The meeting between the Hanoi People's Committee, organizations and businesses on developing the Hanoi Venture Capital Fund.
Hanoi Vice Chairman Truong Viet Dung on December 4 chaired a meeting with units contributing capital to the Hanoi Venture Capital Fund, which is scheduled to launch on December 22.
Operating the fund under international standards and market principles
At the meeting, representatives of participating units expressed strong support for establishing the Hanoi Venture Capital Fund, calling it a correct and timely move aligned with national policies on digital transformation, science and technology development and innovation.
Emphasizing the fund as an extended arm to build an expert ecosystem, business representatives highlighted the city's proactive shift in supporting ideas that serve not only Hanoi's needs but also business development, demonstrating the city's strong determination amid national growth.
Participants expressed their desire to become active members of the fund and to cooperate in contributing to the development of the capital and the country.
They also raised difficulties related to mechanisms and policies, including capital preservation requirements for state-owned enterprises, group participation mechanisms, divestment rules and incentives to attract investment flows into the fund to avoid wasting resources.
A representative of Viettel Group said the city's plan to establish the venture capital fund is appropriate and in line with current trends. However, under state capital use regulations, enterprises remain bound by capital preservation principles.
A business representative speaks at the meeting.
Viettel noted the lack of specific guidance on venture capital investment while all its investments require approval from the Ministry of National Defense.
The group therefore sought legal and policy adjustments to enable participation alongside the city.
Hoang Duc Chung, Director of the VinaCapital Fund, with 22 years of experience in fundraising and capital deployment in Vietnam, expressed strong interest in partnering with the Hanoi Venture Capital Fund.
He said the fund should operate under market rules and suggested Hanoi further clarify the fund's structure and operational model.
Tuan Linh, representing Petrolimex Group, said the group places strong emphasis on digital transformation and technology, especially in energy transition.
He praised the city's venture fund initiative as creative and open and expressed support and interest in cooperation.
Petrolimex also urged the city to soon remove policy obstacles so state-capital enterprises can participate in the fund.
Accepting risk and committing to partnership
Speaking at the meeting, Vice Chairman Truong Viet Dung stressed that establishing a venture capital fund requires strong connections among investors, acceptance of innovative risk and a long-term commitment to accompany the city.
Vice Chairman Truong Viet Dung of the Hanoi People's Committee.
He described this as an important foundation for building a modern fund structure, unlocking new resources for Hanoi's innovation ecosystem and removing development bottlenecks.
"Hanoi will not pursue investors at all costs if they lack capacity or the aspiration to contribute," Dung emphasized.
According to Dung, venture investment in the capital must extend beyond a few sectors and cover key science and technology pillars such as education, biomedicine, healthcare, transportation and smart urban development.
Hanoi has identified 13 priority sector groups, many of which align with the strengths of participating organizations and enterprises and can generate practical value and strong economic returns.
Acknowledging the frank and practical feedback from businesses, Dung affirmed that the city will build a fund model that meets international standards, operates transparently, respects market principles and shares risks with professional investors.
Hanoi plans to participate in the fund alongside up to six investors to ensure effective governance. He said the key factor is not the size of capital contributions, but unity and shared commitment to create value and enter a new phase of dynamic development.
Thanking enterprises for accompanying Hanoi's reform process, Dung expressed hope that investors will join in building the city's venture capital fund, spreading confidence and an innovative spirit that embraces risk, renews thinking and advances together.
The Hanoi Venture Capital Fund |
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- On September 29, 2025, the Hanoi People's Council issued a resolution approving the pilot project to establish the Hanoi Venture Capital Fund (HVCF).
- The Hanoi People's Committee will establish the fund under a public–private partnership model based on a business cooperation contract (BCC), without legal entity status.
- The fund will receive charter capital from the local budget, sponsorships and other lawful funding sources to invest in and support high-tech enterprises, science and technology enterprises and innovative startups in the capital's priority science and technology fields, promoting innovation and commercialization.
- The fund will operate under market principles, accept risk, ensure transparency and efficiency and prevent capital loss and waste.
- The Hanoi Venture Capital Fund will receive charter capital from the city budget and investor contributions, along with other lawful funding sources.
- The city's budget contribution will not exceed VND600 billion (US$22.8 million) and will account for no more than 49% of the fund's charter capital.
- The Hanoi People's Committee will decide the state capital contribution ratio based on practical conditions and investor mobilization capacity.
- The fund will operate on a pilot basis for up to 10 years from its establishment date.
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