Hanoi (VNA) – Construction of the National Innovation Centre (NIC), worth 740 billion VND (32 million USD), will be launched at Hoa Lac hi-tech park on the outskirts of Hanoi on January 9.

The centre, covering an area of 35 hectares, is set up under the Prime Minister’s Decision No.1269/QD-TTg to support and develop the nation’s start-ups and innovation ecosystems, contributing to the growth models based on science and technology.

It is expected to house domestic and international innovative businesses, laboratories, offices of large corporations, as well as working place of leading experts and scientists.

In a bid to create a legal framework for the NIC’s operation, the Government issued Decree No.94/2020/ND-CP regulating mechanisms and policies for the NIC, including incentives in terms of administrative procedures, finance, land, credit, and infrastructure for the centre as well as organisations and individuals working at the centre.

The same day, the Ministry of Planning and Investment will open the Vietnam International Innovation Expo, which introduces innovative solutions, initiatives, and hi-tech products. The two-day event is expected to draw the participation of major corporations both domestic and foreign such as VinGroup, Viettel, MoMo, CMC, Sunshine, Hanaka, VNPT, Samsung, Intel, Dell, Hitachi, Siemens, Hyosung, as well as startup community, small-and medium-sized enterprises (SMEs), universities and institutions.

Several business matching events will be held within the exhibition to connect startups and SMEs with investment funds as well as local firms with foreign partners./.