New regulations 'attract' private resources to invest in ventures

DNVN - Decree 264/2025/ND-CP regulating the National Venture Capital Fund (VCF) and local VCFunds, issued on October 14, 2025, is considered to have many breakthrough regulations, helping to attract private resources into venture investment.

Mr. Pham Duc Nghiem, Deputy Director of the Department of Startups and Technology Enterprises (Ministry of Science and Technology).

For the first time, there is a legal corridor for venture capital.

Decree 264/2025/ND-CP regulating the National Venture Capital Fund and Local Venture Capital Fund, issued on October 14, 2025, includes 3 chapters and 18 articles. This Decree regulates the establishment, organizational structure, operation, management, capital proportion structure from the state budget, capital use, supervision mechanism for the National Venture Capital Fund, local venture capital funds and other contents specified in Article 40 of the Law on Science , Technology and Innovation...

Speaking at the regular October press conference of the Ministry of Science and Technology , Mr. Pham Duc Nghiem, Deputy Director of the Department of Startups and Technology Enterprises (Ministry of Science and Technology) said that Decree 264 is a decree with many breakthroughs in terms of subjects, scope, models and policies serving the development of venture capital. "This is the first time Vietnam has a legal corridor for venture capital with two basic philosophies: "public investment and private governance" and "focusing on public investment to lead private investment" - Mr. Nghiem said.

According to Decree 264, for the National Venture Capital Fund, the capital source consists of two parts: the state capital allocated from the development investment expenditure estimate of the Ministry of Science and Technology, at least 500 billion VND and the capital contribution of domestic and foreign organizations and individuals (if any). For the Local Venture Capital Fund, the capital source includes the state capital allocated from the local development investment expenditure estimate, decided by the Provincial People's Committee and the capital contribution from domestic and foreign organizations and individuals (if any).

"One dong of public investment can mobilize four dong of private investment. Using public investment as "seed capital" to attract private investment will help mobilize a huge social resource for innovation, especially for investment in start-up projects associated with national strategic technology fields," said Mr. Nghiem.

For the first time, the private sector is allowed to invest in science, technology and innovation projects.

According to Mr. Nghiem, in the past, the private sector mainly played the role of co-financing science and technology programs, but now, private entities, private investment funds, and angel investors are allowed to co-invest in science and technology and innovation projects with the state.

Along with that, allowing the formation of limited liability or joint stock enterprise models and allowing the hiring of licensed units (ie privately managed) according to the criteria, conditions and regulations issued by the state to manage the fund are very new points, creating a synchronous legal corridor, allowing "attraction" of private sources to invest with the state, serving national development goals.

Hien Thao

Source: https://doanhnghiepvn.vn/cong-nghe/quy-dinh-moi-hut-nguon-luc-tu-nhan-dau-tu-cho-mao-hiem/20251031034254959