Ho Chi Minh City plans to provide aid of over VND500 million ($20,800) each to innovation projects and startups under a draft resolution regulating priority fields and financial support for such projects.

The draft resolution was submitted by the municipal People’s Committee to the 12th session of the municipal People’s Council on November 12.

It is one of the policies stemming from National Assembly Resolution No. 98 on piloting certain specific mechanisms and policies for the development of Ho Chi Minh City.

Innovation projects and startups are among nine priority fields in the city to receive financial support, which include e-commerce, financial technology, logistics, education technology, healthcare, hi-tech agriculture, sustainable development, digital transformation, and cyber security.

The policy is aimed at promoting the formation and development of innovative startups in the city.

Total funds in support are estimated at VND17 billion ($708,000) in 2023.

The policy is expected to be carried out over five years.