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Aug 09, 2019 / 11:35

Hanoi to create breakthroughs in supporting creative startups

Hanoi is working out to create breakthroughs in policy making to support and develop its creative startups, contributing to the capital’s sustainable economic growth.

The number of newly-established enterprises is increasing year by year, marking a rise in both quantity and quality, statistics from Hanoi Department of Planning and Investment have shown.
Human resource training and development for startup businesses. Photo: Thanh Nam
Hanoi currently is home to about 260,000 businesses, ranking second in the country. In the last three years, more than 20,000 enterprises have been licensed in Hanoi each year, local media reported.

However, the number of startups and creative startups successfully calling for capital from investment funds accounts for only about 0.1%.

Experts blamed the shortfalls of policies supporting small and medium startup enterprises for the lack of venture funds’ interest.  In addition, startup businesses has little collateral, which is hindering lenders’ willingness to borrow. 

Many policies to support startups in Hanoi

In order to support startups, Hanoi has issued a project to support creative startups in the city.

The city's authorities set a goal to support 500 creative startup projects by the year 2025 so that at least  150 innovative startups will be able to commercialize their products.

Projects qualify for the list will be supported, from warehouse rental costs and machinery to tax and capital support.

Specifically, the city will support the cost of intensive training on creative startups for small and medium enterprises.

It is expected that the project will start in September 2019 and will last for five years.