A representative from the Ministry of Science and Technology said that 39 cities and provinces have developed supporting policies for youth innovation and startups.

He made the statement at an international forum about policies to promote change innovation amongst young people organized by the National Committee on Youth of Vietnam coordinated with the Ministry of Foreign Affairs, the Ministry of Planning and Investment, the Ministry of Science and Technology, and the Ho Chi Minh Communist Youth Union Central Committee on November 10.

A representative of the Ministry of Science and Technology said that local administrations have made great strides in supporting Vietnam's startup ecosystem. Currently, 39 provinces and cities have issued resolutions regulating financial mechanisms to support innovative startups.

Elsewhere in the country, many localities such as Da Nang, Binh Duong, Hung Yen, and Bac Ninh have issued programs to support youth startups from 2022 to 2030.

The country has developed 3 national startup innovation support centers in Hanoi, Ho Chi Minh City, Da Nang and many other centers at ministries, agencies, localities and universities.

Currently, roughly 3,800 startup projects across the country are in operation with a total investment capital of US$634 million. Hanoi and Ho Chi Minh City are among the top 200 global startup ecosystems.

Director of Ho Chi Minh City Department of Science and Technology Nguyen Viet Dung said that Ho Chi Minh City will put into operation the Innovation Startup Center and online connection platform to gather and connect local and foreign financial resources and form a network of creative startup centers citywide. Additionally, the city will spread the State's support policies and provide innovative start-up services.

At the same time, the southern largest city will implement specific National Assembly-approved policies according to the National Assembly Resolution No. 98/2023/QH15 on piloting a number of specific mechanisms and policies to develop Ho Chi Minh City, including personal income tax and corporate income tax exemption policy for key components in the ecosystem.

At the forum, First Secretary of the Central Committee of the Ho Chi Minh Communist Youth Union (HCYU) Bui Quang Huy said that from 2023, the National Committee for Vietnamese Youth will develop an annual report on youth entrepreneurship.

Therefore, the useful experiences of localities and domestic and international organizations on the startup activities will serve as the foundation for the Central Youth Union’s effective implementation of the Project to support youth startups which was approved by the Prime Minister during the period 2023-2030.

The forum took place in the capital city of Hanoi, connecting with bridge points in 14 countries and 63 provinces and cities.