HCM City sets up $20 million venture capital fund to support startups

HCM CITY — The People’s Committee of HCM City has permitted a plan to set up a VNĐ500 billion (about US$19.7 million) venture capital fund to mobilize social sources for the town’s innovation startup ecosystem and know-how enterprises.

Under the plan, the fund will start operations in 2026 with an preliminary constitution capital funding of VNĐ500 billion, together with VNĐ200 billion from the State price range and VNĐ300 billion from personal traders. The metropolis goals to develop the fund’s capital to not less than VNĐ5 trillion by 2035.

The fund will function below a public–personal partnership mannequin, with the State offering “seed capital” to appeal to personal investments. For each VNĐ1 of State capital, the town expects to mobilize VNĐ2–3 from the personal sector.

Several firms and funding funds, together with Sovico Group, Vingroup, VinaCapital, Becamex IDC, VNG Corporation, CT Group, Hoa Sen Group, Lotte Ventures Vietnam and FPT Corporation, have dedicated to becoming a member of as founding traders.

During 2026-35, the fund plans to spend money on 50–150 modern startups and science-technology enterprises, support the commercialization of not less than 50 new merchandise or applied sciences, and assist develop not less than 5 massive know-how companies able to itemizing on inventory exchanges or partaking in worldwide mergers and acquisitions.

Priority funding areas embody digital applied sciences reminiscent of synthetic intelligence, huge information and blockchain, semiconductor manufacturing, biotechnology, new supplies, renewable power, automation and robotics. — VNA/VNS