3,000 firms in HCM City get support to increase innovative capacity

VOV.VN - Ho Chi Minh City has devised plans aimed at helping 3,000 local businesses strengthen their innovation capacity moving forward until 2025, according to the southern city’s project to develop the local startup ecosystem in the 2021 to 2025 period.

Under the terms of the scheme, the city has set a target of developing its startup ecosystem to a regional level, thereby laying a firm foundation for innovation activities and enhancing productivity, quality, and the competitiveness of local enterprises. This thereby contributes to raising the total-factor productivity (TFP) contributions made to the city’s gross regional domestic product (GRDP) to between 45% and 50% by 2025.

At the same time, the southern metropolis is aiming to create a favourable environment in which to facilitate the formation and development of business types with a high capacity of rapid growth based on exploiting intellectual property, technology and new business models. This includes completing the legal system supporting startup activities.

In the period up to the end of 2025, the city also anticipates that it will develop 1,000 startup projects and support 100 innovative startups which can access adventure investment resources.

To this end, the southern city will primarily focus on developing its infrastructure system and services serving the startup ecosystem, while simultaneously enhancing the capacity of components of the startup ecosystem and forming innovation ecosystems for major sectors and products.

Furthermore, the city will strive to assist small and medium-sized enterprises in improving their product quality and productivity, thereby encouraging innovative activities in the public sector and stepping up international co-operation in this area.