HCM City comprehends startup ecosystem

Ho Chi Minh City is starting to improve its startup ecosystem to obtain the goal of 2,000 new startups out of 500,000 firms.

The city has 20 organizations, research centers, universities, and firms to help people start a business. They have supported 86 startups and some of them have seen results. But there has been little marketing for these projects.

They need more resources for product distribution and trademark promotion. Economists say an Investment Fund for Startups is needed and agencies should create clear regulations for the fund’s shareholders and operation.

Nguyen Hung Phong, Director of the Startup Development Center of the Ho Chi Minh City University of Economics, said, “The fund will help startups realize their ideas and refine them. The government should manage the fund to ensure its efficiency.”

HCM City will establish a center for startup consultancy that will connect startup incubators and ideas with businesses. 

Le Thanh Liem, Deputy Director of the Ho Chi Minh City People’s Committee, said, “The city and the Ministry of Science and Technology signed an agreement on technology support, developing a startup ecosystem, and piloting a financial mechanism for startups. We’ll organize a conference to connect incubators and call for investment in startups.”