Vietnam eyes $5 bln in capital toward innovative startups in 2023-2025
Thirty-nine venture capital funds vowed to pour $1.5 billion into innovative startups in Vietnam in 2023-2025, as part of the country's effort to attract funds totalling $5 billion in the period.
The funds made their commitments at Vietnam Venture Summit 2022 on Monday. Such a figure is an improvement from $425 million and $815 million at the 2019 and 2020 editions of the event. Meanwhile, startups in the country lured $2 billion in 2020-2022, according to the Vietnam National Innovatiom Center.
Minister of Planning and Investment Nguyen Chi Dung urged funds, corporations and startups to cooperate with the ministry in drawing up a draft law on venture capital and mechanisms on establishing a private fund to support innovations.
He emphasized venture capital funds and innovative businesses are key partners of the Vietnamese government in improving the country's business environment.
Amid global geopolitical conflicts, disruption in the supply chain, and risks of high inflation and recessions, the government always prioritizes macroeconomic stability, inflation control, social welfare, and support for businesses in the post-pandemic recovery, Dung added.
Vinnie Lauria, founding partner of Golden Gate Ventures, a major venture capital firm in Southeast Asia, noted Vietnam, along with Singapore and Indonesia, are pillars of the firm's operation in the region.
The fast-growing domestic market, strong investments in education and high-tech production, along with a dynamic young population are strengths of Vietnam, he said.
He also noted the region's strengths in attracting investments, including the Regional Comprehensive Economic Partnership (RCEP); the inter-linkage among Vietnam, Singapore, and Indonesia; trade openness; among others.
Startups in Vietnam attracted $494 million of venture capital in 94 deals in the first nine months of the year, down from $602 million in the same period of 2021, according to a report by BambuUP, a Vietnamese innovation connection platform.
Vietnam has about 208 venture capital funds, including 40 domestic ones. Notable angel investors are Vietnam Silicon Valley Accelerator with support from the Ministry of Science and Technology, CLAS Expara Vietnam Accelerator initiated by Microsoft Vietnam, and Vietnam Startup Acceleration Fund invested by FPT and Dragon Capital Group, according to the report.
Currently, about 3,800 startups are operational in Vietnam. Notable unicorns, which are valued at over $1 billion, are VNG, a gaming, platform, fintech, cloud computing business; VNPAY, a payment, multi-channel, and e-commerce player; and MoMo, an electronic wallet provider.
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