Special incentives for National Innovation Centre

Special incentives for National Innovation Centre

The Government has issued a decree outlining a series of preferential mechanisms and policies, including certain foreign nationals not needing work permits, aimed at fostering the development of the National Innovation Centre.

The NIC building in the Hòa Lạc Hi-Tech Park, Hà Nội — Photo baochinhphu.vn.

The Government on Monday issued a new decree outlining a series of preferential mechanisms and policies aimed at fostering the development of the National Innovation Centre (NIC).

The decree introduces wide-ranging incentives related to labour, investment credit, land use and public services to boost Việt Nam’s innovation ecosystem.

A key highlight of the decree is the exemption of the need for work permits for foreign nationals working at NIC. Specifically, expatriates serving as managers, executives, specialists, or technicians in roles for which domestic human resources are not yet sufficient will not be required to obtain work permits.

This exemption applies both to those employed directly by NIC and to personnel working within businesses and organisations operating under its umbrella. Relevant confirmation procedures will follow current legal regulations.

Start-ups based at the NIC and the centre itself will be eligible to access state investment credit, provided they meet applicable criteria. In addition, NIC and stakeholders within its ecosystem will have the right to approach State financial funds outside the budget, as well as domestic and international financial institutions, for sponsorship, support and credit guarantees.

Numerous other incentives apply specifically to the NIC headquarters located in Hòa Lạc Hi-Tech Park.

Notably, projects within designated land plots will be fully exempt from infrastructure use fees. These projects will also be relieved from compensation, site clearance, relocation and resettlement costs. The State budget will further cover land levelling expenses for infrastructure development at the centre.

NIC is also entitled to provide public service functions in line with its operational mandate. These include incubator services, business support, training and education programmes, research, publication activities and the organisation of conferences, start-up forums and investment networking events. The centre may use public assets – including facilities, software, databases and intellectual property –to deliver these services.

Moreover, individuals and businesses operating within the NIC will be eligible to mobilise and receive funding from national research and innovation programmes, as well as international organisations and foreign or domestic enterprises.

They will also benefit from streamlined administrative procedures, designed to facilitate the development of intellectual property-driven projects, emerging technologies and rapid-growth business models. 

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