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Vietnam Ventures Summit attracts international startup funds

Released at: 14:18, 12/06/2019

Vietnam Ventures Summit attracts international startup funds

Photo: VGP

More than 100 international funds attend June 10 summit.

by Ngoc Lan

More than 100 international investment funds were present at the Vietnam Ventures Summit 2019, held by the Ministry of Planning and Investment (MPI) on June 10 in Hanoi, to hear about domestic entrepreneurial ecosystems and seek opportunities for cooperation and investment.

The event brought together major names such as the Softbank Vision Fund, Sequoia, SK, Temasek, Insignia, Golden Gate Ventures, and Hanwha, all of which are leading funds from Silicon Valley, Japan, Singapore, and South Korea.

Representatives from foreign funds also shared their views on developing innovative entrepreneurial ecosystems in their countries and the lessons for Vietnam.

Speaking at the event, Deputy Prime Minister Vu Duc Dam said more and more foreign investors are interested in Vietnam. “Vietnam needs to maintain a stable high growth rate, constantly innovate, build a policy mechanism to create opportunities for everyone, and contribute to bringing value to the community,” he added.

The summit also saw a signing ceremony for cooperation between foreign funds and MPI and Vietnamese startups. Investment of $425 million will come from Golden Gate Ventures, 500 Startups, and Topica for Vietnamese startups over the next three years.

Within the framework of the signing ceremony, the DT&I fund from South Korea said it would invest $1.4 million in the Propzy startup in the second quarter of this year. Propzy is a Vietnamese startup in the real estate industry, operating on a technology platform to provide services such as sales, valuations, and financial advice.

VinaCapital, meanwhile, announced a partnership with two South Korean funds to invest $100 million in startups in Vietnam. The European Chamber of Commerce in Vietnam (EuroCham) also introduced a startup fund worth $3.4 billion.

MPI has also signed a memorandum of understanding to cooperate with SG Innovate on creating and developing startups in the deep-tech intensive technology sector.

Figures show that startups have witnessed a sharp increase in capital over the last three years, increasing 49 per cent in 2016 against 2015, 42 per cent in 2017 against 2016, and 205 per cent in 2018 against 2017.

Deputy Prime Minister Dam said he hopes Vietnam’s startup community will connect with each other and that they will set up in Vietnam rather than elsewhere due to legal barriers.

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