Hanoi Chairman Nguyen Duc Chung has approved a VND7bn (USD312,000) Incubator for Information and Communication Technology programme for the 2016-2020 period.
IT, biology, food and agriculture equipment are relatively active start-up sectors
The goals for the first three years are to accept at least 12 start-up companies, commercialise at least two ideas and help 70% of the start-up projects to produce marketable products.
Also in this period, it is hoped that the incubator's operators can connect with 15 big business, organisations and experts, and benefactors for capital venture funds.
The incubator programme targets individuals or groups with start-up ideas or start-up businesses that are capable of rapid growth with new ideas or technology. Most businesses are only allowed to enjoy favourable deals and support of the incubator programme for five years.
In the final quarter of 2016, infrastructure and equipment for the programme will be prepared. In the next phase, activities such as investment and trade promotion and building new ideas will be maintained. From 2020, the programme will be reviewed and a new operating model may be implemented.
The city will provide policies to help start-up projects with legal procedures, capital, media activities and connections with start-up ecosystem.
Priority to access the state budget, city's development fund, science and technology development fund will be given to the programme.
IT, biology, food and agriculture equipment are relatively active start-up sectors. However, individuals as well as companies are lacking a legal framework to protect and help them develop.
