The Law on Science , Technology and Innovation, recently passed by the National Assembly, identifies enterprises as the center of the innovation system with many preferential policies on finance, tax, land, etc. to encourage enterprises to invest in research, technology development, and improve competitiveness. This new legal corridor is expected to "empower" enterprises to confidently break through and lead the national innovation ecosystem.
Empowering businesses
The Law on Science, Technology and Innovation devotes a separate chapter to policies to promote research, development and innovation activities in enterprises.
Accordingly, enterprises are empowered and encouraged to invest in research and development, not only with their own resources but also with support from the state budget through financial "bait" policies, according to the principle that "the State spends 1 dong to attract 3-4 dong from enterprises".
In addition, the Law allows enterprises to account for expenses for research and development activities as production and business costs, without a maximum limit (previously about 1% of revenue and only applied to profitable enterprises). These expenses are also tax deductible with an outstanding preferential coefficient of 150% and can be up to 200% if invested in strategic technology. In addition, profitable enterprises can allocate up to 5% of pre-tax profit to establish an investment fund for creative startups.
The policy aims to encourage businesses, especially large businesses, to support innovative startups in researching and developing new technologies and new business models. In addition, the State also has a policy of prioritizing the purchase of scientific and technological products from domestic enterprises.
Innovation always comes with potential risks, requiring a mechanism to protect unprecedented initiatives so that businesses dare to do new things. The Law on Science, Technology and Innovation helps businesses feel more secure in the process of researching and applying new technologies, thereby creating breakthrough products, contributing to improving national competitiveness.
(Ms. Mai Thi Thanh Oanh, Deputy General Director of Coc Coc Company Limited)
Ms. Mai Thi Thanh Oanh, Deputy General Director of Coc Coc Company Limited, commented that this is a shift in management thinking, a very positive signal from “risk control” to “creating a space for innovation”. Innovation always comes with potential risks, requiring a mechanism to protect unprecedented initiatives so that businesses dare to do new things. The Law on Science, Technology and Innovation helps businesses feel more secure in the process of researching and applying new technologies, thereby creating breakthrough products, contributing to improving national competitiveness.
One of the issues that the business community is interested in is the principle of no liability if the correct procedures and regulations are followed. Ms. Oanh believes that this is a legal basis for businesses like Coc Coc to boldly invest long-term in pilot projects to develop Vietnamese artificial intelligence (AI) products, smart search or domestic big data platforms.
Sharing the same view, Mr. Tao Duc Thang, Chairman and General Director of Viettel Group, said that the National Assembly passed the Law on Science, Technology and Innovation and related laws to create many breakthrough mechanisms and policies to create space for enterprises to develop science, technology and innovation such as: Increasing the science and technology development fund to a maximum of 20% of taxable income for corporate income tax; expanding the scope of using the science and technology development fund to invest in creative startups, research organizations, and hiring research abroad.
In addition, support the development of strategic technology through purchasing and merging companies to own technological know-how, designate suppliers and apply price negotiations to purchase technology, products, and equipment; support businesses to attract high-quality personnel; protect individuals and organizations to confidently carry out scientific and technological tasks...
With the new legal framework, businesses will maximize their role as locomotives for innovation, creating breakthrough technologies and products, strongly promoting digital transformation and enhancing national competitiveness in the coming period.
(Dr. Tran Van Khai)
According to Dr. Tran Van Khai, Deputy Chairman of the National Assembly's Committee on Science, Technology and Environment, with these progressive policies, many channels of capital support for innovation have been legalized, and national and local venture capital funds will provide financial resources for innovative startup projects.
At the same time, the controlled testing mechanism allows businesses to test new technologies and business models under State supervision, helping technology companies boldly pioneer in new fields such as AI, blockchain, fintech...
The law even exempts businesses from legal liability when they try new technologies and fail due to objective factors, thereby encouraging the spirit of daring to think, daring to do and accepting risks in innovation.
“With the new legal framework, businesses will maximize their role as locomotives for innovation, creating breakthrough technologies and products, strongly promoting digital transformation and enhancing national competitiveness in the coming period,” Dr. Tran Van Khai expected.
Instructions are needed for implementation.
In order for new policies to come into practice, many businesses believe that more specific and flexible implementation guidelines are needed.
As a business with many activities related to projects and topics of science, technology and innovation, Mr. Le Van Phuong, General Director of Lam Son Sugar Joint Stock Company said that the new policy will create favorable conditions for the company to register to participate in topics of science, technology and innovation more easily, especially in the fields of sustainable green agriculture and deep processing industry.
However, businesses need to reduce the burden of some procedures to save time and encourage businesses to invest in innovation more effectively.
For example, in granting or renewing operating licenses, it is possible to switch to a form of actual inspection of meeting conditions, instead of requiring businesses to submit a series of documents that have been previously submitted to the authorities.
The Law on Science, Technology and Innovation stipulates that the person who directly creates the results of a scientific or technological task has copyright; organizations and individuals who contribute financially have ownership rights.
To attract the world's leading experts to work in Vietnam, a representative of Viettel Group suggested that the State should issue mechanisms and policies to attract high-quality human resources in the direction of allowing experts to own or co-own research results, inventions and patents; own or have shares in enterprises formed from research results...
In addition, it is necessary to apply a mechanism for the State to invest and enterprises to operate key laboratories, measurement and testing facilities to evaluate strategic technology products.
For small and medium-sized enterprises, all expenses for innovation are deductible when calculating corporate income tax, which will help reduce financial burdens and encourage investment in digital transformation and technological innovation.
According to experts, this is an opportunity for businesses to proactively grasp and take advantage of opportunities to innovate, improve competitiveness and confidently break through.
Source: https://nhandan.vn/kien-tao-khong-giant-cho-doanh-nghiep-doi-moi-sang-tao-post896748.html
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