Call for innovative startups

Numerous incentives, transparency, and better linkages are some of the new features in Ho Chi Minh City's policy to encourage investment in innovative startups.

These young people work at a startup in Ho Chi Minh City specializing in digital identity.

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The Ho Chi Minh City Department of Science and Technology recently organized a conference titled "Implementing Policies to Support Innovation and Startup Projects in Ho Chi Minh City" to promote the sustainable and robust development of the city's innovative startup ecosystem by supporting innovative projects.

At the conference, the Department of Science and Technology announced the funding levels corresponding to the stages of innovation and startup projects, comprising three stages: incubation funding of 40 million VND/project (no more than 6 months, including 10 million VND for labor costs and 30 million VND for other expenses); incubation funding of 80 million VND/project (no more than 12 months, including 30 million VND for labor costs and 50 million VND for other expenses); and acceleration funding of 400 million VND/project (no more than 12 months, including 150 million VND for labor costs and 250 million VND for other expenses). In addition, there are other specific preferential policies depending on each project.

According to Ms. Phan Thi Quy Truc, Deputy Head of the Technology Management and Technology Market Department (Ho Chi Minh City Department of Science and Technology), on November 11, 2023, at the 12th session of the 10th term of the Ho Chi Minh City People's Council, Resolution No. 20/NQ/HDND was passed, stipulating the priority areas, criteria, conditions, content, and support levels for innovation and startup projects in Ho Chi Minh City. The resolution applies to individuals, groups of individuals, and businesses with innovation and startup projects in priority areas of Ho Chi Minh City, as well as other organizations and individuals in the following fields: e-commerce, financial technology, logistics, educational technology, healthcare, high-tech agriculture , sustainable development, digital transformation, cybersecurity, etc. These are also priority areas for innovation and startup activities in Ho Chi Minh City.

According to the Department of Science and Technology, the selection criteria for innovation and startup projects in 2024 include: creativity, organizational capacity, economic efficiency or social impact, potential market, business model, etc. These criteria will be considered and applied appropriately at each stage of the project…

“In 2024, the registration of innovative startup projects will be implemented in a more specific way than before. All registration activities, support for pre-incubation projects, acceleration incubation… must have their information and results updated on the Ho Chi Minh City Open Innovation Platform (H.OIP). This is a tool to connect components in the innovation ecosystem, strengthening connections between startups and organizations to share knowledge, solve problems, and provide technology transfer consulting,” Ms. Phan Thi Quy Truc shared.

Expect to exceed the target by 10% - 20%.

According to the implementation plan of the Project to Support the Development of the Innovation and Startup Ecosystem in Ho Chi Minh City for the period 2021-2025, in 2024, the city aims to enhance the innovation capacity of 900 businesses; incubate and develop 300 innovation and startup projects… Emphasis will be placed on developing infrastructure and services to support the innovation and startup ecosystem, and forming a network of innovation and startup centers.

In Ho Chi Minh City, the Department of Science and Technology is the leading agency supporting innovative startups in product and market development; supporting small and medium-sized enterprises in improving productivity, quality, and innovation; and promoting innovation activities in the public sector…

With Plan 433/KH-UBND implementing policies to support innovation and startup projects in the 2024-2028 period, the city also aims to support more than 1,000 innovation and startup projects in the pre-incubation phase; more than 700 projects in the incubation phase; and more than 200 projects in the acceleration phase to access venture capital investors by 2028…

Mr. Nguyen Viet Dung, Director of the Ho Chi Minh City Department of Science and Technology, shared that in 2015, the innovation and startup ecosystem in Ho Chi Minh City was in its nascent stage. However, with the Government's issuance of the "National Innovation and Startup Ecosystem Support Scheme until 2025" along with a series of programs and policies of Ho Chi Minh City, the city has now made its mark on the world map of innovation and startup ecosystems. In 2023, Ho Chi Minh City was ranked 113th out of 1,000 cities with the most dynamic innovation and startup ecosystems globally.

“This is one of the signals we can hope for. The government's involvement with some stimulus policies, as well as the strong participation of schools, institutes, incubators, businesses… it is expected that after 5 years of implementing Resolution 98, the city will exceed the set targets by 10% to 20%,” said Mr. Nguyen Viet Dung.

Plan 433/KH-UBND, which implements policies to support innovation and startup projects in the 2024-2028 period, also includes training programs for science and technology organizations, innovation centers, and intermediary organizations supporting innovation and startups. The city will organize training on policies, implementation methods, and innovation content orientation for state management agencies allocated funds to implement support policies for innovation and startup projects; and organize the annual implementation of support for innovation and startup projects. In particular, Ho Chi Minh City will support innovative solutions, products, and services that are applied and evaluated for their feasibility in a real-world environment through the implementation of science and technology tasks.

BA TAN

Source: https://www.sggp.org.vn/moi-goi-khoi-nghiep-doi-moi-sang-tao-post729613.html