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Ho Chi Minh City startups raise $1.1 billion in venture capital in 2021

Ho Chi Minh City startups raise $1.1 billion in venture capital in 2021

Monday, January 17, 2022, 18:44 GMT+7
Ho Chi Minh City startups raise $1.1 billion in venture capital in 2021
Startup Korona Board Game receives financial support from the Information Technology Park (ITP) under the Vietnam National University-Ho Chi Minh City. Photo: M.Vo / Tuoi Tre

Ho Chi Minh City’s Department of Science and Technology recently held a ceremony to summarize the city’s major activities and propose plans for this year, announcing that municipal startups attracted venture capital funds worth US$1.1 billion in 2021.

Chu Van Hai, deputy director of the Department of Science and Technology, said at the ceremony that all last year's science and technology activities were adversely affected as the pandemic wreaked havoc on both Vietnam’s economy and society.

“However, our burgeoning innovation ecosystem for startups has made significant progress,” Hai said.

Ho Chi Minh City has around 2,000 startups, 65 percent of which are active in information technology, followed by those in high technology, food processing, and agriculture.

The statistics also reveal that there are 34 innovation centers and 19 investment hubs in the southern city.

“Last year saw the thriving development of the city's startup ecosystem, with the amount of venture capital estimated at $1.1 billion,” the officer said.

The figure accounted for 60 percent of the total capital and 70 percent of venture capital deals across the country, proving that Ho Chi Minh City has cemented its vital role as Vietnam's startup and innovation center.

According to reports, the city spent over VND16 trillion ($700 million) on scientific research and technology, comprising 1.18 percent of the gross regional domestic product (GRDP).

The majority of the investment came from the business sector.

Given the disadvantages resulting from the epidemic, startups in Ho Chi Minh City still promoted innovation activities and brought up revolutionary changes in management methods, organization systems, and services, according to the official.

Chu Van Hai, deputy director of the Ho Chi Minh City Department of Science and Technology, delivers a speech at the closing ceremony summarizing Ho Chi Minh city’s major activities and proposing plans for this year on January 14, 2022. Photo: T.Nhan / Tuoi Tre

Chu Van Hai, deputy director of the Ho Chi Minh City Department of Science and Technology, delivers a speech at the closing ceremony summarizing Ho Chi Minh city’s major activities and proposing plans for this year on January 14, 2022. Photo: T.Nhan / Tuoi Tre

The annual ranking of StartupBlink, the world’s most comprehensive startup ecosystem map which ranks the best cities for startups from 100 countries and 1,000 cities across the globe, announced Ho Chi Minh City at the 179th position in 2021.

Ho Chi Minh City jumped up 46 notches in the startup race thanks to its impressive progress last year.

In 2022, the municipal authorities will focus on restructuring science and technology research programs, in the hope of promoting key programs in the socio-economic sector and solving problems in the current health, education, and public sector governance systems.

In the meantime, authorities prioritize establishing the Institute of Advanced Technology and Innovation, which imminently serves as a center in the city’s research networks.

The institute also focuses on support for technology transfer and commercialization, enhancing the application of science and technology to reality, and effectively controlling business operations.

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Nhu Nguyet / Tuoi Tre News

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