Ho Chi Minh City Creative Startup Center: A Hub for Innovative Businesses and a Catalyst for Growth Amidst Challenges in Vietnam’s Innovation Ecosystem

The Ho Chi Minh City Creative Startup Center, located at 123 Truong Dinh, District 3, is set to open its doors in the third or fourth quarter of this year. The building, which has an area of over 17,000 m2, is more than 90% complete and serves as a hub for supporting creative startup activities in the city.

Ms. Phan Thi Quy Truc, Deputy Head of the Technology Management and Technology Market Department at the Ho Chi Minh City Department of Science and Technology, shared this information at a conference on innovative startup activities in the city on April 3. She explained that the center is a public service unit managed by the city government and serves as a focal point for connecting, organizing activities, and providing support services for the innovative startup ecosystem.

The center’s space and operating model are designed to be open and easily accessible to businesses seeking information on Ho Chi Minh City’s startup ecosystem. Additionally, the center operates an online platform (HOIP) where startups can register and participate in the city’s support policies. The Department of Science and Technology of Ho Chi Minh City is also working on research orders to build an annual report on the city’s innovative startup ecosystem.

Despite these efforts to support innovation centers and creative startups nationwide, challenges remain. A recent analysis by World Bank experts highlighted shortcomings in Vietnam’s innovation startup ecosystem in 2023. These included low-quality state policy support, lack of risk investment mechanisms, complicated administrative procedures