationship, businesses need resources for technological innovation, and the fund needs to find businesses with real needs and the ability to deploy effectively.

Forms of support include funding or ordering innovation tasks, loan interest rate support, and financial support “vouchers” when businesses purchase technology products and services. According to the fund representative, feedback from grant recipients shows that the support of a national fund also helps the product increase its reputation in the market.

For sponsorship or ordering, Natif is accepting applications for artificial intelligence application funding until October 10. Specifically, businesses that need to apply artificial intelligence to create new or improved products and services, business models or improvements can receive a maximum funding of 3 billion VND for the project. Priority areas are processing industry, manufacturing, agriculture and agricultural product processing, healthcare and pharmaceuticals, logistics and supply chain, trade, services and corporate governance, and state administrative agencies.

For businesses borrowing capital from banks, the fund supports 50% of the interest rate according to the program. Natif representative said that the first phase has been deployed and is preparing to expand the scale.

The Fund also researches and deploys experimental funding for technological innovation in the form of “vouchers” or financial support vouchers. Businesses use vouchers to buy technology products and services from suppliers at cheaper prices.

However, Mr. Minh assessed that through the implemented programs, there is a gap between the level of interest of businesses and the number of registration documents. “When discussing, businesses were very excited, but when submitting applications, not many,” a Natif representative said about the first interest rate support program.

The reason, according to the Fund Director, is the fear of responsibility after receiving support from the budget as well as the lack of clarity on how to register and build documents according to the correct procedures.

To solve the problem, Natif is designing an online application process, increasing convenience, openness, transparency and promoting business guidance. The goal is for units to proactively register and be considered for funding according to the conditions of the programs. The Fund also aims to shorten appraisal time and simplify the process.

Facilitation still comes with post-inspection to ensure responsibility for using resources for the right purpose, Mr. Minh said, noting that when investing, businesses must prove actual effectiveness.

Mr. Nguyen Mai Duong, Director of the Department of Innovation, said that Vietnam has moved from the stage of building mechanisms to organizing implementation. Therefore, businesses play a central role in the chain of scientific research, technology development, production and market.

According to him, an enterprise is both a place to put research results into production and business, and to proactively invest in research and development. Large enterprises can also pose technology problems, providing a foundation for small and medium-sized enterprises to improve technology and participate in the production chain.

A representative of the Department of Innovation said that management agencies will accompany and solve difficulties faced by businesses. “Next year, there will be more businesses supported through the state budget, along with sources from businesses creating competitive products,” Mr. Duong expected.