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Vietnam Fund for Supporting Technological Creations (VIFOTEC) was established in 1992, directly under Vietnam Union of Science and Technology Association (VUSTA). VIFOTEC is sponsored by VUSTA, Ministry of Science and Technology, Ministry of Labor, Ministry of Finance, Ministry of Education and Vietnam General Federation of Labor Ho Chi Minh Communist Youth Union. It is set up to promote inventions and creations for inventors’ interests, contribute to improve the National Science and Technology.

• Organize Vietnam Technology Science Creations Award, Nationwide Technology Creations Competition, Nationwide Technology Creations Competition for the Youth and Children.
• Hold International and domestic Science and Technology meeting and seminar.
• Support scholarship for young talent.
• Support promotion of inventions and innovations for inventors and businesses.
• Propagandize national law on science and technology, and IP.
• Provide financial support for evaluation of inventions, technology transfer and commercialization.
• Provide support to exploit markets for excellent science and technology, Intellectual property creations.

• Create a continuously innovative and inventive culture.
• Reinforce competitiveness among the focused entities.
• Organize science and technology creations, awards and competition/exhibition.
• Maximize the value of Intellectual Property, Science and Technology.