Ha Noi strives to support 500 startup projects by 2025

26/09/2019

VGP – The Ha Noi People’s Committee has recently issued a project on supporting innovative startups in the locality during the 2019-2025 period, with a view of supporting 500 startup projects by 2025.

 
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The support policies under the project are aimed at individuals and groups of individuals with startup projects; innovative small and medium-sized enterprises (SMEs); organizations supplying services, technical infrastructure, media and investment for innovative startups; and domestic and foreign investment funds.

The approval of the project targets to improve and develop the startup ecosystem and complete the mechanisms and policies to support and develop startup activities across Ha Noi. At the same time, it aims towards supporting the formation of 2-3 business incubators and startup spaces, while encouraging the establishment of 3-5 private startup investment funds and the attraction of foreign investment funds.

Accordingly, the project has set a goal of supporting the development of 500 innovative startup projects by 2025, 150 of which can commercialize their products, with at least 20% successfully calling for investment from venture capital funds and conducting mergers and acquisitions totally worth around VND500 billion (US$21.5 million).

Ha Noi currently has about 260,000 businesses, ranking second on a national scale, with an average of more than 20,000 new enterprises being established annually in the capital city in the last three years.

However, the number of successful startups and innovative businesses that mobilize capital from investment funds accounts for a very small proportion (about 0.1% of the total number of startups).

By Vien Nhu