The Ministry of Science and Technology on Friday announced a 1-million-euro (US$1.12 million) fund for Vietnamese incubators of tech startups, local media reported.
Each beneficiary of Innofund will receive a grant of 15,000-45,000 euros ($16,800-50,400) besides technical assistance in identifying potential startups.
The fund is part of a project which was started last year by the Vietnamese government in collaboration with the Belgian government to support local startup incubators .
Better known as BIPP, the five-year project has a total funding of 4.4 million euros, of which nearly 91 percent comes from Belgium.
Minister Nguyen Quan was quoted as saying that about 50 incubators are now active around the country, including those which are run by universities in Hanoi and Ho Chi Minh City.