The lack of institutional support is one of major factors behind the failure of many startups to take off and thrive, experts say. “80-90 percent of startups fail in the early stages because they don’t have enough funding to move on to the expansion stage,” Phan Hoang Lan, head of Financial Planning Division of the Market Development Department under the Ministry of Science and Technology said. Funding for startups mostly come from venture capital funds, businesses and angel investors, not from the government, experts said at a recent conference. There are three periods in the development of a startup - discovery, validation and expansion, said Lan. It is in the first two periods that startups need funding the most, Lan said, adding that they end up raising money from family and friends or spending their own. This situation is very different from other countries like Singapore, where the government offers a variety of grants that can support up to 70 percent of a … [Read more...] about Vietnam startups lack government support when it matters most
Government support
Garment, textile sector urges more government support
(VEN) - The Vietnamese garment and textile sector is forecast to achieve one of the highest growth rates over the next 12 years. It is a key economic sector in terms of employment creation and contribution to exports. However, the sector needs more government support to remove bottlenecks. Impressive results The Vietnamese garment and textile sector achieved impressive results in 2017. The sector’s export turnover reached more than US$31 billion, up 10.23 percent compared to the previous year. The rapid growth rate is expected to continue this year with an estimated turnover of more than US$33.3 billion. The sector is expected to grow by 14 percent over the next two years and a further 10 percent up to 2030. In addition to maintaining traditional markets such as the US, the EU, Japan and the Republic of Korea, domestic garment and textile businesses have been expanding to new markets such as China, Russia and Cambodia. Speaking at the fourth Vietnam Textile Summit 2018 held … [Read more...] about Garment, textile sector urges more government support
Government data critical for businesses
Though Viet Nam has made great strides in streamlining administrative procedures and developing e-governance, more needs to be done to enable businesses and the public to access information from the Government, a roundtable heard in HCM City on Tuesday. Tran Ngoc Liem, deputy director of the Viet Nam Chamber of Commerce and Industry’s HCM City office, said businesses need many kinds of information such as domestic and global markets and the output of certain sectors, but they find it hard to get it. This is valuable information that helps businesses analyse their investment and trading opportunities, Liem said. He said the World Bank had an open data for business tool and hoped its working group would suggest recommendations and support Viet Nam’s efforts to successfully establish a digital government and open data. Open data is freely available online for anyone to use and reproduce. While social media, companies and non-government organisations (NGOs) can all be sources … [Read more...] about Government data critical for businesses
Malaysian government supports civil servants, pensioners
Pensioners in Malaysia (Photo: AFP/VNA)Kuala Lumpur (VNA) –Millions of Malaysian civil servants and pensioners on January 8 receivedspecial payment from the government, as previously announced in October 2017.Malaysian Prime Minister Najib Razakstated that the special payment will be 1,000 MYR (about 270 USD) for civilservants and 500 MYR (135 USD) for government pensioners.According to Malaysia’s 2018 Budget,1.6 million civil servants of the country will also receive additional 500 MYRin the Hari Raya festival (June 15) while government pensioners will receive250 MYR (67 USD).-VNA … [Read more...] about Malaysian government supports civil servants, pensioners
Ireland provides EUR12.6 million to support development of Vietnam’s ethnic minority areas
Accordingly, the funding will support the “Socio-economic development programme for extremely difficult communes in ethnic minority and mountainous areas” (Program 135) and the technical assistance project on "Enhancing the effectiveness of development programs and policies and initiatives for poverty reduction in ethnic minority and mountainous areas" for the 2017-2020 period.During that period, Ireland will provide a financial support of EUR12 million for Vietnam to implement Program 135 in order to support the improvement of socio-economic infrastructure and access to services for ethnic minority communities in five provinces Ha Giang, Hoa Binh, Quang Tri, Kon Tum and Tra Vinh.Meanwhile, EUR600,000 will be allocated for the technical assistance project to improve the effectiveness of programmes and policies towards the development of ethnic minority population.The funding agreement for Program 135 was signed on November 15 between the CEMA on behalf of the Government of … [Read more...] about Ireland provides EUR12.6 million to support development of Vietnam’s ethnic minority areas
Irish Government supports Vietnam’s ethnic minority area development
