Ho Chi Minh City (HCMC) plays a pivotal role as the driving force of Vietnam’s startup ecosystem, accounting for approximately 50% of the country’s startups. The city hosts about 40% of the country’s incubators and startup support facilities, 44% of the total investment capital, and 60% of the investment deals nationwide. According to the Startup Genome Report 2024, HCMC ranks 111th out of 1,000 cities globally in the dynamic startup ecosystem rankings, improving 3 spots from 2023, and is now classified among the emerging startup markets in the 81-90 range.
Key Achievements and Initiatives in HCMC (2016–2021)
Between 2016 and 2021, Ho Chi Minh City achieved several notable milestones:
- Over 3,500 individuals and startups received support to improve their products and business models.
- More than 3,000 business ideas were developed, and over 90 competitions were organized, attracting more than 3,000 innovation ideas.
- Approximately 350 projects were publicly incubated annually.
- The “Speedup” program attracted more than 220 projects and successfully supported 50, with two projects exiting and seven securing subsequent funding rounds.
- The city has connected over 200 mentors and partnered with 153 international organizations from countries such as the United States, Canada, the UK, Sweden, and Finland.
- Activities related to STEM education, establishing innovation clubs, and promoting technology commercialization have also played a significant role in the ecosystem’s development.
Policies and Measures for Ecosystem Growth
To maintain its leadership position and close the gap with neighboring countries, Ho Chi Minh City has introduced several groundbreaking policies, including:
- Project 672 (2021–2025): Aimed at developing the city’s innovation ecosystem.
- Resolution 98/2023/QH15: Focused on piloting special policies for the city, which includes unique mechanisms for startup development.
- Resolutions 19/2023/NQ-HĐND and 20/2023/NQ-HĐND: These resolutions specify financial support ranging from 40 million VND to 400 million VND for each innovation-driven startup project, with priorities on e-commerce, fintech, logistics, healthcare, education, high-tech agriculture, sustainable development, digital transformation, and cybersecurity.
In addition to financial policies, the city has placed significant emphasis on attracting talent in the fields of science and technology, offering income levels up to 120 million VND per month. Ho Chi Minh City has also strengthened international cooperation through investment connection programs, startup exchange initiatives, and international incubation partnerships.
Key Innovation Platforms and Future Prospects
The establishment of SIHUB (Startup & Innovation Hub) serves as a core component in connecting resources, promoting technology transfer, and commercializing research outcomes. The hub aims to position HCMC as a leading center of innovation in Southeast Asia.
The H.OIP (Ho Chi Minh City Open Innovation Platform) has also played a key role in connecting ecosystem players and attracting private sector investment. These efforts not only stimulate socio-economic development but also reinforce Ho Chi Minh City’s position as a premier destination for innovation-driven startups in the region.
In conclusion, Ho Chi Minh City remains the focal point of Vietnam’s innovation ecosystem. With the ongoing implementation of strategic policies, initiatives to attract international investment, and robust talent development programs, the city is poised to continue its leadership role, contributing significantly to Vietnam’s goal of becoming an innovation-driven economy.
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