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Economy

Vietnam to drive high-tech startups with new incentives

After COVID, Hanoi aims to boost country's growth potential

Startups in Hoa Lac Hi-Tech Park are exempted from land leases for 50 years. (Source photo by Reuters)

HANOI -- Vietnam will launch a program to accelerate the founding of startups in information technology and other high-tech businesses in a bid to boost the country's growth potential as COVID-19 weighs on the economy.

Starting on Oct. 5, the new program is a set of incentives to encourage innovative startups engaged in "telecommunications businesses, information technology, automation and other related businesses," according to a decree approved at the end of August. Startups engaged in "new and clean energy" and in the "production of intermediate goods participating in value chains and industry clusters" are also eligible.

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