Hanoi launches Capital Venture Network (14:21 27/11/2020)

HNP - The Hanoi Ho Chi Minh Communist Youth Union in collaboration with VinaCapital held a conference on November 25 on ASEAN Investment Digitalization and the final round of VinaCapital Ventures VietChallenge (V3 Track), aiming to create opportunities for innovative startups to access foreign investment funds and promote the image of Hanoi as an attractive investment destination in the post-Covid-19 period. 

At the conference.

The event drew the participation of over 100 major venture capital funds and 20 leading economic corporations in Vietnam, along with the startup community. 
Notably, a venture capital platform named as TREKKRS.ASIA was officially launched at the event, which helped raise fund worth US$1.7 billion for innovative startups in ASEAN. 
Secretary of Hanoi Party Committee Vuong Dinh Hue said the resolution of the 17th Hanoi Party Committee for the 2020 – 2025 period identifies three breakthroughs and 10 major programs, including the No.2 “Focusing on revising of the growth model, economic restructuring and global integration, with a view to improving productivity, efficiency and competitiveness of Hanoi’s economy towards rapid and sustainable development in 2021 - 2025,” and the No.7 “Pushing for science, technology and innovation development in 2021 - 2025”, which are expected to serve as platform to turn innovation and science, technology into major drivers for Hanoi’s socio-economic development by 2025. 
Secretary of Hanoi Party Committee Vuong Dinh Hue speaks at the event.
Hue said Hanoi aims to be Vietnam’s center for research and development of technologies and innovation in the country, and in the future would be Asian center in some fields. 
Hanoi is set to complete its startup ecosystem so as for it to take a pioneering role in promoting innovative startups by 2025, and later one of the top cities in ASEAN in terms of promoting innovative startups by 2035. 
According to Hue, the youth would play a key role in promoting innovative startups and application of science and technologies in the city, expecting the youth to further focus on science and technology application to contribute to the stronger development of Hanoi. 
As the city is set to implement these two programs, Hanoi would carry out a number of solutions, including the formation of an open innovation platform to enhance connectivity and cooperation between research institutions in Hanoi and of central level. 
Moreover, Hanoi would form new innovative center and invite multinationals to take part in its operation. 
Mr. Hue expected the Hoa Lac hi-tech park to soon become Vietnam’s hub for innovative startups and an example in providing linkage in research and development of technologies between universities, research centers and production facilities. 
Additionally, Hanoi would also create a Capital Venture Network to realize Hanoi’s role as a creative city as a member of the “UNESCO Network of Creative Cities”, aiming to address issues emerged during the process of Hanoi’s development. 
At the VinaCapital Ventures VietChallenge (V3 Track), five startups went to the final rounds, including VioT, VIFO, Med247, iGap, and Drone Pro. The winner of the contest was VioT with a cash prize of US$45,000. 

By Ngoc Lam

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