Hanoi splashes out 13.5 mln USD on startup, innovation activities
The Hanoi People’s Committee has recently greenlighted a 312 billion VND (13.5 million USD) project to support startup and innovation in the capital city during 2019-2025.
The 13.5 million USD project to support startup and innovation is introduced at the conference on October 29.(Photo: VNA)
Hanoi (VNA) – The Hanoi People’s Committee has recentlygreenlighted a 312 billion VND (13.5 million USD) project to support startupand innovation in the capital city during 2019-2025.
Director of the Hanoi Centre for Supporting Small and Medium-sized EnterprisesLe Van Quan said at a conference on October 29 that the project features a widerange of breakthrough mechanisms to branch out startup and innovation activities,contributing to promoting the city’s sustainable economic growth.
It looks to raise public awareness of startup, form a startup and innovationsupport network, and set up a startup and innovation centre.
Three to five incubators will be established to assist startup activities inthe city, Quan said, adding the project aims to develop 500 startup andinnovation initiatives, help 150 businesses launch their products, and assist20 percent of them in calling capital from ventures as well as carry out mergerand acquisition deals valued at 500 billion VND (21.6 million USD).
He said businesses and organisations with at least one year of experience infinance and investment consultation and business support can join the project.
According to Vice Director of the provincial Department of Planning andInvestment Tran Ngoc Nam, startup and innovation play an important role increating jobs, improving labour productivity, and promoting sustainableeconomic development.
In response to the “startup nation” spirit, Hanoi has outlined variousprogrammes to support startup and innovation activities since 2016.
As of October 26, 2019, more than 275,000 enterprises registered to operate inthe city, 97 percent of them were small and medium-sized firms. In Octoberalone, the city granted business registration certificates to more than 22,000companies with total capital of 266.29 trillion VND, up 9 percent in the numberof businesses and 28 percent in registered capital./.
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The 13.5 million USD project to support startup and innovation is introduced at the conference on October 29.(Photo: VNA) 
