Ho Chi Minh City Greenlights 5 Trillion VND Tech Fund
The government of Ho Chi Minh City, Vietnam, has officially approved the creation of a major venture capital fund, signaling a significant state-backed push into emerging technologies. The fund is set to raise 5 trillion VND, equivalent to approximately $190 million, by 2035. This long-term capital commitment is designed to foster innovation within Vietnam's largest city.
The initiative is supported by a powerful consortium of local corporate giants, including the conglomerate Vingroup, asset manager VinaCapital, and technology leader FPT Corporation. Their involvement provides substantial institutional credibility and a strategic network for the fund's future portfolio companies. Priority investment sectors have been designated as artificial intelligence and blockchain, highlighting the government's focus on building a robust digital economy.
Vietnam Positions as Southeast Asia's Next Blockchain Hub
This new fund is a strategic move to position Vietnam, and specifically Ho Chi Minh City, as a dominant player in Southeast Asia's rapidly growing blockchain and Web3 landscape. By providing dedicated, long-term funding, the government aims to create a fertile ground for local startups to develop and scale, reducing the need for talent to move to other regional hubs.
For investors, this development signals strong regulatory and institutional support for the local technology ecosystem. The influx of capital is expected to attract international co-investors and partners, potentially increasing the valuations of promising Vietnamese crypto projects and technology firms. The fund's creation solidifies Vietnam's ambition to transition from a crypto-adoptive nation to a center of blockchain innovation and development.
