Hanoi’s small- and medium-sized enterprises (SMEs) will be eligible to receive up to VND300 million (US$11,474) per year for consulting services, as well as support for training, equipment and office space as of 2026,

The support, runs through 2030, aims to assist the city’s goal of 10% annual gross regional domestic product (GRDP) growth.

Kalotec Vietnam Co., Ltd's production line at Hanoi's Quang Minh Industrial Park. Photo: Pham Hung/The Hanoi Times

The total program funding is expected to reach VND241.5 billion US$9.2 million), with VND192.5 billion (US$7.4 million) coming from the city budget and the rest from business co-funding or other lawful sources.

Under the new policy, Hanoi will cover up to 50% of equipment and office rental costs for SMEs, with a maximum of VND50 million (US$1,912) per year and VND10 million (US$382.50) per month.

In addition, the city will assist specialized training programs on improving skills and capacity of startup founders and their teams.

This new support mechanism comes as Hanoi’s innovation sector continues to gain momentum. In 2024, over 15% of active businesses in the capital were in technology and innovation.

Hanoi is currently home to 1,000 tech startups, accounting for 26.3% of the nation’s innovation-driven enterprises.

It also hosts 32 business incubators (38.1% of the national total) and 14 accelerators (40%).

These organizations operate across various sectors, including digital technology, smart agriculture, healthcare, logistics, and clean energy.

Hanoi registered 15,600 new businesses in the first half of this year, with SMEs making up 98.2%, contributing over 40% of GRDP and 55% of jobs, according to the Hanoi Statistics Office.