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

The Creative Startup Center in Ho Chi Minh City, with a construction area of over 17,000 square meters, is nearing completion. The building, which houses state support activities for innovative startups and private sector participation in the city’s startup ecosystem, is expected to open in the third or fourth quarter of the year.

Ms. Phan Thi Quy Truc, Deputy Head of the Technology Management and Technology Market Department at a conference on deploying innovative startup activities in the city on April 3, shared this information. According to her, the Creative Startup Center is a public service unit managed by the Ho Chi Minh City government that serves as a focal point for connecting and organizing activities as well as providing support services for the innovative startup ecosystem.

The center’s space and operating model are designed to be open and accessible to the community and businesses, allowing them to easily access information related to Ho Chi Minh City’s startup ecosystem. The center is also responsible for operating an online platform (HOIP), which centralizes the ecosystem’s data system for businesses and startups to register and participate in the city’s support policies.

Despite progress made in supporting innovative startups in Ho Chi Minh City, there are still challenges in the domestic ecosystem such as low quality and level of state support policies, lack of risk investment mechanisms, and complicated administrative procedures. A report conducted by a group of World Bank experts highlights these issues which underscores the need for continued attention and coordination with the startup community to enhance effectiveness and efficiency.

In conclusion, efforts are being made to foster a dynamic and thriving startup ecosystem that drives economic growth and innovation in Ho Chi Minh City. The city’s Department of Science and Technology is working on various initiatives to provide support and create a favorable environment for startup development by addressing these challenges identified and implementing effective policies.

By Samantha Johnson

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