The ceremony to announce Ireland's support for Vietnam's ethnic minority area development on December 20 (Photo: VNA)Hanoi (VNA) – The Irish Government is going tosupport Vietnam’s efforts to develop ethnic minority areas with 12.6 millionEUR (14.9 million USD) between 2017 and 2020.The sponsorship was announced at a ceremony heldby the Vietnamese Government’s Committee for Ethnic Minority Affairs and theIrish Embassy in Hanoi on December 20.Accordingly, Ireland will provide 12 million EURfor Vietnam to carry out the programme on socio-economic development in ethnicminority and mountainous communes with particular disadvantages (Programme135). The funding aims to assist socio-economic infrastructure improvement andaccess to services in ethnic minority areas in the provinces of Ha Giang, HoaBinh, Quang Tri, Kon Tum, and Tra Vinh.The remaining 600,000 EUR will fund a technicalassistance project on improving the effectiveness of development programmes andpolicies … [Read more...] about Irish Government supports Vietnam’s ethnic minority area development
German government talks likely a month away, Merkel ally says Info Alert Alert Chia sẻ bài viết qua e-mail
BERLIN, Nov 27 -- Talks on forming a new German "grand coalition" with the Social Democrats (SPD) may not begin until next year, a top official in Chancellor Angela Merkel's conservative camp said, potentially prolonging the uncertainty in Europe's largest economy.Merkel, whose fourth term was thrown into doubt a week ago when three-way coalition talks with the pro-business Free Democrats (FDP) and Greens collapsed, was handed a political lifeline by the SPD on Friday.Under intense pressure to preserve stability and avoid new elections, the SPD reversed its pledge to go into opposition and agreed to discuss supporting a Merkel government, raising the prospect of a continuation of the grand coalition, which has ruled for the past four years, or a minority government.But Julia Kloeckner, vice-chair of Merkel's Christian Democrats (CDU), said talks may not begin until the new year, over three months after the national election in which the two biggest parties suffered punishing … [Read more...] about German government talks likely a month away, Merkel ally says Info Alert Alert Chia sẻ bài viết qua e-mail
Quang Binh suggests Government support for further development Most Recent News
NDO –Authorities of Quang Binh province proposed the Government assisting the province in promoting its strengths for further development in the future, heard at the working session between Deputy Prime Minister Vu Duc Dam and Quang Binh provincial People’s Committee on December 15. The province asked the Government to assist it in the upgrading of the Dong Hoi Airport in 2018 and add the airport to the list of international airports in the future in order to boost the local tourism and transport. The local authorities also suggested that the Government will recognise the relic site dedicated to General Vo Nguyen Giap located in LocThuy commune, Le Thuy district as the national-level historical site to serve the preservation of the relic site and tourism. In addition, the province expressed hope that the Government will soon approve a target programme on education in mountainous, ethnic and disadvantaged regions aligned with a specific capital allocation plan for these … [Read more...] about Quang Binh suggests Government support for further development Most Recent News
Quang Binh suggests Government support for further development
The province asked the Government to assist it in the upgrading of the Dong Hoi Airport in 2018 and add the airport to the list of international airports in the future in order to boost the local tourism and transport.The local authorities also suggested that the Government will recognise the relic site dedicated to General Vo Nguyen Giap located in LocThuy commune, Le Thuy district as the national-level historical site to serve the preservation of the relic site and tourism.In addition, the province expressed hope that the Government will soon approve a target programme on education in mountainous, ethnic and disadvantaged regions aligned with a specific capital allocation plan for these regions in the 2018-2020 period.In particular, local authorities asked the Government to provide financial support for the province to build kindergartens and primary schools for children in remote, ethnic and disadvantage regions with a total aid of VND276 billion for 52 communes.Deputy PM Dam … [Read more...] about Quang Binh suggests Government support for further development
Government supports communities after mass fish deaths
Prime Minister Nguyen Xuan Phuc gave the go-ahead for urgent donations to be sent to local people in the four central provinces which have been seriously affected by the mass fish deaths since early April. Tonnes of fish found dead in the central provinces Fishermen and their families in the provinces of Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue will be given 15kg of rice per person a month for the next month and a half. As much as VND5m (USD227) will be given to owners of fishing boats with capacity of less than 90 horsepower and who had to fish near the shore due to bad weather. Local authorities will provide the donations depending on the size of the boats and the situation. Owners of ports and logistic services providers can make six-month loans or shorter term subsidised interest rates at banks appointed by the State Bank of Vietnam. Local people will benefit from 100 percent of their interest rates being subsidised from May 5 to June 6 to buy and … [Read more...] about Government supports communities after mass fish deaths