Under the decision, the Hanoi Venture Capital Fund (HVCF) is a fund established by the municipal People's Committee and operated under a public-private partnership model based on a Business Cooperation Contract (BCC). The fund does not have legal entity status.

HVCF will be capitalized from the local budget and may also receive sponsorships and mobilize other lawful funding sources in accordance with legal regulations. Its primary objective is to invest in high-tech enterprises, science and technology firms, and innovative startups.

Priority sectors include digital technology, information and communications technology, biotechnology, new materials technology, manufacturing and automation technology, environmental technology, carbon emission reduction and climate change response, smart urban development, smart education, smart healthcare, advanced biomedical technology, financial technology, high-tech agriculture, and other sectors as proposed by the Fund Management Council and approved by the Investors' Congress.

HVCF will operates under market principles through a contractual public-private partnership model, leveraging the guiding and catalytic role of public investment while encouraging and mobilizing capital from the private sector, foreign investors, sponsors, and international organizations. The fund accepts investment risks while ensuring transparency, efficiency, openness, and strict prevention of capital loss and waste.

Since HVCF is entitled to carry out venture capital investment activities in all forms not prohibited by law, criteria and conditions for selecting enterprises to receive investment include the following:

First, enterprises must engage in scientific research and innovation activities capable of creating breakthrough value, addressing market demands, or offering promising digital transformation solutions that help enhance competitiveness and contribute to Hanoi's economic development. 

Priority will be given to enterprises incubating new technologies, high technologies, and strategic technologies from incubators and innovation centers located in the city.

Second, enterprises must have founding teams with sufficient capacity, experience, and long-term commitment to developing science and technology products, innovation activities, and business growth.

Third, enterprises must demonstrate strong prospects for commercialization and practical application of science, technology, and innovation products, thereby promoting innovation and commercialization in the capital.

Fourth, enterprises must present business plans assessed as effective and capable of ensuring capital recovery.

Fifth, other criteria may be introduced by the Investors' Congress depending on each specific period.