HCMC proposes using local budget to support start-ups

HCMC – The HCMC People’s Committee has put forward a proposal to offer up to VND400 million in support to each innovation and start-up project in the pre-incubation stage, using funds from the local budget. The non-refundable financial assistance will be directed towards the pre-seed stage of innovation start-up businesses. HCMC is renowned for its dynamic innovation and start-up ecosystem, and is home to nearly 2,000 start-up businesses. The various stages in a start-up’s development include idea generation, research and development, pre-incubation, incubation, acceleration, development, growth and expansion. Eligible recipients of financial aid include individuals, groups of individuals, enterprises involved in innovation and start-up projects within the city’s priority sectors, and organizations that support innovation start-ups in the city.