Hanoi works for innovation hub in new model
Working as a joint stock company, the Hanoi Innovation Center will have the flexibility and efficiency to mobilize resources and capital.
THE HANOI TIMES — An innovative center is set to launch in Hanoi as a joint stock company (JSC) to renew operations as the city is working towards a leading hub for science, technology, and innovation in Vietnam.
The new business model aims to accelerate Hanoi's ecosystem that supports startups and technological breakthroughs. "The Hanoi Innovation Center reflects the city’s growing prominence in the country’s scientific and technological landscape," according to the draft resolution on the center's establishment.
Its functions will be wide-ranging, including advisory roles in science and technology policy, commercialization support, and the development and management of digital infrastructure critical to the city’s innovation ecosystem.
Hanoi students joins FIRST Global Challenge, the world's largest robotics competition for high school students. Photo: Kinh te & Do thi Newspaper
The center will oversee startup incubators and accelerators and offer entrepreneurs the support necessary to transform innovative ideas into viable commercial products and services. It will also cover mentoring, funding access, networking opportunities, and administrative assistance.
It will run programs to train high-tech professionals, develop urban smart data platforms, and establish a digital asset exchange and an innovation fund to support startups and venture financing.
In addition, the center will promote public-private-academic partnerships, support tech transfer, and build a pipeline of skilled professionals essential for long-term growth.
The Hanoi Innovation Center will spearhead the development of urban smart data platforms to facilitate data-driven decision-making and innovation in public services and infrastructure management.
Another critical aspect of the center’s mission is establishing a digital asset exchange and an innovation fund to support startups and venture capital financing, enabling more startups to grow and compete in domestic and international markets.
Collaboration will be at the heart of the center’s strategy, promoting partnerships among public institutions, private sector players, and academic organizations.
A corner of Hoa Lac high-tech park in Thach That Ward, Hanoi. Photo: Thanh Hai/The Hanoi Times
A significant development in this regard is the transfer of Hoa Lac Hi-tech Park in Thach That Ward to Hanoi’s direct management in 2023. This high-tech park is a critical addition to the city’s innovation ecosystem, providing essential infrastructure and facilities that support research and development, technology enterprises, and innovative projects.
By the time of its transfer, the High-Tech Park had already boasted a modern infrastructure system and attracted several leading domestic and international technology corporations to invest in advanced technology. Consequently, Hanoi's capacity to become a leading innovation center is further bolstered.
Currently, Hanoi is home to over 70% of Vietnam’s scientific institutions, including 82% of national laboratories and 65% of leading scientists. These figures underscore the city’s pivotal role in advancing research and innovation nationwide.
Hanoi boasts a thriving startup environment with around 1,000 active firms, accounting for over 26% of the total in Vietnam. The city's commitment to fostering innovation and nurturing early-stage companies is further evidenced by the fact that it hosts 38% of the country’s business incubators and 40% of its accelerators.
