In 2019, the Hanoi People’s Committee approved the “Creative Startup Support Program in Hanoi for 2019-2025,” marking an important step in the development of a dynamic and sustainable startup ecosystem. The city also launched the “Building Mechanisms and Policies for Developing the Innovation Ecosystem” initiative, alongside researching amendments to venture capital regulations using public funds, with a proposal to include these changes in the amended Capital Law. Furthermore, Hanoi is drafting plans to establish a service hub for startups.
Hanoi has been actively promoting creative entrepreneurship through various initiatives. Notably, it has transformed the Center for Technological Advancement into the Hanoi Technology and Innovation Startup Incubator, a key institution for supporting startups. The city has focused on media outreach, primarily through television channels and social media, to introduce supportive policies, highlight successful startups, and advertise key events for the creative startup community. This has contributed to an environment that fosters innovation and entrepreneurship, thereby building a culture of sustainable creative entrepreneurship.
Key Achievements and Programs in Hanoi (2023)
In 2023, Hanoi supported 10 startups in product development and technological innovation through local Science and Technology (S&T) missions. Additionally, 13 enterprises were recognized as S&T businesses, with 61.5% being startups, primarily in the IT sector. The city has also organized numerous events to connect stakeholders in the innovation ecosystem, such as the “Viet Startup INTERchange 2023” in South Korea, which opened new international collaboration opportunities for local startups.
Promoting Youth Entrepreneurship and International Cooperation
The Hanoi Youth Union has been instrumental in encouraging entrepreneurship among young people by organizing numerous startup competitions, such as Codewar, RESET, and VietChallenge. These initiatives aim to cultivate entrepreneurial spirit within the local youth community. Furthermore, the “Innovation and Creative Startup Day for the Capital Region 2023,” with the theme “Hanoi Connecting the Capital Region—Innovation and Development,” successfully reinforced Hanoi’s position as a hub for scientific and technological development.
In addition to these programs, the Hanoi Youth Union also launched VinUni HUB, a creative space designed to support young entrepreneurs through business experimentation and skill development. The 4SV.VN information portal was also launched to connect students with startup events. The initiative to develop the Capital Innovation Network has successfully linked 18 universities, with nearly 2,000 members, boosting creativity and entrepreneurship among students.
Investment and Trade Promotion Initiatives
Hanoi has organized numerous investment and trade promotion activities, including conferences connecting domestic localities and business delegations to France and China. These activities have attracted investment and expanded international cooperation opportunities. The city’s programs in linking and promoting trade have played a crucial role in enhancing the innovation startup ecosystem and contributing to the local economic development.
Hanoi has positioned itself as a vital center for innovation and creative entrepreneurship in Vietnam. The city’s consistent efforts to support startups through strategic policies, investment in young entrepreneurs, and international cooperation initiatives have laid a strong foundation for a thriving ecosystem. As the city continues to build on these initiatives, Hanoi is set to strengthen its role as a key player in Vietnam’s innovation-driven economic development.
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