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Hanoi has established a venture capital fund (HVCF) with an initial charter capital of 230 billion VND to help expand financing channels for technology firms and startups focused on innovation. The move is intended to support investment in priority technology areas through a public-private partnership model.
Under Decision 2146/QĐ-UBND dated April 22, the city budget contribution will be made in stages, linked to adjustments to the fund’s charter capital. During the pilot period, the city’s contribution will not exceed 600 billion VND, and it will not be more than 49% of the fund’s charter capital at any given time. The remaining portion will be contributed by investors that sign business investment cooperation contracts.
At the same time, Decision 2147/QĐ-UBND sets out the fund’s operating regulations.
HVCF operates on market principles within a public-private partnership framework, with state capital playing a guiding role while combining private and international resources. The fund can make direct investments or co-invest with other funds through equity purchases or capital contributions in enterprises.
Each investment is capped at 5% of the total fund capital unless approved by the Investors’ General Assembly. The investment process includes searching, screening, appraisal, decision-making, and disbursement. After investment, portfolio companies will be monitored, supported, and periodically evaluated.
The fund prioritizes 12 technology groups, including:
Risk control and exit mechanisms are defined, including the ability to pause disbursements or recover capital if misuse is detected, as well as to design an appropriate exit plan.
HVCF was established under Resolution 30/2025/NQ-HĐND and operates under a business investment cooperation contract model without legal entity status. The fund’s term is 10 years, with a mid-term review after 5 years and a final assessment at the end of the 10-year period.
The fund’s organizational structure includes the Investors’ General Assembly, the Fund Management Council, and the Fund Management Company.
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