Truong Viet Dung, Vice Chairman of the Hanoi People's Committee, delivers his remarks at the event.
Truong Viet Dung, Vice Chairman of the Hanoi People's Committee, emphasized that establishing the Hanoi Innovation Center JSC is not merely the creation of a new entity but a pioneering step in implementing a “state-oriented, enterprise-operated” model.
Speaking at the February 26 launch ceremony at city headquarters, he noted that as science, technology, innovation and digital transformation become pillars of national competitiveness, Hanoi must determine the right structural model for participation.
A city may have many ideas and support programs, but without a flexible market-based mechanism and strong strategic direction, innovation cannot generate sustainable economic value.
He reiterated that the new company embodies a shift from policy to market through two breakthroughs.
First is institutional reform. For the first time, Hanoi designed an innovation organization structured as a joint stock company with state capital yet operating under modern corporate governance standards, ensuring transparency, accountability and risk management.
The 70% state stake ensures alignment with development objectives rather than administrative control.
This marks a shift from administrative allocation to co-investment and risk-sharing, from fragmented support to ecosystem coordination, from startup movements to standardized, measurable value chains.
Innovation, placed within a disciplined market structure, becomes a new productive force for the capital.
The second breakthrough concerns governance methods. The company acts as a central ecosystem coordinator instead of fragmented departmental initiatives.
Urban development challenges, such as smart transportation, digital health, digital education, environmental management and urban security, will be presented as open calls to enterprises and research institutions for transparent and competitive solutions.
The company will standardize project documentation, reduce transaction costs and improve access to socialized resources.
For 2026–2030, it aims to incubate over 200 innovative startups and mobilize more than VND500 billion (US$19 million) in capital.
Dung stressed that Hanoi has unprecedented opportunities to restructure growth drivers based on knowledge and technology.
Vice Chairman of the Hanoi People's Committee Truong Viet Dung (first from left) gives certificates of merit to individuals for their contribution.
If science and innovation are the engines of the new growth phase, the Hanoi Innovation Center JSC is expected to convert that momentum into concrete economic value.
The Center will focus on core functions including incubation and acceleration, technology transfer and commercialization, advisory services, shared infrastructure and domestic and international resource connectivity.
When development challenges are publicly announced, solutions selected transparently and outcomes measured by socio-economic impact, innovation becomes a substantive component of GRDP growth.
Dung called on enterprises, corporations, investment funds, universities, research organizations and partners to consider the Center a shared collaborative space where public and private resources unite to create new value for Hanoi's future.