HCM City aims to support 1,000 innovative start-ups in next five years
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.
At the 2019 HCM City Innovation, Startup and Entrepreneurship Week (Source: khoinghiepsangtao.vn)
HCM City (VNA) - The Ho Chi Minh City People’s Committee has introduced a projectfacilitating the development of its innovative start-up ecosystem during the 2021-2025period, with a target of supporting 1,000 start-ups.
Its efforts arehoped to put HCM City’s innovative start-up ecosystem on par with the region,gradually becoming a cornerstone of activities and helping businesses improveproductivity and sharpen their competitive edge.
It also aims to developa spearhead product of the southern hub, raising the rate of total factorproductivity to 45-50 percent of its gross regional domestic product (GRDP).
The project isexpected to improve the capacity of 3,000 start-ups, assist 1,000 projects, andhelp 100 start-ups access venture capital by 2025.
The municipalPeople’s Committee has devised seven major tasks to meet such goals, includinginfrastructure development, the introduction of services serving the start-upecosystem, support for small- and medium-sized enterprises (SMEs), andinternational cooperation, among others.
Capitalising on HCMCity’s development potential, particularly of its innovative start-upecosystem, will provide impetus for the socio-economic development of thesouthern region, the Mekong Delta, and Vietnam as a whole.
In recent times,the city has rolled out incentives to spark and improve innovative start-upideas. An average of 700 received aid to improve their capacity between 2016and 2020, while close to 10 start-up contests are held annually./.
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At the 2019 HCM City Innovation, Startup and Entrepreneurship Week (Source: khoinghiepsangtao.vn) 
