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.

Director of the Hanoi Centre for Supporting Small and Medium-sized Enterprises Le Van Quan said at a conference on October 29 that the project features a wide range 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 innovation support network, and set up a startup and innovation centre.

Three to five incubators will be established to assist startup activities in the city, Quan said, adding the project aims to develop 500 startup and innovation initiatives, help 150 businesses launch their products, and assist 20 percent of them in calling capital from ventures as well as carry out merger and acquisition deals valued at 500 billion VND (21.6 million USD).

He said businesses and organisations with at least one year of experience in finance and investment consultation and business support can join the project.

According to Vice Director of the provincial Department of Planning and Investment Tran Ngoc Nam, startup and innovation play an important role in creating jobs, improving labour productivity, and promoting sustainable economic development.

In response to the “startup nation” spirit, Hanoi has outlined various programmes to support startup and innovation activities since 2016.

As of October 26, 2019, more than 275,000 enterprises registered to operate in the city, 97 percent of them were small and medium-sized firms. In October alone, the city granted business registration certificates to more than 22,000 companies with total capital of 266.29 trillion VND, up 9 percent in the number of businesses and 28 percent in registered capital.