- Ho Chi Minh City targets position among world’s top 100 startup ecosystems globally.
- City hosts nearly 30,000 ICT enterprises, strengthening Vietnam’s expanding digital economy significantly.
- New venture capital fund launched supporting startups and commercialising innovative research projects.
Ho Chi Minh City has begun to establish itself as a leading innovation and startup center which will become one of Southeast Asia's most promising business hubs. The city administration is actively expanding its innovation ecosystem, encouraging entrepreneurship, and attracting increased investments into high-tech industries.
The southern Vietnamese economic hub targets digital transformation and technological advancement as its main strategy to achieve a ranking among the world’s 100 best startup cities.
Ho Chi Minh City has built an innovation economy which currently holds a value of approximately USD 7.5 billion, leading to its status as one of Southeast Asia's five best startup ecosystems. The city contains almost 30000 information and communications technology businesses, which account for approximately 40 percent of all ICT companies in Vietnam. The city uses its powerful technology foundation to function as a primary engine that drives Vietnam's expanding digital economy.
The advanced technological infrastructure of the city serves as the primary driver for its ongoing development. The Quang Trung Software City, which has attained international recognition, has created hundreds of digital products and services that brought in more than one billion dollars in revenue and exports.
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The Saigon Hi-Tech Park currently supports multiple innovation projects, which include research centers and business incubators that aim to develop and commercialize "Make in Vietnam" technologies.
Authorities are establishing new science and technology urban areas to create additional innovation zones which will support research and advanced manufacturing and startup development. The zones will serve as testing spaces to evaluate new technologies and innovative governance systems before their national deployment. The city established the Ho Chi Minh City Venture Capital Fund to support infrastructure development and assist startups in securing funding while they work to bring their research concepts to market.
The city officials work to achieve two objectives which are better global rankings and improved long-term competitiveness together with increased patent production and higher business involvement in innovation activities. The experts think that increased government and financial institution participation will help Vietnam attract more international investors while strengthening its position in the regional startup ecosystem.