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Public–private partnership between the Ho Chi Minh City Venture Investment Fund holds particular meaning as it combines strategic direction from the government with the flexibility and market discipline of the private sector. At the same time, the 60% private capital share is a strong signal of the business community’s confidence and provides a basis for more sustainable investment.
In particular, the “risk-taking with controlled risk” mechanism with a threshold of up to 50% of the state capital—equivalent to about 100 billion dong—represents a breakthrough step. This shows a clear shift from capital-preservation thinking to promoting innovation-driven investment, a key factor in forming a dynamic technology ecosystem.
The public sector’s willingness to share part of the risk (40%) is seen as helping reduce the psychological barrier for investors while also opening opportunities for capital to flow into long-term but high-potential, high-risk sectors such as artificial intelligence, semiconductors, biotechnology, or renewable energy.
However, sharing risk does not mean loosening investment discipline. It needs to be accompanied by a transparent governance system, clear procedures, and the capacity to manage the fund to ensure risk is controlled and aligned with long-term value.
In a context of increasingly fierce competition for capital in the region, Ho Chi Minh City is assessed to still have many advantages, including a large market, a strong university and research system, and a dynamic startup community. To truly realize the fund’s role as “capital to spark,” it needs to converge high-quality project sources, an efficient operating mechanism, and early success stories to build market confidence.
From an investor’s perspective, deep-tech sectors—though requiring substantial capital and involving long payback periods—are expected to continue playing a decisive role in long-term competitiveness. The fund is therefore expected not only to provide capital, but also to act as a catalyst by supporting companies through the early stage and attracting additional domestic and international investment resources.
For Sunwah Group, joining the Ho Chi Minh City Venture Investment Fund demonstrates long-term confidence in Vietnam’s prospects and the ambition to become a leading center of innovation and technology in Ho Chi Minh City. The investment is described as a continuation with Sunwah Innovations, the group’s platform to support the startup ecosystem in Vietnam and the region.
With a network in China and Southeast Asia, Sunwah says it can help connect Vietnamese startups with technology partners, strategic investors, and international markets—supporting the fund’s goal of linking capital, technology, and innovation across the region.
The collaboration details and strategic implications highlight how Sunwah’s involvement could help connect Vietnamese startups to partners, investors, and markets across the region.
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