Hanoi further supports innovative startups

Promoting startup and innovation ecosystem

The Hanoi People’s Committee and the Ministry of Science and Technology opened a festival for innovative start-ups themed “Hanoi connects the Capital Region – Creativity and Development” (Techfest Hanoi 2023) in Hanoi from October 12-14 to promote the development of a startup and innovation ecosystem, and support the science and technology market.

Presentation of a team at the Youth Creative Contest 2023 to encourage innovative start-ups among students - photo: Tran Nhan

Speaking at the event, Deputy Minister of Science and Technology Le Xuan Dinh said that building an innovation ecosystem linked to localities and regions, exploiting nuclear resources and localities will create sustainability and long-term development for the national ecosystem.

Deputy Minister Dinh frankly said, although Vietnam continues to improve its position in the 2023 Global Innovation Index Report (ranking 46 out of 132 countries and economies), ecological and environmental sustainability indicators are currently at a low level, showing that institutional improvements are still needed for socio-economic development associated with the green growth and sustainable development target based on science, technology and innovation.

Deputy Chairman of the Hanoi People’s Committee Le Hong Son added that Hanoi is gradually promoting its role, creating motivation for development, expanding forms of connection, cooperation, and support for localities in the region and the whole country.

Deputy Chairman of the Hanoi People’s Committee Le Hong Son - photo: Tran Nhan

To maintain and accelerate economic growth, ensure social security, and successfully implement Resolution No.15-NQ/TW dated May 5, 2022 of the Politburo, and Resolution of the 16th municipal Party Congress, one of the important tasks and solutions is to restructure the economy, innovate the growth model based on science - technology and innovation.

Supporting start-ups, linking resources

Over the past years, Hanoi City and provinces in the capital region has implemented various mechanisms and policies to support startups and innovation, contributing to promoting rapid and sustainable economic development. Techfest has become an annual event in the capital region, thereby, strongly promoting technological supply-demand connections and service development.

There are now 32 business incubators, 38.1 percent of the total incubators nationwide, and another 14 organizations offering business acceleration programs (accounting for 40 percent).

Reality shows that Hanoi leads the country in implementing guidelines and policies on science, technology and innovation. In particular, Hanoi’s Department of Science and Technology has held support activities associated with universities, Youth Union organizations, and corporations and technological companies. According to data from Startup Blink, Hanoi and Ho Chi Minh City are ranked in the top 1,000 global startup cities.

The Deputy Chairman of the Hanoi People’s Committee proposed to accelerate the online connection of the city’s innovation startup ecosystem with the national ecosystem, with each university and research institute being an innovation center contributing to connecting resources to the ecosystem. Son also highlighted the establishment of the Hanoi Innovation and Entrepreneurship Center, which will bring together, guide, and connect entities within the city’s startup and innovation ecosystem and neighboring localities while providing support services to innovative startups.