Ho Chi Minh City’s startup ecosystem has been valued at $7.4 billion, with a total of $260 million in venture capital invested. The city is home to nearly 50% of all startups in Vietnam and has given birth to three tech unicorns: VNG, MoMo, and Sky Mavis. The establishment of the Startup & Innovation Hub of Ho Chi Minh City (SIHUB) is a strategic move to place the city among the world’s top 100 most dynamic innovation ecosystems.
Currently, Ho Chi Minh City ranks 110th globally and has entered the top 5 startup ecosystems in Southeast Asia. The city has also made its mark globally in various high-tech sectors, including blockchain, fintech, edtech, e-commerce, and transportation. Cooperation agreements have been signed between SIHUB and major domestic and international partners to focus on core technology research and development, high-quality human resource training, and building global supply chains.
Under Vietnam’s national semiconductor industry development strategy, the country aims to train at least 50,000 high-quality professionals by 2030, with Ho Chi Minh City tasked with training around 9,000 personnel. The city aims to establish 5,000 innovative startups by 2030 and increase the proportion of businesses engaging in innovation to over 40% of all enterprises. The number of patent applications and issued patents is projected to grow at an average annual rate of 16-18%, and the commercialization rate of research and technological development results is targeted to reach 8-10%.
Recently, the National Assembly passed a resolution that reduced the country’s number of provinces and cities from 63 to 34, merging Ho Chi Minh City with industrial centers Binh Duong and Ba Ria-Vung Tau provinces to form a new, larger HCMC. The new city spans over 6,722 square kilometers and has a population of over 14 million, comprising 168 commune-level administrative units. This merger is expected to further boost the city’s startup ecosystem and innovation capabilities.
The director of the municipal Department of Science and Technology, Lam Dinh Thang, highlighted the importance of SIHUB in realizing the city’s goal of becoming a top innovation ecosystem. The inauguration of SIHUB’s building marks a significant milestone in the city’s efforts to support entrepreneurship, innovation, and global networking. With its strong foundation and strategic partnerships, Ho Chi Minh City is poised to become a leading startup hub in the region.
The city’s focus on core technology research and development, high-quality human resource training, and building global supply chains is expected to attract more investment and talent to the city. The “Startup Flight” program and other initiatives aimed at supporting entrepreneurship and innovation are also expected to contribute to the city’s growth and development. Overall, Ho Chi Minh City’s startup ecosystem is expected to continue to thrive and become a major player in the global innovation landscape.