F/MS Top Startup Cities

5 min read

Hanoi, Vietnam #191

City Scores

City Total Score

2.431

Overall ranking score

Quality Score

0.47

Ecosystem quality rating

Quantity Score

0.4

Ecosystem size rating

Business Score

1.55

Business environment rating

Score Distribution

Score Comparison

MeanCEO Index Click to scroll to details

58

Startup Ecosystem in Hanoi 🇻🇳

TL;DR

Hanoi is currently ranked 191st in the Global F/MS “Best Cities for Startups” Index. As the vibrant capital of Vietnam, Hanoi emanates a mix of rich cultural heritage and modern entrepreneurial spirit, making it an intriguing choice for startups.

Startup-Friendly Stuff 📈

1. Ease of Company Registration

  • Business Registration: Streamlined processes have been implemented, including online registration options.
  • Startup Incentives: Local government promotes tech startups with various supportive policies.

2. Employment Law 🏢

  • Labor Regulations: Comprehensive laws are in place to protect employee rights, although they can be complex for new businesses.
  • Hiring Foreign Talent: Hiring foreign employees is straightforward, but work permits are required.

3. Taxation 💰

  • Corporate Tax Rate: Vietnam generally has a corporate tax rate of 20%, with incentives for startups operating in priority sectors.
  • VAT Regulations: A VAT of 10% is standard, offering competitive conditions for service-oriented startups.

4. Quality of Life 🌆

  • Living Standards: Affordable living costs with a decent standard of living; however, the quality of amenities can vary.
  • Culture and Leisure: A rich tapestry of history, numerous parks, and vibrant street life contribute to a great lifestyle.

5. Bureaucracy 🗂️

  • Ease of Navigation: Bureaucracy can be a challenge, especially in obtaining permits, but improvements are noted.
  • Government Support: Emerging policies are increasingly aimed at fostering innovation and supporting local startups.

6. Visas for Entrepreneurs 🌍

  • Startup Visas & Permits: There are ongoing efforts to simplify the startup visa process for foreign entrepreneurs.
  • Residency Options: Working towards more lenient policies for long-term stays for eligible applicants.

Startup Community 🤝

7. Networking Events

  • A plethora of startup meetups, pitch competitions, and workshops are regularly organized, fostering vibrant community engagement.
  • Annual events bring together local and international entrepreneurs.

8. Subsidies and Funding 💵

  • Several government subsidies are available for technology-focused initiatives and startups.
  • An increase in incubator programs aiming to assist young startups with funding and resources.

9. Venture Capital (VC) Presence

  • Investments: An emerging VC scene with a growing interest in technology startups.
  • Major Firms: Home to both local and international VC firms eager to spot promising ventures.

10. Incubators & Accelerators 🚀

  • A range of incubators focusing on various sectors like technology, finance, and healthcare are present.
  • Programs often include mentorship, workspace provisions, and funding access.

Technology & Industry Priorities 🔧

  • Focus Areas: E-commerce, Fintech, Software Development, and Renewable Energy are gaining traction.
  • Government Initiatives: Continued efforts directed toward cultivating a tech-savvy workforce and competitive startups.

Business Culture 🏙️

  • Language: Vietnamese is the primary language, with English increasingly used in business settings.
  • Work Environment: A fast-paced, collaborative atmosphere emphasizing agility and innovative thinking.

General Pros and Cons ⚖️

Pros:

  • Rapidly growing tech scene with supportive policies in place.
  • Affordable living conditions conducive to entrepreneurs.
  • A welcoming and supportive expatriate community.

Cons:

  • Bureaucratic processes can still pose challenges.
  • Quality of amenities may vary across different neighborhoods.

Initiatives for Female Entrepreneurs 👩‍💼

  • There are various programs aimed at empowering women in entrepreneurship, providing funding and networking opportunities.
  • Increasing visibility and support for women-led startups through targeted initiatives and workshops.

Hanoi offers an emerging startup ecosystem for entrepreneurs seeking growth in a unique, culturally rich environment. 🚀

MeanCEO Index for Hanoi 🇻🇳

Hanoi stands as a captivating mix of culture and entrepreneurial spirit; but how does it measure up for female entrepreneurs? Let’s delve into the MeanCEO Index score by examining ten essential factors that contribute to the entrepreneurial landscape in this vibrant city.

1. Weather ☀️

  • Score: 5/10
    • Hanoi experiences all four seasons, with humid summers and cooler winters. While there are sunny days, the rainy season can be a deterrent for outdoor activities.

2. Location 🏖️

  • Score: 4/10
    • While it’s not coastal, Hanoi does have access to nearby lakes and scenic beauty. However, the absence of ocean or warm beach areas limits its appeal as a prime location for water activities.

3. Women Friendly 👩‍💼

  • Score: 7/10
    • Vietnam has seen progress in gender equality, and initiatives exist to support women in entrepreneurship. Though some cultural norms persist, there is growing respect for women in business.

4. Foreigners Friendly 🌍

  • Score: 6/10
    • The welcoming nature of the Vietnamese people makes it relatively easy for foreign nationals to blend in. However, navigating cultural nuances may take time, especially for women.

5. English as a Business Language 📚

  • Score: 6/10
    • English is increasingly used in business, particularly among the younger generation, but it’s not universally spoken, potentially presenting challenges for non-Vietnamese speakers.

6. Delicious Cuisine 🍜

  • Score: 8/10
    • Hanoi serves up a mouth-watering array of dishes, emphasizing fresh ingredients and healthfulness. The local staples rarely include onions, and while local wines are not prominent, the food scene is vibrant.

7. Ease of Getting Married and Starting a Family 💍

  • Score: 6/10
    • The dating culture allows for connections, with many young professionals focusing on career, yet the appeal of finding family-oriented partners remains viable for the committed.

8. Medicine 🏥

  • Score: 6/10
    • Healthcare services are fairly accessible, with private clinics available for quicker appointments. Costs are reasonable, although public healthcare can face delays.

9. Ease of Transportation & Traveling 🚍

  • Score: 7/10
    • Hanoi offers a developing public transportation system, including buses, and ride-hailing services are readily available, yet traffic congestion can be an issue. The international airport provides connectivity.

10. Startup Mindset 💡

  • Score: 6/10
    • The cultural mindset is shifting towards embracing entrepreneurship, yet the fear of failure can still be prevalent, posing challenges for risk-taking.

MeanCEO Index Score: 58/100 🎉

Hanoi showcases potential for female entrepreneurs looking for a culturally rich environment to grow their startups. Though it faces challenges—like bureaucracy and some cultural restrictions—the combination of supportive local policies and a budding startup scene provides a promising landscape. The city’s welcoming atmosphere and vibrant culinary offerings further enhance its appeal.

Cheers to embarking on an entrepreneurial journey in Hanoi! 🚀