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

Byeditor

Apr 3, 2024

The Ho Chi Minh City Creative Startup Center building, with an area of over 17,000 m2, is more than 90% complete and is 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, located at 123 Truong Dinh, District 3, has been under construction for over 3 years. It consists of 11 floors, with 8 above ground and 3 underground. The 1st – 3rd floors will host state support activities for innovative startups, while floors 4 – 8 are expected to attract the private sector to participate in developing the startup ecosystem in the city’s priority areas.

Ms. Truc explained that the Ho Chi Minh City Creative Startup Center is a public service unit managed by the city government. It serves as a focal point for connecting, organizing activities, and providing support services for the innovative startup ecosystem. The center is also a hub for forming a network to support creative startup activities in districts, schools, businesses, and other localities connected to Ho Chi Minh City. It implements policies that support the innovative startup community, such as tax exemptions, non-refundable support for startup projects, and access to research centers.

The center’s space and operating model are designed to be open and easily accessible to the community and businesses seeking information on Ho Chi Minh City’s startup ecosystem. Additionally, the center operates an online platform (HOIP) where businesses and startups can register and participate in the city’s support policies. The Department of Science and Technology of Ho Chi Minh City is also working on research orders to build an annual report on the city’s innovative startup ecosystem, along with other initiatives to support entrepreneurship and innovation.

Despite the city’s efforts to support the startup ecosystem, an analysis of Vietnam’s innovation startup ecosystem in 2023 conducted by World Bank experts highlighted several shortcomings. These included the low quality and level of state policy support, lack of risk investment mechanisms, and complicated administrative procedures. The experts also noted a lack of quality training programs for startups on improving management capacity and operating startup businesses. These issues were discussed at a recent meeting of the Executive Board of the Project “Supporting the national innovation startup ecosystem until 2025” organized by the Ministry of Science and Technology, where participants proposed the need for a legal framework to support innovation centers and creative startups nationwide.

By editor

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