A ceremony took place in Hanoi on February 27 between Japanese Ambassador to Vietnam Ito Naoki, Resident Representative of the United Nations Development Programme (UNDP) in Vietnam Ramla Khalidi and National Innovation Center (NIC) director Vu Quoc Huy, to deliver the aid.

The fund will be used to implement a project to improve the NIC’s infrastructure, equipment, and human resources along with supporting the establishment of impact investment funds, and a master plan to empower new start-ups at the NIC.

The project will be carried out over the next 18 months.

At the signing ceremony, Japanese Ambassador to Vietnam Ito Naoki said, “This project focuses on the importance of social impact investment to solve the various social issues facing Vietnam.

“I expect that the investment by NIC would act as a catalyst for private investment, including in research and development, which would further accelerate industrialisation and modernisation in Vietnam.

“Further more, I expect that start-ups supported by this project will collaborate with Japanese companies and further grow into uniform companies, contributing to the strengthening of Vietnam’s industrial competitiveness in the future.”

NIC director Vu Quoc Huy said, “This is an important milestone in the long-term and effective cooperation between Japanese partners, UNDP and the National Innovation Center.

“The results of the project are very practical, meeting the requirements of the center in 2025 and 2026, especially the completion of the National Innovation Fund model and the establishment of a co-working space at NIC Hoa Lac, with the vision of making NIC Hoa Lac a destination for national and regional innovation."

UNDP Resident Representative in Vietnam Ramla Khalidi said the project aligns with UNDP’s commitment to fostering a robust national innovation ecosystem in Vietnam.

“This project comes at a crucial time when Vietnam is prioritising investments and breakthroughs in science, technology and innovation to drive long-term, high-quality growth,” she said.

“By enhancing access to capital, fostering skills, and promoting collaboration, the project will help unlock the full potential of Vietnamese start-ups”.

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