USAID Asked to Aid HCM City in Boosting Startups

Tuan Minh

17:24 28/07/2016

BizLIVE - The Ho Chi Minh City government has asked USAID to support the city in encouraging the entrepreneurship and startup movement.

USAID Asked to Aid HCM City in Boosting Startups

A view of downtown HCM City from the Saigon river. Photo: Internet

Ho Chi Minh City is in dire need of help from international organizations including the United States Agency for International Development (USAID) to encourage business startups and meet its target of having 500,000 enterprises by 2020, the Saigon Times Online cited a local government official as saying.
The local government is taking measures, including setting up a $44.8-million fund, to support startup firms which are mainly young and financially weak, Tran Vinh Tuyen, vice chairman of the municipal People’s Committee, said at a working session with a USAID delegation on July 27.
The city also needs support from international agencies to deal with foreign investment disputes, he added.
Jared Barenter from USAID the U.S. government has funded $42 million for the Governance for Inclusive Growth (GIG) Program to help Vietnam fulfill commitments under free trade agreements.
The U.S. government, via the GIG program, will consider more support for the Vietnamese side in improving the business environment and national competitiveness, Barenter added.