HCM City to improve mechanisms for innovation and start-up development

HCM City is seeking to improve mechanisms for innovation and start-up development by creating a supportive environment for start-up companies to contribute to the city’s growth as a regional and international innovation hub.

Speaking at a meeting yesterday, Phan Văn Mãi, chairman of the municipal People’s Committee, said, “HCM City is committed to creating a supportive environment for start-ups to thrive and contribute to the city’s development as a regional and international innovation hub.”

The start-up ecosystem in Việt Nam, particularly in HCM City, is forming and growing rapidly, he added.

With the goal of becoming a regional hub for innovation and start-ups, the city has implemented policies to support entrepreneurship and innovation, with a focus on building a supportive ecosystem for start-ups, he noted.

The HCM City Centre for Innovation and Entrepreneurship currently plays a major role in leveraging resources from domestic and international markets to support start-ups.

There are about 100 incubators and organisations supporting start-ups nationwide across 20 localities, mostly in HCM City.

The city will continue to listen to feedback from the innovation community to enhance mechanisms and policies for fostering entrepreneurship and innovation, according to Mãi.

Nguyễn Việt Dũng, director of HCM City Department of Science and Technology, spoke about a project to improve the entrepreneurial and innovation ecosystem in the city to connect resources within and outside the country.

Thanks to the Government’s project on supporting national innovative start-up ecosystems and practical city policies, HCM City now ranks at the 113th position out of 1,000 cities worldwide in terms of innovative start-up ecosystems, he noted.