The new fund, established by the city’s People’s Committee, operates as a joint stock company under enterprise law. The city will contribute 40 per cent of its charter capital, with the remainder raised from founding shareholders including Sovico, Vingroup, Becamex IDC, Sunwah Group, VNG Corporation and FPT Corporation.
Lam Dinh Thang, Director of Ho Chi Minh City Department of Science and Technology (Photo: VNG)
It marks the first time a state initiated venture capital fund in Vietnam has been designed to mobilise additional funding from both domestic and international investors.
The fund aims to accelerate the next phase of economic growth by supporting innovation in science and technology and advanced industries. It will focus on strategic core technologies such as artificial intelligence, semiconductors, biotechnology, renewable energy and robotics.
Tran Huu Dung has been appointed chairman of the fund’s board, while Hoang Duc Trung serves as chief executive.
According to Lam Dinh Thang, director of the city’s Department of Science and Technology, the fund represents a milestone in strengthening policy tools to develop the innovation and startup ecosystem, contributing to private sector growth and the city’s target of double digit economic expansion.
The fund aims to expand its capital to VND 5 trillion (approximately USD 200 million) by 2035 and invest in between 50 and 150 innovative startups, positioning Ho Chi Minh City as a magnet for global venture capital flows.
