Hanoi will form a network of spaces to support creative startups and connect with those in the national creative innovation system by 2025.

A conference reviews program on improving the effectiveness of Hanoi's young startups for 2018-2022. Photo: HUB Network

This is the latest decision of the municipal People’s Committee under the project “Forming a network of spaces to support young people in entrepreneurship, innovation and digital transformation”, as part of practical activities to realize the city's goal of becoming an innovation hub of Vietnam. 

Under the project designed for the 2022-2025 period, the city will build and operate at least one startup support space each year, as well as roll out the formation and operation of 20 grassroots spaces.

The city will repair four exciting spaces including Hanoi Youth Palace, Student Cultural House, the Hanoi Center of Employment Service and Young Support, and D12 Giang Vo Building.

The space will boost the connection and signing of cooperation agreements between local startups with ten foreign investors in supporting startup development.

The network would include 5,000-6,000 members who are young people and students in the fields of innovation and digital transformation. 

The city also strives to support 1,500 innovative startup projects by 2025, of which 300 businesses will be able to commercialize their products and at least 100 projects will successfully raise capital from venture capital funds. The total value of mergers and acquisitions is estimated at VND300 billion ($12.6 million). 

Each year, the network of creative startup support spaces will organize at least seven specialized consulting or training courses for members on intellectual property rights; technology commercialization; technology incubation; creativity; lean startup; and two seminars on science and technology, innovation, entrepreneurship, and digital transformation.

Previously, the Hanoi Youth Union launched a network of clubs for entrepreneurship, innovation and digital transformation (HUB Network) in January. HUB Network includes 16 clubs belonging to 15 universities in the city with 1,200 members.