Over US$18 billion in grants and loans will be available for new ventures, and the program will be expanded to all four of the country's special R&D zones.
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Under the government-run project Silicon Valley Vietnam, two accelerators will be set up: one in Hanoi and another in Ho Chi Minh city. This is part of plans to groom startups and eventually link them up with venture capital.
The incubator has devoted a microfund devoted to Southeast Asia and has hired Malaysian entrepreneur Khailee Ng as its newest venture partner.
The range of economic measures include include tax breaks for angel investors and venture capitalists, policy tweaks to make it easier to disinvest and reinvest capital, and a new exchange providing more access to funding.
Southeast Asia can be more compelling for entrepreneurs than China or Silicon Valley with opportunities being created from cultural differences, on top of increasingly attractive cost dynamics and staff loyalty.
Telco partners Amdoc to launch the facility which will invest in local startups, as well as focus on new technologies such as voice and facial recognition, and more efficient networks.
Chinese state-owned Zhongguancun Development Group (ZDG) partners city of Ottawa to provide its startups with funding and support to expand in China.