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Ho Chi Minh City has established a venture capital fund with an initial charter capital of 500 billion VND, with plans to launch in 2026. The fund is designed to expand startups’ access to capital while diversifying financial instruments under a market-based framework that includes risk controls.
The city budget will contribute 200 billion VND, accounting for 40% of the fund’s charter capital. The remaining 300 billion VND, or 60%, will come from the private sector and enterprises.
The fund’s seed capital mechanism is structured to “lead the market,” with the city’s 40% contribution intended to attract 60% private funding from leading groups including Sovico, Vingroup, Becamex, FPT, and VNG.
The fund will be organized as a joint-stock company. The state will act as a seed-capital shareholder, focusing on institutional formation, governance, and transparency, rather than intervening in specific investment decisions.
Investment decisions are expected to be made by the fund based on professional evaluation and in line with the project criteria set out in the fund’s charter. The approach aims to give startups greater autonomy.
Priority will be given to innovative startups with high knowledge and technology content that support Ho Chi Minh City’s economic restructuring. The city also expects private sector participation to be stronger in areas where it can perform best, while maintaining capital efficiency.
The initiative includes a controlled-risk framework for state-owned capital, acknowledging that not all ventures will succeed. The maximum loss is capped at 50% of the state capital within the fund’s charter.
Liability exemptions are provided for parties that comply with procedures, aiming to reduce risk aversion in the public sector and encourage investment in the startup ecosystem.
Ho Chi Minh City aims for innovation and high-tech to contribute about 20–25% of GRDP by 2030. The fund is positioned as a key financial instrument to increase the share of the digital economy and high-tech sectors, while fostering a generation of competitive, innovative enterprises at national and regional levels.
The city also expects the fund to attract both domestic and foreign capital, helping position Ho Chi Minh City as a hub for startups and investment funds and advancing priority sectors.
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