Hanoi is rolling out bold, game-changing policies to lure back talent and capital that have drifted elsewhere. Among the highlights: a sandbox initiative dedicated to digital assets and a $24 million (600 billion VND) seed fund for venture capital investment.

The Vietnam Business Management Forum 2025, themed “Unlocking the Potential of Digital Assets,” was held on December 10 in Hanoi. The event was jointly organized by the Vietnam Association of Corporate Directors (VACD) and The Manager e-magazine.

Opening the discussion with investors in the digital asset space, Tran Anh Tuan, Director of the Hanoi Department of Science and Technology, addressed a sobering reality: many talented professionals have left Hanoi to start companies in other provinces or abroad.

“Hanoi’s current stance is to become one of the most attractive cities in the world for investment - both intellectually and financially. We must reclaim the resources we’ve lost,” he emphasized.

Tuan noted that Hanoi’s advantage lies in the revised Capital Law (2024), which, along with key Politburo resolutions such as Resolution 57, 66, and 68, as well as the Science, Technology and Innovation Law, empowers the city to enhance its competitiveness.

The city has also issued six landmark resolutions, introducing concepts new to Vietnam. Among them is a sandbox framework prioritizing four sectors, including digital assets.

“We’re now accepting proposals and applications from enterprises to jointly implement this initiative with the city,” Tuan said.

Hanoi is also the first locality in Vietnam to pass a resolution establishing a venture capital fund, immediately allocating a seed amount of $24 million.

“There are around 10 strategic investors lined up to join this venture fund. It will operate on market principles without forming a legal entity. Instead, it will function through a general assembly of fund members, thereby avoiding the bureaucratic red tape typically associated with public capital. The goal is to embrace market risk-sharing,” he explained.

Other forward-looking resolutions include breakthroughs in science and technology development, the creation of an innovation ecosystem, and a proposed technology exchange - closely linked to a digital asset exchange.

“Hanoi is no longer looking back, nor comparing itself within the country. We benchmark only against regional and global standards. Although Hanoi hasn’t been officially designated as an international financial center, I’m confident it soon will be,” Tuan added.

He expressed a desire for Hanoi’s policies and resources to intersect with the right investors. The city, he said, is “searching by torchlight” for chief engineers across all sectors, including digital assets.

“If you’ve considered doing business in Hanoi before but hesitated due to an unfavorable investment climate, I now invite you to return. Hanoi has changed,” he appealed.

Hanoi’s 2026–2030 goal is to have the digital economy account for at least 40% of the city’s Gross Regional Domestic Product (GRDP). The annual growth target from 2026 onwards is set at a minimum of 11%.

According to Tuan, it’s nearly impossible to achieve such ambitious growth under a traditional economic model, let alone sustain it. That’s why science, technology, and innovation - especially the digital economy - are seen as the only viable path forward.

He also revealed that on December 22, Hanoi will officially launch a technology exchange. As part of the sandbox pilot program, the city will - for the first time - use public funds to purchase research outcomes from local scientists. One of the first acquisitions will be a cancer detection test kit, which will then be commercialized and introduced to the market.

Tuan Nguyen