Investors have proposed that Ho Chi Minh City establish an incubator center for green economic startups to facilitate capital attraction and policy piloting.
The idea was raised by a number of investors at a meeting between Chairman of the Ho Chi Minh City People's Committee Phan Van Mai and nearly 20 leaders of investment funds and domestic and foreign organizations on the evening of December 8, within the framework of the final round of the "Net Zero Challenge 2023" competition.
Mr. Tran Nhat Khanh, Founder of Touchstone Partners Fund (Vietnam) said that the whole country and Ho Chi Minh City have many incubators and startup accelerators, but there is no place dedicated to "green startups" - projects related to sustainable development, contributing to reducing emissions, towards carbon neutrality.
Therefore, he proposed that Ho Chi Minh City study the establishment of a "Green Hub". In addition to incubating startups, this place is also a focal point for investors interested in this field to come to, as well as help resolve administrative procedures, pilot support policies from making the most of Resolution 98 on specific mechanisms for the city. "In terms of form, I propose public-private partnership for the Green Hub", Mr. Khanh said.
Mr. Tran Nhat Khanh, Founder of Touchstone Partners (left) and Mr. Juhern Kim, Chief Representative in Vietnam of Global Green Growth Institute at the meeting on the evening of December 8. Photo: Vien Thong
Mr. Phan Nhat Minh, Head of Vietnam branch of Gobi Partners fund (Malaysia), is also interested in the location where Ho Chi Minh City can pilot supporting policy mechanisms (sandbox model) for green startups.
From practical experience, Mr. Minh said that green economy is a broad and new field, but when green startups register to establish a business, they must choose traditional industry codes, not a separate industry code for green economy.
"Some green economic startups are classified in the environmental sector. This is a conditional business sector and foreign investment is restricted," he said. Therefore, to attract foreign capital into green startups, there needs to be a place to implement a green economic sandbox, similar to the sandbox plan in the financial sector, according to Mr. Minh.
Responding to the proposal for Green Hub, Chairman of Ho Chi Minh City People's Committee Phan Van Mai agreed that some of the industries that green startups are developing are new and not yet included in the regulations for business registration. Therefore, there is a need for a center to accelerate and implement pilot policies.
"With Green Hub, we can design and propose to the competent authority so that it is an address recorded in the law, with operating regulations, so that it can operate as a sandbox," Mr. Mai summarized the idea.
Chairman of Ho Chi Minh City People's Committee Phan Van Mai speaks at a meeting with leaders of nearly 20 investment funds and international organizations on the evening of December 8. Photo: Vien Thong
In addition to the Green Hub proposal, some organizations are also interested in the prospects of the green bond and carbon credit market. Mr. Alex Downs, Investment Manager of the Netherlands Fund for Climate and Development (DFCD), said that he is waiting for the carbon credit market.
Meanwhile, the intergovernmental organization Global Green Growth Institute is ready to participate in discussions with Ho Chi Minh City if the locality intends to implement green bonds. In addition, Chief Representative in Vietnam Juhern Kim wants to soon open an office in Ho Chi Minh City, in addition to the existing office in Hanoi.
According to the green growth strategy framework to 2030, vision 2050, Ho Chi Minh City focuses on 4 pillars: green resources (high-quality human resources, green finance, green connection/cooperation); green infrastructure (green energy conversion, clean water - water saving, resource circulation); green behavior (green consumption, green transportation, green construction); priority industries/fields (high-tech manufacturing, green startups - innovation, green tourism, green food, green Can Gio).
Mr. Lim Hock Chuan, Director of Temasek Foundation Program (Singapore) recommends developing a green economy using the public-private partnership (PPP) model and is ready to participate. "I suggest that Ho Chi Minh City share more detailed information about the strategic pillars to understand the specific possibilities of participation," he said.
Temasek Foundation, along with Touchstone Partners and the Ho Chi Minh City Institute for Development Studies, are also the co-organizers of the "Net Zero 2023 Challenge". On the afternoon of December 8, the competition announced the names of the three best teams. Of which, Alterno won the "Renewable Energy & Carbon Neutrality" category with a solution to produce a low-cost thermal energy storage system using sand batteries.
Forte Biotech was named the winner in the “Sustainable Agriculture & Food Systems” category, with its on-site rapid diagnostic testing solution for shrimp diseases. AirX Carbon was named in the “Circular Economy & Waste Management” category for its cost-competitive production of a plastic alternative from bio-waste.
Surpassing more than 300 applications from 45 countries, these 3 projects received a prize of 15 billion VND, not convertible to shares, for practical implementation. After the first time organizing in Vietnam, Mr. Phan Van Mai said he will research to make "Net Zero Challenge" soon become an official green startup competition of Ho Chi Minh City.
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