On the afternoon of February 26, Hanoi City People's Committee held a ceremony to announce the establishment of Hanoi Innovation Center Joint Stock Company (Hanoi Innovation Center) and met with public-private partners and venture capital funds.
This is the first time Hanoi has designed an innovative organization according to the structure of a joint-stock company with state capital, but operating entirely according to modern corporate governance standards: financial transparency, risk control, accountability to shareholders and the law.
Speaking at the ceremony, Mr. Truong Viet Dung - Vice Chairman of Hanoi People's Committee said that in the context that science and technology, innovation and digital transformation have become pillars of national productivity and competitiveness, the question for Hanoi is not whether to participate or not, but which structure to participate in.
A city can have many ideas, many support programs, many events; but if there is no operating mechanism flexible enough according to market principles and strong enough to maintain the State's strategic orientation, then innovation can hardly create sustainable economic value.
The establishment of Hanoi Innovation Center Joint Stock Company is not simply the establishment of one more unit, not the implementation of an administrative project, but is creating a "state-oriented - enterprise-operated" model, in the spirit of shifting from policy to market" - Vice Chairman of Hanoi People's Committee emphasized.
According to Mr. Truong Viet Dung, the establishment of the Hanoi Innovation Center marks a fundamental change – from the main issuance mechanism to the co-investment and risk sharing mechanism; from loose support to ecosystem coordination; from the startup movement to a value chain organized, standardized and measured by results. When innovation is placed in a clear, disciplined and responsible market structure, it truly becomes a new production force of the Capital.
The company is designed as an ecosystem coordination hub instead of the previous scattered support model. Instead of each department implementing separate, disjointed and unconnected programs, the Company and the innovation network will reorganize the innovation flow according to market logic: Bringing urban development problems closer to the research capacity of institutes and schools; connecting startups with investors and markets; linking technology initiatives with controlled testing mechanisms; and converting data into platforms for specific products and services.
When these links are placed in a unified structure, innovation is no longer a movement or slogan, but becomes a standardized value chain, evaluated by results and led to commercialization" - Mr. Truong Viet Dung affirmed.
