The fourth annual Startup Wheel 2016 contest was launched on Wednesday. — Photo hanoimoi.com.vn

HCM City (Biz Hub) — The fourth annual Startup Wheel 2016 contest was launched on Wednesday by the HCM City Youth Federation's Business Startup Support Centre (BSSC) in co-operation with the HCM City Young Business People Association (YBA).

BSSC Director Truong Ly Hoang Phi, who is also secretary of the YBA and head of the contest organisation committee, said "Thanks to incentive policies and startup idea contests, young people will have an opportunity to start and promote their own businesses with support from the business community. The Startup Wheel is the right place for them to prove their potential."

The first Startup Wheel contest kicked off in 2013 in HCM City. Eligible participants included students and young people, but the competition is now open to anyone in the country.

This year's contest is divided into two categories, the first for people who have run businesses with their own products or services for under five years; and the second for people under 35 who have an idea for a business product, service or model.

The winner of the first group of contestants will be awarded VND200 million (US$9,000) and the second group will receive VND100 million ($4,500).

As of yesterday, 400 submissions had already been recieved. More are expected by the end of the month.

For the first three years, there were 214, 348 and 536 submissions with the participation of 3,000; 5,000 and 10,000 people, respectively.

Total capital supporting the startup ideas rose from VND800 million ($40,000) in 2013 to VND10 billion ($450,000) in 2014 and over VND11 billion in 2015 ($500,000). — VNS