Can Tho City is focusing on developing an innovative startup ecosystem. Photo courtesy of thanhnien.vn

According to deputy director of the city’s Department of Planning and Investment Truong Quoc Trạng, this project focuses on four main groups of solutions to increase the number of newly established startups, efficiently call for investment from local firms and encourage household business to pursue enterprise model and branches of representative offices of companies to set their base in the city.

Meanwhile, the city will seek and recruit individuals and organisations with potential, modern startup plans and conduct training to improve their skills.

Startup firms will not only be assisted in administrative tasks but receiving preferential policies and concessional loans.

The city will allocate every Monday to handle problems that startup firms encounter, according to relevant authorities. A focus area for innovative start-up services, connecting components in the startup ecosystem of Can Tho City with other provinces, have been planned to be constructed.

Can Tho City has set the goal to organise three conferences and seminars each year, between 2020 and 2025, to introduce its innovating startup ecosystem while building an online forum to update news on the city’s innovative startup business activities.

Every year, several basic and advanced training courses on developing startup business are organised to motivate young adults to realise their dreams, perfect their business models and equipped them with necessary skills to thrive.

From 2020, Can Tho City has planned to conduct three projects on entrepreneurship skills, direct funding and connectivity to support startup businesses with the total investment of nearly VND15 billion.

By 2025, the city aims to support at least 10 individuals, organisations and startup firms with innovative ideas who successfully call for investments.

According to director of Vietnam Chamber of Commerce and Industry (VCCI) branch in Can Tho Nguyen Phuong Lam, many supportive activities for startup have been implemented and successfully created awareness among locals.

Last year, Can Tho had the highest number of newly established enterprises in the past five years with 1,488 firms.

With their registered capital of VND13,085 billion, Can Tho has a total of 8,351 of operating businesses with an average of VND8.5 billion per firm, accounting for about 26 per cent of enterprises in the entire Mekong Delta area.

However, as the city’s economy is predominantly agricultural, Can Tho has met some challenges in terms of seasonal risks.

Relevant authorities say that the intellectual content in traditional agricultural products is low, gradually affecting creativity capacity in startup ideas and reducing investment chances.

Another concern is that locals in Can Tho City in particular and the Mekong Delta in general are lacking business sense and professional business skills.

As the area is agricultural-based, fear of risks has refrained them from thinking creatively, experts say.

It is important for Can Tho City to create an innovative startup ecosystem, focusing on the development of startup infrastructure and encouraging the application of advanced and modern technologies in creative business ideas. VNS

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