HCMC gives big support to startup businesses

The Ho Chi Minh City People’s Committee has issued a regulation to give an innovative startup project a maximum financial assistance of VND2 billion (US$89,000) from the city budget for science and technology.

Secretary of the HCMC Party Committee enquires about a startup project of a young man in HCMC (Photo: SGGP)

Individuals, groups of individuals and businesses can register to get the funds if they have already had startup projects but yet to receive any assistance from the city budget.

They must operate in four industrial and nine service priority fields, which the city has given priority to develop, for five years and less. Those from other fields with high economic potentials are also eligible for registering the package.

If a project needs more than VND2 billion to start, the People’s Committee will consider each specific case to make a decision.

The financial assistance time will last 24 months at the longest.

Startup projects will be selected through innovative competitions organized by the city Department of Science and Technology and from projects directly registered at the agency.

By Gia Quang – Translated by Hai Mien

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