Hanoi Science, Technology and Innovation Development Fund Established

The Hanoi People's Committee has officially issued the decision to establish a new science, technology and innovation development fund that will operate directly under its authority.

Purpose of Establishment and Status of the Fund

The Hanoi City Science, Technology and Innovation Development Fund was brought to life with Decision No. 4989/QD-UBND issued by the Hanoi People's Committee.

This newly established structure will operate on a non-profit basis as an off-budget state financial fund directly affiliated with the Hanoi People's Committee.

Legal Entity and Financial Powers

According to the decision, the fund in question has been structured to have a legal entity status and its own seal.

The fund has been equipped with the authority to open accounts within the State Treasury in Vietnam and in commercially operating legal banks.

Action Plan and Preparation Process

The main purpose behind the establishment of the fund is to establish a solid foundation for the regulation and implementation of activities in accordance with the Fund Establishment Plan approved by the City People's Committee.

The City People's Committee assigned the Department of Science and Technology to prepare the necessary documents in order to ensure that the fund becomes operational as soon as possible.

Status of the Old Fund and Transition Process

Important steps have been taken to ensure that existing science, technology and innovation work is not disrupted during the transition process to the new fund.

Within this scope, it was decided to terminate the activities of the old fund and return its capital to the state budget.