HCM City (VNA) – Ho Chi Minh City aims to help 3,000 local businesses strengthen their innovation capacity from now to 2025, according to the city’s project to develop the local startup ecosystem in the 2021-2025 period.

Under the scheme, the city sets a target of developing its startup ecosystem to the regional level, laying a firm foundation for innovation activities, enhancing the productivity, quality and competitiveness of local enterprises, thus raising the total-factor productivity (TFP) contributions to the city gross regional domestic product (GRDP) to 45-50 percent in 2025.

At the same time, the city aims to create a favourable environment to facilitate the formation and development of business types with high capacity of growing fast basing on exploiting intellectual property, technology and new business models, including completing the legal system supporting startup activities.

In the period from now to the end of 2025, the city also expects to develop 1,000 startup projects and support 100 innovative startups to access adventure investment resources.

To this end, the city will focus on developing its infrastructure system and services serving startup ecosystem, while enhancing the capacity of components of the startup ecosystem and forming innovation ecosystems for major sectors and products.

Meanwhile, the city will assist small and medium-sized enterprises in improving their product quality and productivity, encourage innovative activities in the public sector and strengthen international cooperation in the field./.