HCM City (VNA) 🥂– The Ho Chi Minh City Young Businesspeople Association (YBA) has said it will support 1,000 creative start-up projects during the 2016-2020 period.

The association will also accompany 300 start-ups and calls for 500 billion VND (22.5 million USD) investments in more than 100 others, heard a meeting between the municipal leaders and entrepreneurs in the city on July 19. YBA President Nguyen Thu Phong said the association has proposed being the main coordinator of programmes targeting small- and medium-sized enterprises (SMEs), and sending its members to start-up related working groups to put forth programmes to encourage start-ups and the spirit of creativity. Tran Bang Viet, CEO of Le&Associate company which provides human resource solutions, said start-up programmes should be specific and feasible, and present new ideas. Initiatives, products and services benefiting from such incentives must ensure sustainable development and bring about high added value, contributing to the city’s socio-economic performance, he said. The 100 billion VND (4.5 million USD) national start-up fund can not meet the real demand, heard the meeting. Nguyen Hoang Thai Duong, Director of Color Life Ltd., a success start-up example, suggested the city implement programmes that help lure more investments in start-ups. Start-ups should be oriented towards the city’s socio-economic development programmes, he said, suggesting they specialise in the support industry and high-tech which are now the city’s overriding priorities. Nguyen Thanh Phong, Chairman of the municipal People’s Committee pledged that the locality will speed up measures to form a startup ecosystem and encourage creative start-ups. HCM City, one of the country’s largest economic hubs, is targeting to expand the number of enterprises in the city to 500,000 by 2020, according to its draft plan announced earlier this month. Currently, the 12 million strong southern metropolis has 270,000 registered firms, including 170,000 in operation. Besides, it also has 250,000 private family businesses with high potential to develop into companies, he noted.-VNA