HCM City to strengthen start-up ecosystem with new programme 

SpeedUp aims to connect entrepreneurs, schools, investors, incubators, consulting organisations and service providers to develop the city’s start-up ecosystem.
The department will accept registrations for the programme from January 1.
Individuals, groups and entrepreneurs who registered to do business in the city in the last five years and started up projects that did not receive government financial support are eligible to join the programme.
Start-ups in fields such as engineering, automation, chemicals, pharmaceutical ingredients, plastic, rubber, electronics, information technology and food processing will get priority.
The maximum financial assistance available to a start-up under the programme is 2 billion dong (Bt3.15 million) and the money has to be paid back within 24 months.
At the launch, the department signed a memorandum of understanding with 11 incubators at universities, high-tech parks and companies for cooperation in growing the start-up ecosystem.
The incubators will assess and choose the start-ups eligible for funding.
Speaking at the signing ceremony, Le Thanh Liem, deputy chairman of the city People’s Committee, said start-ups and innovation helped realise the potential of young entrepreneurs. 
The city is striving hard to achieve its target of having 500,000 businesses by 2020, he said. This means it needs around 50,000 businesses registering every year. The new businesses then have to operate efficiently to boost the city’s socio-economy.
The SpeedUp programme will have a vital role in achieving the target, he added.
Huynh Kim Tuoc, director of Saigon Innovation Hub (SIHUB), said the city’s start-up ecosystem was gradually growing.
Last month the Centre for Analytical Services and Experimentation in Ho Chi Minh City (CASE) set up an open laboratory with state-of-the-art equipment called Rad Lad to support students, lecturers, start-up communities and small and medium-sized enterprises to work and do research, Tuoc said. 
The Digital Startup Ecosystem has set up a platform for the national ecosystem to showcase local start-up ecosystems, he said.
Nguyen Viet Dung, director of the department, said the programme would facilitate the growth of the start-up community and innovation in the city by connecting various resources in society with support from the city. 
It will also help the city’s start-up ecosystem and innovation keep pace with global innovation and start-up networks, he added.