Hanoi earmarks USD 21.5 million for startup development

Vietnamese capital Hanoi wants to support the development of 500 startups by 2025.

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Hanoi earmarks USD 21.5 million for startup development

Hanoi officials have approved a project to support the development of startups in the Vietnamese capital until 2025. They have earmarked funding potentially of up to VND 500 billion (USD 21.50 million) for this, according to local media reports.

The project aims to support the development of up to 500 startups. At least 150 of them will receive an additional leg up to commercialize their products. Individuals, startups, and small and medium enterprises can apply to the program.

Hanoi People’s Committee, the city’s local government, launched an online platform called startupcity.vn back in 2017 to connect investors with entrepreneurs.

More support for startups has also been seen at the national level with a government decree issued in March 2018 to provide additional legal protection to startups and allow them increased access to state funding.

Vietnam is an emerging startup hub, and is currently home to about 3,000 startups with total investment deals valued at USD 889 million in 2018.