Ho Chi Minh City to unveil $45 million fund for startups

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The city’s Science and Technology Department said at a meeting on Monday that it will introduce guidlines for startups to access a support fund of VND1 trillion ($44.8 million) in late November.

HCMC aims to support 2,000 startup projects in the next five years and has received funding requests from 200 projects.

The fund is part of a bigger plan to support 2,000 new projects in the next five years. (Photo: Cafebiz)

The fund will be opened for projects from a wide range of sectors – mechanics, electronics, chemicals, food production, finance, banking, insurance, commerce, transport, tourism, logistics, post and communication, real estate, healthcare, education and technology.

Each project will receive a maximum VND2 billion ($90,000) that can help it sustain until the product trial phase.

Nguyen Thanh Phong, the city mayor, said it will also set up an entrepreneurship center to connect startup businesses with investment funds.

More than 20 foreign venture funds have expanded in Vietnam, which has 1,800 startups in operation.