Young people work at TELEPRO, a start-up working in telesales and telemarketing for more than one year in Hanoi. The Hanoi People’s Committee has recently approved a VND312 billion (US$13.5 million) project to support start-ups and innovation in the capital from 2019-25. VNA/VNS Photo Minh Quyet

Director of the Hanoi Centre for Supporting Small and Medium-sized Enterprises Le Van Quan said at a conference on Tuesday that the project features a range of breakthrough mechanisms to branch out start-up and innovation activities, contributing to promoting the city’s sustainable growth.

It looks to raise public awareness of start-ups, form a start-up and innovation support network, and set up a start-up and innovation centre.

Three to five incubators will be established to assist start-up activities in the city, Quan said, adding the project aims to develop 500 start-up and innovation initiatives, help 150 businesses launch their products, and assist 20 per cent of them in calling capital as well as carry out merger and acquisition deals.

He said businesses and organisations with at least a year of experience in finance and investment consultation and business support can join the project.

According to Vice Director of the provincial Department of Planning and Investment Tran Ngoc Nam, start-ups and innovation play an important role in creating jobs, improving labour productivity and promoting sustainable development.

Hanoi has outlined various programmes to support start-up and innovation activities since 2016.

As of October 26, 2019, more than 275,000 enterprises registered to operate in the city, 97 per cent small and medium-sized firms. In October alone, the city granted business registration certificates to more than 22,000 companies with total capital of VND266.29 trillion, up 9 per cent in the number of businesses and 28 per cent in registered capital.

VNS