Hanoi plans to become leading innovative start-up center in Vietnam by 2020

Under the first project, titled ‘Supporting starts-up in Hanoi’, the capital city plans to encourage and support the establishment of new firms so that it will have 400,000 enterprises under operation by 2020.
According to the project, which is being drafted by the Hanoi Department of Planning and Investment with the consultation from domestic and foreign advisors, the city will step up the reform of administrative procedures for enterprise registration, striving to carry out online business registration for all firms.

Hanoi will have 400,000 enterprises under operation by 2020.

Besides assistance on taxes, charges and fees, the city will be also support firms in accounting works and provide free guidance and consultation on registration procedures.
Business training will be also given to business households and small- and medium-sized enterprises. Especially, the city will focus on counseling and supporting business households to help them transform into enterprises according to the Law on Supporting Small and Medium Enterprise that will take effect from January 1, 2018. The city expects to increase the number of enterprises by 10 per cent yearly thanks to the transform.
The project is due to be submitted to the municipal People's Committee for approval right this month.
The second project, named ‘Support for innovative starts-up in Hanoi’, is expected to be considered and implemented in the first quarter of 2018.
According to the Hanoi Department of Planning and Investment, 800 starts-up have so far participated in Hanoi’s StartupCity.vn - a start-up ecosystem, which has been launched in October and is expected to connect start-ups with international firms, thus creating new jobs.
In the past few years, Vietnam has seen considerable improvements in the start-up community. Many start-ups have successfully called for investments amounting to several million US dollars by expanding to the world market.
However, experts said Vietnam still lacks a complete start-up ecosystem.
Therefore, Hanoi established the portal to create an online platform to connect start-ups with foreign investors.
The StartupCity.vn portal is built with the aim of creating an online platform to connect start-up business opportunities in a simple and systematic manner. The portal will also serve as a useful tool for investors to seek investment opportunities in Vietnam.
In addition, through StartupCity, start-up enterprises can present their projects and call for investment while exploring new business opportunities and following technology tendencies and issues of concern.
The start-up ecosystem portal, which is automatic and free of charge, is developed under the guidance of experts from Israel, a nation famous for its successful start-up nation model.
"StartupCity.vn is a vivid example of how local government could contribute to the speed development of the technology industry of the country. StartupCity.vn will help attract international businesses, connect capital with start-up demands, create new jobs, encourage creative ideas and improve economic value for the ecosystem," Nguyen Duc Chung, Chairman of Hanoi municipal People's Committee said at the launching ceremony.
StartupCity.vn has been an example of the country’s rapidly developing technology sector, Chung said, adding that angel investors and venture capital funds can directly connect with start-ups through the portal.