Business

Interest support scheme proposes to encourage investment in technology innovation

Enterprises would receive State support covering 50% of interest payments on commercial loans used for technology application, transfer and innovation projects, capped at 6% a year for up to five years.

A company in the Da Nang Hi-tech Park. The State would subsidise part of companies' borrowing costs to encourage investment in new technologies. (Photo: VNA)
A company in the Da Nang Hi-tech Park. The State would subsidise part of companies' borrowing costs to encourage investment in new technologies. (Photo: VNA)


Hanoi (VNS/VNA) — The Ministry of Science and Technology has proposed interest support of 50% for companies investing in technology adoption and innovation in an effort to boost productivity, competitiveness and digital transformation.

Accordingly, enterprises would receive State support covering 50% of interest payments on commercial loans used for technology application, transfer and innovation projects, capped at 6% a year for up to five years.

The scheme would be implemented through the National Technology Innovation Fund (NATIF) and initially piloted with 20 enterprises before a wider rollout, the ministry has said.

Minister of Science and Technology Vu Hai Quan said that the programme aims to encourage enterprises to invest in technological adoption and innovation to improve productivity and competitiveness.
He emphasised the Government's commitment to supporting businesses and creating conditions for them to pursue innovation.

The programme is aimed not only at science and technology enterprises but also at any business seeking to invest in new technologies, Quan said.

NATIF Director Bui Quang Minh said the proposed mechanism is designed following the market principles, with commercial banks retaining responsibility for credit appraisal, lending decisions and risk management.

Instead of providing direct funding, the State would subsidise part of companies' borrowing costs to encourage investment in new technologies.

The scheme is expected to facilitate credit for the private sector to invest in technology adoption and innovation while improving the efficiency of public spending on science, technology, innovation and digital transformation.

To qualify, enterprises would need to demonstrate the feasibility of their projects, legal compliance, economic effectiveness and technological capability.

Priority would be given to projects involving technologies listed under the Government's encouraged technology transfer programme, prioritised high technologies and strategic technologies with the potential to generate high added value and wider economic spillover effects.

The programme will be piloted with 20 companies through September 2026 before reviewing the results and considering expansion of implementation./.

VNA
#technology innovation #digital transformation #innovation #Ministry of Science and Technology #interest support
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