HÀ NỘI — To encourage innovations and start-ups in the real estate sector, a VNĐ100 billion (US$4.4 million) support centre is being set up, which will be funded by the Government and donors.

The information was released by the Hà Nội Real Estate Association (HNREA) at a meeting held last week in Hà Nội, the Xây Dựng (Construction) newspaper reported.

For the project, called the Việt Nam Real Estate Startup Incubator, the HNREA will build a portal that will serve as a communication channel and support real estate start-ups in Việt Nam. After one year of operation, it is expected to have attracted and connected at least 100 innovative real estate projects and start-ups, and involved them in the centre.

The project will help trigger a start-up wave, boost the development of the start-up community and join the Government action programme on building start-up ecosystems, said HNREA chairman Nguyễn Hữu Cường.

Every year, the centre will advise and support innovative real estate projects to be deployed effectively in the market. It will also introduce and provide high-quality human resources in the property sector to State management organisations, real estate businesses and donors.

At the meeting, the HNREA also introduced a plan of establishing an association that connects all real estate transaction centres in all districts of Hà Nội, known as the Real Estate Alliance of districts in Hà Nội.

The alliance will help the Việt Nam Real Estate Association (VNREA) and its affiliates nationwide update and disseminate the latest, accurate information at district levels and provide a wide range of reliable information about the real estate market. It will also assist local authorities and real estate management organisations by providing them necessary information from the VNREA.

According to the organising committee, funds for the programme will be sourced from the Startup Investment and Innovation Fund, Small and Medium Enterprise (SME) Development Fund, National Funds for Science and Technology Development, and National Technology Innovation Fund. — VNS