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Ho Chi Minh City to spend $134mn on business funding

Wednesday, August 03, 2016, 22:02 GMT+7

The Ho Chi Minh City administration has announced its plan to put aside more than US$100 million to support businesses and start-ups in the city pursuant to a recent government resolution.

Such enterprises will get access to a VND3 trillion ($134 million) subsidy budget, Vo Van Hoan, chief of office at the Ho Chi Minh City People’s Committee, said on Tuesday.

Hoan disclosed the budget at a conference held to announce the city’s plan to implement a government resolution on assisting and developing businesses in the country by the year 2020.

The Vietnamese government on May 16 issued that resolution which includes a goal of taking the number of enterprises in Vietnam to one million, which would constitute up to 49 percent of the country's gross domestic product.

According to the plan, around VND2 trillion ($90 million) will be used to spearhead investment and support the renewal of equipment as well as the application of technology.

The remaining VND1 trillion ($44 million) will be earmarked for funding start-ups and assisting the transformation of individual and household businesses into enterprises.

City officials have also proposed during the conference five groups of solutions for improved business development, including administrative reforms, favorable start-up environments, business renovation, equal opportunity in accessing resources, and reduced costs.

Su Ngoc Anh, director at the municipal Department of Planning and Investment, said his agency is working to draft a detailed plan for submission to the People’s Committee for approval before August 15.

Anh added that the execution process and eligible beneficiaries of the budget would be publicly announced once the plan is given the green light.

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