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On 17 April, the Ho Chi Minh City People’s Committee announced the launch of the Ho Chi Minh City Venture Investment Fund (HCM VIF JSC), a venture-capital fund operating as a joint-stock company.
The fund’s charter capital is 500 billion VND. Of this, 40% is contributed by the city budget (200 billion VND), while the remaining 300 billion VND comes from private investors, enterprises, and leading financial institutions.
Major contributors include Sovico (100 billion VND), Vingroup (60 billion), Becamex (50 billion), VinaCapital (25 billion), and Sunwah (25 billion). Other listed contributors such as VNG, FPT, CT Group, Hoa Sen, and others each contribute 10 billion VND.
The fund was introduced at a press conference chaired by Ho Chi Minh City authorities. The CEO of VinaCapital Ventures, Mr. Hoàng Đức Trung, was assigned to run the fund, with government representation by Mr. Nguyễn Hữu Dũng, Director of Quang Trung Software Park.
City leaders described the setup as a tight public-private partnership (PPP) model: city budget funding is intended to help build trust and kick-start the fund, while private and social resources are expected to drive scaling over the long term.
According to Mr. Nguyễn Mạnh Cường, Vice Chairman of the city, the establishment of the Ho Chi Minh City Venture Investment Fund is intended to address the early-stage funding challenge and support the city’s innovation ecosystem, aligned with the national drive for science, technology, innovation, and digital transformation.
The fund plans to prioritize startup- and high-tech-oriented enterprises, including science and technology companies. Its expected portfolio size is 50–150 enterprises. Core focus areas include artificial intelligence, big data, semiconductor technology, biotechnology, green technology, automation and robotics, as well as digital economy solutions, circular economy initiatives, and digitization efforts linked to sustainable development.
By 2035, the city aims to raise the fund’s charter capital to at least 5,000 billion VND. The plan includes 2,000 billion VND from the state budget, with private investors accounting for 60% or more (3,000 billion VND).
Mr. Trung said the initial fund size is 500 billion VND and is expected to reach 5,000 billion after ten years. The fund is described as a new financial model for Ho Chi Minh City, in which government capital can assume controlled risk.
The fund will concentrate on Series A and B rounds and is expected to provide governance support, access to a network of experts and investors, and assistance to strengthen competitiveness and expand domestically and internationally.
The fund targets investing in 50–150 innovative startups and high-tech enterprises from 2026–2035. It also aims to support the commercialization of at least 50 products/technologies and incubate at least five tech enterprises with IPO or M&A potential.
The fund also seeks to attract 3–5 times additional capital from private and international funds for every invested đồng, focusing on seed-stage startups in core technologies and green solutions, as well as digital transformation.
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