Under a resolution adopted by the People’s Council of northern Hai Phong City on October 26, the Hai Phong Venture Capital Fund will be established soon, aiming at supporting high-tech enterprises and innovative startups.
The fund will provide strategic capital and financial support for training, consulting, and international networking fees to help high-tech projects, science and technology enterprises, and startups develop products and enhance competitiveness.
It also seeks to promote the formation of a startup and innovation ecosystem by connecting universities, research institutes, investors, and international partners, while assisting businesses in free trade zones with innovation and commercialization of scientific and technological products.
Under the plan, the fund will invest up to 30% of a project’s implementation cost, capped at VND30 billion ($1.1 million) per project. It may also contribute up to 5% of its total capital, or VND50 billion ($1.9 million), to establish individual enterprises, and invest in other venture capital or startup investment funds as permitted by law.
To be established as a joint stock company, the fund will receive VND500 billion ($19 million) from the city’s state budget, alongside contributions from domestic and international organizations and individuals. It will operate on a pilot basis for five years.
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