Hanoi Venture Capital Fund (HVCF) is a fund established by the Hanoi People's Committee, operating under the public-private partnership model based on business investment cooperation contracts and has no legal status.

The Fund operates on market principles, accepts the possibility of risk, ensures publicity, transparency, efficiency, and prevents loss and waste of capital. The Fund is responsible for supporting and promoting innovation and commercialization of scientific and technological products.

The fund is piloted for 10 years from the date of decision by the competent authority. After 5 years, it will be reviewed, and in the 10th year, it will be summarized and submitted to the City People's Council for consideration of continuing or terminating its operations.

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Hanoi People's Council delegates vote to pilot the Venture Investment Fund. Photo: Nguyen Hop

The charter capital of the City Venture Investment Fund is arranged from the city budget, capital contributions from investors, and is received for funding and mobilized from other legal sources of capital.

The capital contribution from the city budget shall not exceed VND600 billion and shall not exceed 49% of the fund's charter capital. The remaining capital contribution shall come from investors who meet the conditions under the charter and shall be implemented through a capital contribution contract.

Also this morning, the Hanoi People's Council voted to pass a Resolution regulating mechanisms and policies on investment and support for the development of the city's innovation and creative startup ecosystem.

Accordingly, the resolution provides many preferential policies for subjects, notably policies for businesses and organizations managing and operating science and technology infrastructure, innovation and digital transformation managed by the city, which enjoy the following financial support:

Support up to 70% of the cost of building and organizing capacity building programs for innovative startups; the cost of using available infrastructure at the High-Tech Park, Hanoi Innovation Center, Technology Incubator, Hanoi Technology Exchange, and the City's Cultural Industry Center to conduct controlled trials.

Support up to 70% of the cost of hiring experts, consultants, and regular consultants (no more than 3 years).

Support up to 100% of the cost of selecting innovative startup projects.

Support up to 100% loan interest and credit guarantee when borrowing from commercial banks.

Support up to 100% of the cost of organizing activities to connect the city's innovation and creative startup ecosystem, including: events, forums, seminars, competitions, investment - technology - market connection programs.

Honoring 25 collectives and 167 typical advanced individuals in the Science and Technology sector The Science and Technology Trade Union honored 25 collectives and 167 typical advanced individuals in the 2020-2025 period, recognizing the sense of responsibility, creativity, will to strive, and aspiration to contribute of workers in the sector.

Source: https://vietnamnet.vn/ha-noi-thong-nhat-trien-khai-thi-diem-quy-dau-tu-mao-hiem-2447276.html