HÀ NỘI — Hà Nội plans to allocate VNĐ600 billion to contribute capital to the venture capital fund, aiming at promoting innovation and supporting businesses in developing new technologies in 2026.

The information was shared during a meeting addressing challenges in disbursing public investment capital and expenditures in the fields of science, technology, and digital transformation held by the People’s Committee of Hà Nội on November 24.

The meeting focused on proposing science and technology, innovation, and digital transformation projects for 2026 to complete disbursement of the local budget for these fields.

According to the Department of Finance, Hà Nội’s total local budget balance expenditure for 2026 is estimated at VNĐ227.2 trillion. Of this, almost VNĐ9.1 trillion – quivalent to 4 per cent of the local budget – will be earmarked for science, technology, innovation, and digital transformation.

Deputy Chairman of the City People’s Committee Trương Việt Dũng instructed units to finalise the list of tasks for 2026, ensuring alignment with three core pillars including science and technology, innovation and digital transformation.

He also said innovation includes not only traditional research, but also new operating models, applications and management models.

One key task stressed by the deputy chairman is the completion of a mechanism for leasing equipment to operate digital goverment. This aims to reduce investment pressure on agencies while ensuring regular access to up-to-date technology. Meanwhile, some items may still be purchased depending on actual needs.

In addition, he urged units to immediately apply the city’s digital transformation index and incorporate the new national digital transformation index issued by the Government.

Disbursement in 2025

At the meeting, the Department of Finance updated disbursement progress and challenges in implementing science, technology, innovation, and digital transformation tasks in 2025.

The budget in 2025 for these fields has been planned almost VNĐ914.9 billion, accounting for 1.4 per cent of the city’s expenditure. However, estimated disbursement by this year-end is VNĐ536.18 billion, the highest level in recent years.

The disbursement has continued to face several obstacles. Restructuring of city units in 2025 led to many IT application tasks registered at the beginning of the year becoming unsuitable. Some projects had to be canceled, adjusted, or postponed for new guidance.

The Government’s issuance of Decree 214 on contractor selection required units to review entire procurement processes, significantly delaying contractor selection procedures.

Meanwhile, the IT equipment of many units is too outdated. During the 2021-25 period, most units were not invested in replacing equipment according to the five-year depreciation cycle to prioritise saving regular expenses. Therefore, many agencies do not have enough high-configuration computers to serve the digital transformation task.

In 2025 alone, the city budget dedicated almost VNĐ33.4 billion to four projects, but as of November 22, only VNĐ11.17 billion was disbursed.

Projects in Hòa Lạc High-Tech Park continue to face severe difficulties, particularly in site clearance. In Hòa Lạc and Phù Cát communes, many households have not agreed to compensation plans due to policy changes and insufficient resettlement funding. These challenges have prevented key bidding packages from moving forward.

The Department of Science and Technology also reported several units lacked initiative in carrying out assigned tasks, or there were pending tasks for months. — VNS