HCM City aims to support 1,000 innovative start-ups in next five years

At the 2019 HCM City Innovation, Startup and Entrepreneurship Week (Source: khoinghiepsangtao.vn)

The Ho Chi Minh City People’s Committee has introduced a project facilitating the development of its innovative start-up ecosystem during the 2021-2025 period, with a target of supporting 1,000 start-ups.

Its efforts are hoped to put HCM City’s innovative start-up ecosystem on par with the region, gradually becoming a cornerstone of activities and helping businesses improve productivity and sharpen their competitive edge.

It also aims to develop a spearhead product of the southern hub, raising the rate of total factor productivity to 45-50 percent of its gross regional domestic product (GRDP).

The project is expected to improve the capacity of 3,000 start-ups, assist 1,000 projects, and help 100 start-ups access venture capital by 2025.

The municipal People’s Committee has devised seven major tasks to meet such goals, including infrastructure development, the introduction of services serving the start-up ecosystem, support for small- and medium-sized enterprises (SMEs), and international cooperation, among others.

Capitalising on HCM City’s development potential, particularly of its innovative start-up ecosystem, will provide impetus for the socio-economic development of the southern region, the Mekong Delta, and Vietnam as a whole.

In recent times, the city has rolled out incentives to spark and improve innovative start-up ideas. An average of 700 received aid to improve their capacity between 2016 and 2020, while close to 10 start-up contests are held annually./.