During the 26th Specialized Session of the Hanoi People’s Council on September 29, delegates unanimously approved the pilot establishment of the Hanoi Venture Capital Fund (HVCF). The resolution outlines the fund’s operational mechanisms, oversight responsibilities, and reporting requirements.
Director of the Hanoi Department of Science and Technology, Tran Anh Tuan, presented the proposal on behalf of the People’s Committee. Photo: VGP/Gia Huy
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The fund aims to invest in high-tech enterprises, science and technology companies, and innovative startups across key sectors of Hanoi’s science and technology landscape. Its mission is to foster innovation, support product commercialization, and drive technological advancement. Operating on market principles, HVCF embraces risk while ensuring transparency, efficiency, and accountability to prevent capital loss and waste.
According to the People’s Committee’s proposal, HVCF will be structured as a Business Cooperation Contract (BCC) under a public-private partnership model, without independent legal status.
The pilot program will span 10 years, with a midterm review after 5 years and a final evaluation at the end of the decade to determine whether to continue, adjust, or terminate operations.
The fund’s governance includes an Investor Assembly comprising the Hanoi People’s Committee and up to 6 private investors. A Management Board of up to 9 members will represent the government, private investors, and independent experts. A professional fund management company will oversee capital operations.
The Hanoi city budget will contribute up to VND 600 billion, representing no more than 49% of HVCF’s charter capital. The remaining funds will be sourced from private investors and domestic and international organizations. The fund may also seek grants, sponsorships, and other lawful capital.
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Article 36 of the 2024 Capital Law mandates the Hanoi People’s Council to approve the venture capital fund’s establishment, operational framework, and oversight mechanisms. The People’s Committee is responsible for finalizing the fund’s charter and investment regulations. The resolution aligns with Article 36 of the Capital Law and advances Hanoi’s strategic vision for science, technology, and innovation. Establishing a state-backed venture capital fund in Hanoi aims to create a robust financial tool to support innovative startups, nurture high-tech and strategic technologies, and facilitate digital transformation. This initiative will help businesses overcome early-stage challenges, strengthen the innovation ecosystem, and realize Hanoi’s Knowledge Economy and Innovation Strategy. Additionally, the resolution provides a legal framework for HVCF’s organizational structure, clarifying its roles, responsibilities, and operational mechanisms. It seeks to attract domestic and international investment, foster an innovation-friendly environment, and position Hanoi as a leading national and regional hub for innovation and digital transformation. |
– 9:41 PM, September 29, 2025
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