Ho Chi Minh City appears optimistic about the sector and is targeting very young companies with US$90,000 maximum funding
The Vietnamese city of Ho Chi Minh City announced this week plans to launch a startup support fund worth nearly US$45 million, as first reported by VnExpress International.
In a meeting on Monday, the city’s Science and Technology Department said it would create a support fund worth VND1 trillion (US$45 million) and build guidelines for startups to access the money.
The goal, according to the article, is to fund 2,000 startups over the next five years. The city says it has already received 200 applications for funding requests.
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The investment size is meant to sustain very young startups during the beginning stages — with the maximum funding topping out at VND2 billion (US$90,000).
Ho Chi Minh City Mayor Nguyen Thanh Phong said the organisation would work to connect startups with investors.
October has seen a lot of movement in the Vietnamese startup ecosystem, whether it is foreign companies (like Arcstone) moving in, the launch of a new accelerator name VIISA and a couple new funding rounds being announced in the country (Hiip and BankGo).
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The new funding initiative appears to be industry-agnostic fund as VnExpress International reported. The long-list of following sectors would be up for consideration:
- Mechanics
- Electronics
- Chemicals
- Food production
- Finance
- Banking
- Insurance
- Commerce
- Transport
- Tourism
- Logistics
- Post and communication
- Real estate
- Healthcare
- Education
- Technology.
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Echelon is headed to Vietnam this 18th and 19th of November in Ho Chi Minh City. Don’t miss out on the opportunity to gain first-hand access to all the action in Vietnam!
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