HCMC speeding up support for startups

16:23 | 10/12/2017 Science - Technology

(VEN) - Ho Chi Minh City continues to offer support policies for startups in various forms, from capital to consultancy. In addition to the establishment of a startup ecosystem, Ho Chi Minh City will also create more space to support startups.

hcmc speeding up support for startups

According to the Ho Chi Minh City Department of Science and Technology, the city has established the Saigon Innovation Hub, the Information Technology Park under the Vietnam National University Ho Chi Minh City and the SHTP Innovation Hub under the Saigon Hi-Tech Park and promoted links with 24 business incubators to support startups.

In addition, the SpeedUp 2017 program has provided financial support tools from the budget for startup projects through business incubators. Since the beginning of the year, this program has received 112 startup projects. Of these, 14 projects were selected, accounting for 12.5 percent of the total number. This figure is quite high compared to the current selection rate of many investment funds, such as VIISA and VSVA. The maximum financial aid for each project is VND2 billion.

Ho Chi Minh City has also offered solutions for human resource development of startups. For example, the Saigon Innovation Hub has cooperated with the Vietnam-Finland Innovation Partnership Program Phase 2 (IPP2) to organize training courses, contributing to enhancing the quality of human resources.

The Ho Chi Minh City Department of Science and Technology has to date set up four steering committees for startup ecosystem for four key areas, including information technology, engineering, food processing and plastics-rubber-chemistry. With a network of 145 startup consultants and advisors, as many as 938 startup projects have been connected to help develop business ideas. There are 3,200 startup individuals and groups connected to investors, experts and consultancy organizations. Moreover, over 300 startup products are promoted to the community.

Thanks to the support, individuals and groups can accelerate the realization of their business ideas. Without community support, it would take these businesses several years to develop products and find partners.

Ho Chi Minh City is planning to create more space to support startups and strengthen communication activities. In particular, the city will open a startup information portal to enhance connectivity and announce information related to startups.

The Global Innovation Index (GII) 2017 report conducted by the World Intellectual Property Organization, Cornell University and INSEAD, the Business School for the World, shows that Vietnam has climbed 12 places to rank 47th among 127 countries and economies. This is the highest GII ranking Vietnam has held so far.

Ngoc Thao