Hanoi splashes out $13.5m on startup innovation activities

Le Van Quan, director of the Hanoi Centre for Supporting Small and Medium-sized Enterprises, said at a conference on Tuesday (October 29) the project features a range of breakthrough mechanisms to branch out startup and innovation activities, contributing to promoting the city’s sustainable growth.
Three to five incubators will be established to assist activities in the city, Quan said, adding the project aims to develop 500 initiatives, help 150 businesses launch products and assist 20 per cent of them in raising capital as well as carrying out merger and acquisition deals.
He said businesses and organisations with at least a year’s experience in finance and investment consultation and business support can join the project.
Tran Ngọc Nam, vice director of the provincial Department of Planning and Investment, said startups and innovation play an important role in creating jobs, improving labour productivity and promoting sustainable development.
Hanoi has outlined various programmes to support them since 2016.
As of October 26, more than 275,000 enterprises had registered to operate in the city, 97 per cent of them 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 dong, up 9 per cent in the number of businesses and 28 per cent in registered capital.