Start-up businesses to get funding from VCIC

Representatives of the Ministry of Science and Technology together with representatives of the World Bank award grants to enterprises in VCIC’s first contest last year. – Photo ictnews.vn

The announcement was made by Phạm Đức Nghiệm, VCIC’s deputy director at the launch of a contest named “Proof of Concept”, sponsored by the World Bank and Ministry of Science and Technology, held in Hà Nội on Friday.

Specifically, start-ups would receive funds amounting to US$75,000 for the development, deployment or extension of a product or service, he said.

In addition, sponsored businesses will also receive VCIC’s counseling from the initial stage to the market development phase.

Innovative products, services, or business models can be included in VCIC’s second contest in the following categories: effective energy, sustainable agriculture, water management and purification, renewable energy technologies, technology information and other technologies related to climate change.

"This is an opportunity for start-up projects to reduce the impact of climate change on the environment, as well as an opportunity to showcase the potential of Vietnamese companies in the field of technology to cope with climate change," Nghiệm said.

"These companies are in the best position to provide innovative solutions to fight climate change, because they know better than anyone else about the difficulties, challenges and potential of the locality. It will help them come up with good ideas to improve the local economy and create more jobs," he added.

Climate change is increasingly attracting the interest of the international community.

As one of the five countries most vulnerable to climate change, the Vietnamese Government has been implementing a number of policy and action programmes to strengthen national capacities to adapt and respond effectively to climate change and reduce greenhouse gas emission.

The Ministry of Science and Technology expects that VCIC will create the foundation to help businesses identify business models and commercialise their products to cope with climate change.

VCIC will also organise seminars to call for ideas in Hà Nội, Đà Nẵng and HCM City to provide more information for businesses who want to join the contest, Nghiệm said.

At least 18 enterprises received funding from VCIC in the first contest in 2016.

Their projects included a car sharing solution to save costs and help passengers access transportation services, an automatic unbaked brick molding chain and bio-produce for agriculture.