Hanoi plans US$21.5 million for startup development

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Illustrative photo.

The project received approval at the 9th session of the Hanoi municipal People’s Council which ran from July 8 - 10.

It aims to assist the development of around 500 startups. Of the figure, some 150 are projected to commercialize their products while 20 per cent of them will be capable of mobilizing funds from capital ventures and making M&A deals.

The scheme is expected to help the city consolidate its ecosystem for startups, with an added focus on establishing business incubators and private startup support funds.

With 260,000 enterprises operating throughout the capital, Hanoi ranks second among nationwide localities in terms of number of businesses.

There has been an annual average of 20,000 firms founded during the past three years, but only 0.1 per cent of them have managed to raise capital for their operation and expansion.