Nguyen Ngoc Phu, 27, from Cu Chi District, HCM City, earned a profit of around US$4,500 each year from his eel raising model. A business startup programme for youth, targeted to stimulate entrepreneurship among young people in the city, was launched on Sunday. — VNA/VNS Photo Thanh Vu

The programme will create a platform for youth to promote their innovative ideas and provide favourable conditions to realise their startup ideas, said Nguyen Mang Cuong, secretary of the HCM City chapter of the Ho Chi Minh Communist Youth Union.

Under the programme, a number of organisations and associations will work to connect resources to help young people start their businesses and to turn the city into a leading area for business startups in the country, he said.

In the initial stages, the programme will focus on providing facilities for shared working offices for startups. It will also sponsor startup projects, expand "business ideas exchanges" and strengthen integration for young startups.

The HCM City Startup Investment and Innovation Fund to support youth starting their businesses was unveiled at the event by the Ho Chi Minh Communist Youth Union and the Viet Nam Youth Federation in collaboration with HCM City Finance and Investment State-owned Company.

The fund is expected to have capital of VND100 billion (US$4.49 million) in the 2016-20 period, of which capital in the initial stage will be VND30 billion.

Meanwhile, YBA also launched a startup and innovation fund, with a focus on providing startup projects with capital, consultancy, training, communication and others, said Nguyen Thu Phong, YBA chairman.

Speaking at the event, Tat Thanh Cang, permanent deputy secretary of the city Party Committee, said to change its growth model the country must emphasise brainpower resources by enhancing research and increasing the application of scientific and technological achievements in all sectors.

Promoting and encouraging the creation of intellectual and innovative-based businesses is the solution to the country's development in the coming period, he said.

"If we develop at the current pace, the country could become an industrialised country by 2050. To achieve the goal earlier, the best way is to create national entrepreneurship, and to have a national entrepreneurship, we must have city flagships for business startups," he said.

Departments and agencies must also realise the importance of investing in building an entrepreneurial city for youth, so as to create a favorable environment to attract capital and investment, and to build a network to support startups effectively, he said.

"Departments and agencies must be aware of the need for adequate investment for the business community, especially young entrepreneurs, " he said.

On the same day, the Business Start-up Support Centre in corporation with the YBA launched a national business start-up contest, Startup Wheel 2016, which will be a platform for young people to present innovative business start-up ideas and business strategies and mobilise funds for projects.

Contestants will be provided intensive training in how to start a business and opportunities to learn from successful entrepreneurs.

Open to anyone under 35 years old, registration for the contest takes place from now until April 15. — VNS