This Year, the Creative Startup Center in Ho Chi Minh City is in Operation

Ho Chi Minh City’s Creative Startup Center: A Step Towards Innovation in Vietnam’s Ecosystem

The Ho Chi Minh City Creative Startup Center is a public service unit managed by the city government, serving as a focal point for connecting, organizing activities, and providing support services for the innovative startup ecosystem. The center, located at 123 Truong Dinh, District 3, is more than 90% complete and expected to be operational in the third or fourth quarter of this year.

Ms. Phan Thi Quy Truc, Deputy Head of the Technology Management and Technology Market Department at the Ho Chi Minh City Department of Science and Technology, shared this information at a conference on innovative startup activities in the city on the morning of April 3. The building consists of 11 floors, with 8 above ground and 3 underground. The first three floors will host state support activities for innovative startups, while floors 4-8 are expected to attract private sector participation in developing the startup ecosystem in Ho Chi Minh City’s priority areas.

The center operates an online platform (HOIP) where businesses and startups can register and participate in the city’s support policies. Additionally, it provides access to research centers to implement policies that support innovation startups such as tax exemptions, non-refundable support for startup projects, and access to research centers. The center aims to be open and easily accessible to both community members and businesses seeking information on Ho Chi Minh City’s startup ecosystem.

Despite these efforts by Ho Chi Minh City to support innovation startups, an analysis conducted by World Bank experts revealed several shortcomings in Vietnam’s innovation startup ecosystem in 2023. These included low-quality state policy support, lack of risk investment mechanisms, complicated administrative procedures, as well as a lack of quality training programs for startups on improving management capacity and operating startup businesses. To address these issues proposed legal framework supporting innovation centers and creative startups nationwide was discussed at a recent meeting organized by Ministry of Science and Technology.

Overall, despite some challenges that need to be addressed before Vietnam can become a leading innovation hub in Southeast Asia, there is still potential for growth within its startup ecosystem with continued efforts from both government agencies and private sector participants like those who plan to use the new Creative Startup Center building once it becomes operational.

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