Ho Chi Minh City has ample room for innovation, start-up development: Meeting with start-up community

WVR/VNA - Ho Chi Minh City has the most dynamic innovation and start-up ecosystem in the country, so there is a lot of room for start-up and innovation activities, said Chairman of the municipal People's Committee Phan Van Mai on March 28, 2024.
HCM City has ample room for innovation, start-up development: Official
An overview of the meeting (Source: VNA)

Speaking at the Meeting with the start-up community, Chairman Mai shared that the city makes up 50% of the start-ups, 40% of the incubators and support facilities, 44% of the investment capital, and 60% of the business deals of the country. It is also home to three out of the four "unicorns" which are valued at over 1 billion USD in Vietnam.

The city administration have many policies and responsible commitments to build and develop the start-up ecosystem, and is the first locality to have a specific policy on innovation and start-up, Mai said. The city also aims to become an innovation and start-up hub based on the ASEAN regional science and technology centre, towards a continental level by 2030, he added.

Therefore, it hopes entrepreneurs and experts will continue to research and propose mechanisms and policies to effectively develop start-up and innovation activities, contributing to its socioeconomic development and integration, he stated.

According to Director of the municipal Department of Science and Technology, in the Global Start-up Ecosystem Report (GSER) 2023 by Startup Genome, Ho Chi Minh City secured its position within the top 100 emerging start-up markets worldwide, placing in the range of 81-90. The city’s start-up ecosystem is currently ranked 1st in Vietnam and 114th in the world by Startup Blink.

Secretary of the municipal Party Committee Nguyen Van Nen said that following this first meeting, city leaders will have regular meetings with the start-up community.

The city will issue outstanding investment attraction policies, focusing on training high-quality human resources, and build a close cooperation and cohesion mechanism so that members of the start-up and innovation ecosystem can promote their strengths, stated Nen.

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(Source: WVR/VNA)