Tuesday, 26 Sep 2017
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ECONOMY

Secretary Nguyen Thien Nhan: Productivity and Technology bring success to start-ups

Updated at Saturday, 09 Sep 2017, 19:20
The Hanoitimes - Secretary of Ho Chi Minh city Party Committee Nguyen Thien Nhan said competitive economy, including start-ups requires creativity. However, the most decisive factors are productivity and technology.
At the event “Meeting with start-up community and innovation initiatives – Looking back after one year” jointly held by Ho Chi Minh Department of Science and Technology and Saigon Innovation Hub (SIHUB) on September 7, Secretary Nguyen Thien Nhan said: Ho Chi Minh city has step in a new phase of fiercer competition. The objective of the city is being partner of enterprises, especially start-ups. As such, words must be followed by action, with more specific and practical.
 
Representative of SIHUB discussed with Korean enterprises.
Representative of SIHUB discussed with Korean enterprises.
The city has prepared an industrial complex specialized for newly established enterprises. Afterward is the commitment of the city on simplifying procedures for enterprises to registration similar to developed countries. Ho Chi Minh city also push forward with the public – private partnership to support enterprises. According to the Secretary Nguyen Thien Nhan, the city is under great pressure from other provinces/cities not only in Vietnam, but also in the region and all over the world. If the city wants to increase its competitiveness in the market, enterprises and individuals have to redefine their strengths and advantages to dominate the market. They also need to maintain the growth strategy and evaluate the results based on productivity and technological application.

“Ho Chi Minh city has built Quang Trung software Park long time ago. As such, the city’s economy has been on the top of the country, thanks to increasing productivity and technological application, as the labor force factor only contributes 24%. Taking experience from this way, Ho Chi Minh city continues building enterprises incubator with the support from foreign companies and banks”, the Secretary Nguyen Thien Nhan stressed. 

This is the cooperation from 6 different agencies including: Youth union, the Department of Science & Technology, Hi tech industrial complex; Quang Trung software park and universities. However, reality shows that the connection between these agencies are still loose. Therefore, the city need to have a common portal on creative start-ups, with the participation of the six mentioned-above agencies and enterprise community.

SIHUB is under the Ho Chi Minh Center Save Energy. This is the platform to connect components in the start-up ecosystem to encourage start-up and innovation initiatives in the city in particular and in the country in general. After one year of operation, SIHUB has brought the creative program STEM to 486 schools and 3391 students and 1158 teachers, supporting 11 universities and connecting 2000 start-ups with consultants and investors.

Currently, SIHUB concentrates on the following activities: supporting space to organize events related to start-up, innovaton initiatives for components in start-up ecosystem: Start-ups, mentor, investor, ecosystem builder; supporting co-working space; supporting start-ups to connect with mentor, investor, credit institute in Vietnam and abroad.

In addition, SIHUB also provides technical and financial assits for start-ups during the process of finalizing products; supporting investors looking for potential start-ups; supporting ecosystem builder to access financial resources to develop start-up community; supporting training skills and knowledge for start-ups to develop products, promoting markets and convince investors; holding training programs, workshop, exhibition, meeting to connect start-ups with mentor and investors, demo day, pitching day. After one year of operation, SIHUB has 250 projects to connect start-ups with investors, 350 projects connecting with markets, 500 projects connecting with mentor, 671 training projects and 14 projects on financial support.

Talking about SIHUB, Director of Vietnamese Way Media JSC Nguyen Thi Thanh Huong, it has significant meaning in supporting enterprises, individuals and organizations in particular and the city’s economy in general.
Nguyen Tung - Song Huong
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