Ho Chi Minh City launches $19mn public-private venture fund for startups

The fund, operated by Ho Chi Minh City Venture Investment Fund JSC, has initial capital of VND500 billion, including a 40 percent contribution from the city budget and the remainder from private investors and financial institutions.

Officials said the model uses state funding as seed capital to mobilize private resources, targeting at least 60 percent non-state funding in the long term.

The fund will prioritize investments in innovative startups and technology firms, focusing on sectors such as artificial intelligence, big data, semiconductors, biotechnology, green technology, automation, and digital economy solutions.

Deputy chairman of the People's Committee of Ho Chi Minh City Nguyen Manh Cuong said at the launch the fund would help address early-stage financing needs and support innovation and digital transformation.

Lam Dinh Thang, director of the municipal Department of Science and Technology, said the fund allows controlled use of public capital to attract private investment.

The fund will focus on Series A and B funding rounds, with Hoang Duc Trung, who will oversee operations, saying it aims to leverage additional private and international capital.