In HCMC, the S&T development fund of an enterprise aims at promoting research and development efforts. These funds empower companies to introduce novel products and services, refine technological advancements, streamline production processes, and support innovative startup projects. Ultimately, this fosters enhanced competitiveness and generates fresh market opportunities.
The utilization of enterprise S&T development funds encompasses the purchase of equipment and improvement of technical infrastructure for S&T activities, the acquisition of technology usage and ownership rights, and the engagement of experts or organizations specializing in S&T, both domestically and internationally.
Furthermore, these funds can be allocated to support innovation initiatives, technology transfer activities, and the execution of tasks aligned with the National Innovative Startup Ecosystem Support Project by 2025.
Deputy Head Phan Quoc Tuan of the Division for Technology Management and Technology Market (under the HCMC Science and Technology Department) informed that approximately 127 enterprises in the city have established these funds, collectively contributing over VND6 trillion (US$237.6 million). However, only VND2.11 trillion ($83.3 million) has been utilized. Additionally, 21 enterprises have transferred a total of VND93.5 billion ($3.7 million) to the HCMC S&T Development Fund.
These figures indicate that the funds have yet to reach their full potential in terms of maximizing benefits for local enterprises. This, in turn, presents a barrier to enhancing enterprise competitiveness.
To unleash the untapped potential of enterprise S&T investments, it is advisable to have prompt revision and supplementation of fund regulations to align with current legislation and the practical realities of business operations.
Additionally, modifications to accounting, enterprise financial management, and tax regimes pertaining to the funds should be made. Furthermore, introducing regulations establishing a management mechanism for fund operations and a criteria system to evaluate the effectiveness of fund utilization within enterprises is vital.
In response, the HCMC Science and Technology Department promised to carefully consider and develop a necessary legal corridor to address problems for a smoother operation of enterprise S&T development funds. This entails attracting and securing funding sources from both within and beyond the state budget, catering to the specificities of S&T research implementation, and ensuring efficient financial support.
This important content will be submitted to both the HCMC Party Committee and the Ministry of Science and Technology for the establishment of a piloting fund project in the city, slated for approval in the 4th quarter of this year.
