The BIPP Innovation Fund (InnoFund) is to increase the competitiveness of the Vietnamese economy through improved commercialization of national research and development. In this context it assists the Ministry of Science and Technology (MoST) in testing a functional tool through which valuable implementation feedback and lessons learnt that can be drawn for future policy formulation as well as future upscaling of such important support instrument. The InnoFund specifically aims to support two target groups: (i) Improved transfer of innovative concept of Vietnamese researchers and inventors into viable commercial products and enterprises; and (i) Strengthened capacity of technology business incubators in Vietnam thus enabling to deliver the full range of incubation support services. The BIPP InnoFund is implemented by the State Agency ‘Designing, Pilot Manufacturing and Testing Center (SATI-TECH)’, an agency under MoSTand technically supported by BIPP.
Early 2017, a total of 10 Science and Technology projects were selected through anagreed/approved transparent selection mechanism.   5 R&D projects received funding to assist in prototyping and commercializing their research/invention products. The innovations are in the field of Food Production Nano-Technology, Spine-related diseases prevention, improved Fabrication Technologies and improved Waste Water treatment. Additional 5 S&T business incubators received funding with the aim to strengthen their incubation support services.   The supported projects are based in Hanoi and Ho Chi Minh City. The average project amount is approx. EURO 30,000. The supporting period is for 12 months. All projects received the full endorsement of the Ministry of Science and Technology.