HCM City to increase financial support for start-ups of young entrepreneurs

June 01, 2023 - 08:27
HCM City will increase funding to support start-ups of young entrepreneurs by VNĐ300 billion (US$12.7 million) over the next five years.
The Saigon Innovation Hub (SiHub) under the HCM City Department of Science and Technology has been a co-working space of many start-ups in the city over the years. — VNA/VNS Photo Tiến Lực

HCM CITY — HCM City will increase funding to support start-ups of young entrepreneurs by VNĐ300 billion (US$12.7 million) over the next five years.

The municipal People’s Committee has issued a plan to launch a movement called "HCM City’s youth start-up business, innovation" in the period of 2023-27.

Accordingly, the city aims to support 800 youth start-ups and innovation projects, and provide preferential loans worth VNĐ2 trillion ($84.8 million) to support young people to start and develop businesses by 2027.

It will set up a database of start-ups and advise on policies to encourage young people to start business and promote innovation.

A dialogue between city leaders and young start-ups will be held every two years.

The city will organise an annual start-up and innovation contest for young people's start-up businesses and young entrepreneurs.

Each year, it will provide at least four training sessions to equip students, youth and young entrepreneurs with foundational knowledge on starting and developing businesses, and corporate governance; and two training sessions to raise their awareness about entrepreneurship, starting a business and innovation.

The National Credit Information Centre (CIC) will help to monitor their credit levels and view their own credit information and credit scores.

It will offer career guidance and counseling for at least 300,000 young people, introduce jobs for 120,000 young people, and training on social skills, focusing on digital skills, for 200,000 young people every year.

At least one activity per year will be held to support young people in rural areas to start and develop a business related to high-tech applied agricultural production, the "One Commune One Product" (OCOP) programme’s products, and safe and organic agricultural productions with clear origin.

The youth union in each commune level will support at least one efficiency and innovation-driven growth model for rural youths a year.

By 2027, at least 30 per cent of young people's start-up ideas and projects will be supported by businesses, investment funds, or other funding sources.

To achieve the above goals, the city will promote publicity campaigns to raise public awareness of entrepreneurship and innovation.

It will accompany students and young people to participate in start-ups, support newly established businesses, and build a networking community of young people to help them learn and support each other to develop their own businesses.

It will also honor and scale up outstanding business models of collectives, individuals, young entrepreneurs and young business owners. — VNS