HCMC supports overseas Vietnamese to start business

State Committee for Overseas Vietnamese Affairs in HCMC yesterday organized a dialogue between city agency leaders and overseas Vietnamese businesses to supply information about the city’s assistance polices for overseas Vietnamese, especially young people, to return the country, start up and contribute to the city’s development.

Themed “Opportunities and challenges for Overseas Vietnamese to start up in HCMC,” the conference introduced to overseas Vietnamese information and knowledge about innovation as well as business experience and connect overseas Vietnamese enterprises together to develop and make Vietnam a startup nation.

Yearly HCMC receives about 30,000 young overseas Vietnamese who return to visit their fatherland and seek business and startup opportunities.

For recent years, the city has issued many policies to assist startup ecosystem. Of these, US$90 million has been spent on innovative startup activities. Many connection programs have also been organized across the country to support startups to seek investment fund.

Reporting innovative activities, the HCMC Department of Science and Technology said that the city has 24 incubation and startup organizations, 12 startup spaces and 800 startup businesses. They have mainly invested in information and communications technology, agriculture and education and training and been in the phase of market estimation.

Nearly 60 startups has the startup capital of below VND1 billion (US$43,000). Of these, 50 percent has yet to be financed and 31 percent are seeking financial sponsors.