HCM City aims to support 1,000 innovative start-ups in next five years
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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).
|At the 2019 HCM City Innovation, Startup and Entrepreneurship Week (Source: khoinghiepsangtao.vn)
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.