Hanoi establishes Science, Technology, and Innovation Development Fund

Hanoi Chairman Vu Dai Thang has signed Decision No. 4989/QD-UBND to establish the Hanoi Science, Technology, and Innovation Development Fund. The fund is a non-profit, extra-budgetary state financial entity operating under the Hanoi People's Committee.

The fund is designed to manage city budget allocations for scientific and technological activities, including sponsored, commissioned, and supported projects. Additionally, it will serve as a financial tool to mobilize and utilize legal social resources to promote innovation. The fund aims to support high-quality human resources, increase productivity, and enhance the economic competitiveness and autonomy of the capital.

The Hanoi Department of Science and Technology is tasked with advising the city leadership to ensure the fund operates according to regulations. All management of financial resources, including voluntary contributions and donations, must be conducted with transparency and efficiency, ensuring no illegal benefits are provided to contributors.