HCM City aims to match Singapore in startup growth, innovation

HCM City aims to match Singapore in startup growth, innovation

HCM City aims to develop a startup and innovation environment on par with Singapore’s, so that investors no longer need to go abroad to launch their ventures, its Department of Science and Technology has said.

A view of HCM City, which aims to develop an investment and innovation startup environment comparable to Singapore’s. — VNA/VNA Photo

Lâm Đình Thắng, its director, said fostering entrepreneurship and innovation requires the coordinated involvement of four key groups: investors, academia, banks, and government.

From the government’s perspective, the city is making concerted efforts to improve its investment, business and startup climate.

The goal is to establish a startup and innovation ecosystem comparable to Singapore’s, and once that is achieved, investors will choose to invest and launch their ventures here instead of going to Singapore, he told the "Startup and Investment" talk show held in the city last week.

Thụy Mai, chairman of RainScales, board member of FreightVerify Inc., and a member of the GOOSE Investment Fund, said that beyond funding, building a sustainable business model is crucial to entrepreneurial success.

Startups must prepare scalable teams and establish links with global investor networks from their early stages, he said.

He said he has over 40 years of experience in managing businesses across various countries, including founding three technology companies and expanding operations in seven nations.

The most notable is DiCentral, a tech startup founded in Việt Nam that later expanded globally, he said.

“Việt Nam is facing a tremendous opportunity to rise on the global startup map, but to realise that, startups must change their mindset—not just solve domestic issues, but generate global value by leveraging trends such as AI, automation, and sustainability to lead the field.”

Associate Professor Dr Bùi Quang Hùng, vice president of the University of Economics HCM City, pointed out that entrepreneurship and investment do more than drive economic growth.

They also act as catalysts in strengthening the links between key players in the innovation ecosystem, he said.

In this context, universities, as public institutions, play a crucial role in bridging knowledge, policy and community, he added.

Recently, the 2025 Global Startup Ecosystem Index by StartupBlink ranked HCM City among the five most innovative startup ecosystems in Southeast Asia for the first time, and 110th globally - its highest ever position.

HCM City has moved up in the global rankings for four consecutive years, particularly in fintech, which has seen rapid growth.

It now ranks in the global top 30 for blockchain and second in Southeast Asia.

As Việt Nam’s most vibrant and dynamic startup hub, HCM City has made great strides in developing support infrastructure, and is increasingly recognised as an emerging destination in Asia’s startup landscape.

This success is driven by a dynamic entrepreneurial community, strong backing from city authorities, and an improving business environment.

Thắng said this year’s rise in the global rankings not only reflects the city’s sustained commitment to enhancing its startup ecosystem but also presents an opportunity to reassess and reposition itself within the global innovation landscape.

Looking ahead, the city plans to work with experts to develop a roadmap for strengthening its innovation-led startup ecosystem for the 2025–30 period.

This is a key preparatory step towards fulfilling the targets set out in Resolution 57-NQ/TW of the Politburo, which aims to position HCM City among the world’s 100 most dynamic startup ecosystems in the near future. 

Bizhub