The amount was set in a newly-approved regulation on supporting innovative start-up projects in the southern city.
Accordingly, the new regulations apply to start-up projects that have not received support from the State budget at the time of registration. Specially, in the case of exceeding VND2 billion per project, the final decision will be made by the HCMC People’s Committee, with a maximum support duration of 24 months.
The supported projects are those capable of rapid growth based on the exploitation of intellectual property, modern technologies and new business models under major sectors, auxiliary industries and sectors that are given priority by HCMC, as well as other fields with great potentials to bring high efficiency.
The city will provide part funding (or along with investors offering support to the projects in 1:1 proportion) to individuals, collectives and start-up business for direct payment for labour use and use of services such as entrepreneurship training, marketing, products and services promotion, and exploitation of IT and invention.
In addition, support will also be provided in terms of financial payments, scientific research and technological development result assessment, intellectual property, legal advice, establishing science and technology enterprises and commercialisation of research results. Funding will cover up until the final stage of the completed products.
Start-up projects are selected through competitions on innovation held by the City’s Department of Science and Technology or from the direct registered ones at the Department.
