The Vung Tau Province People’s Committee is working with the non-profit Startup Viet Nam Foundation (SVF) to support new business and boost economic growth in the province.

During a conference on startups attended by officials and businesses late last week, the two parties signed an agreement to promote financial aid and other investment channels, and to enhance networking between investors and customers.

The People’s Committee and SVF plan to devote resources to counselling and managerial training programmes, and build a network of investors to aid startups.

Nguyen Thanh Long, deputy chairman of the committee, said the province was already seeing numerous ambitious and innovative start-ups.

He asked departments, organisations and businesses to keep track of startup needs and assist them as much as possible.

Startup support policies are part of the province’s plan to develop an innovative startup community that uses the province’s indigenous ingredients (“Made in Ba Ria – Vung Tau” products) and demonstrates their quality to other regions in Viet Nam.

Some companies in the province have become famous for promoting “Made in Ba Ria – Vung Tau” ingredients, such as Forny Ltd, a Vung Tau company that produces honey and turmeric powder whose products are now sold at pharmacies all over Viet Nam.

The company was among the first in the province to produce turmeric powder after conducting lengthy research on technologies, material purchases and production chains.

The company Amazon Food Ltd is also well known for producing cocoa products that use only ingredients from Ba Ria – Vung Tau, which has contributed to their reputation in Viet Nam as well as Japan. – VNS