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

The Creative Startup Center: A Major Boost for Ho Chi Minh City’s Thriving Startup Ecosystem

The Creative Startup Center building, a 17,000 m2 public service unit managed by the Ho Chi Minh City government, is nearly complete and expected to launch in the third or fourth quarter of the year. This information was shared by 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.

The building, located at 123 Truong Dinh, District 3, has been under construction for over three years. It consists of 11 floors, with eight above ground and three underground. The lower floors will house state support activities for innovative startups, while the upper floors are intended to attract private sector participation in developing the startup ecosystem in the city.

According to Ms. Truc, the Creative Startup Center is designed to serve as a hub that connects and organizes activities while providing support services for the innovative startup ecosystem in Ho Chi Minh City. It is an essential part of the city’s efforts to foster a dynamic and thriving startup ecosystem that drives economic growth and innovation.

The center’s space and operating model are designed to be open and accessible to businesses and communities alike, allowing them easy access to information related to Ho Chi Minh City’s startup ecosystem. Additionally, it operates an online platform (HOIP), which centralizes data systems for businesses and startups to register and participate in city support policies.

Despite these efforts, there are still challenges in developing a domestic ecosystem that supports innovative startups effectively. A report conducted by a group of World Bank experts highlights issues such as low-quality state support policies, lack of risk investment mechanisms, and complicated administrative procedures that need improvement. These challenges underscore the need for continued attention and coordination with startups to enhance effectiveness and efficiency in supporting innovation in Ho Chi Minh City.

In conclusion, efforts are underway to improve the creative startup ecosystem in Ho Chi Minh City through various initiatives implemented by its Department of Science and Technology. By addressing these challenges effectively through policy implementation, Ho Chi Minh City aims to create an environment that fosters innovation while driving economic growth.

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