Ho Chi Minh City venture capital fund eyes first disbursements in Q4 2026

The fund officially inaugurated its office at the Startup and Innovation Hub of Ho Chi Minh City at 123 Truong Dinh Street, Xuan Hoa Ward on Tuesday.

Hoang Duc Trung, director of the Ho Chi Minh City Venture Investment Fund Joint Stock Company, said the fund had so far received about 50 investment proposals through incubators, accelerator programs, and direct referrals.

Trung said the fund is also completing its governance platform, operating model, and human resources in preparation for full-scale operations.

The fund aims to work alongside companies to strengthen their management capabilities, connect them with market resources, support business expansion, and create opportunities for Vietnamese technology companies to enter regional and international markets.

The opening marks the transition of the fund's organizational apparatus into practical operation following the issuance of its establishment license on April 10.

The municipal People's Committee issued Decision No. 1267 approving a project to establish the venture capital fund on March 4.

The fund operates under a public-private model and independently according to market principles, with ownership and management responsibilities clearly separated.

The state budget accounts for VND200 billion ($7.6 million), or 40 percent, of the fund’s initial charter capital, while private corporations and businesses contribute VND300 billion ($11.6 million), or 60 percent.

The project sets a long-term target of increasing the fund's capital to VND5 trillion ($192 million) by 2035.

From 2026 to 2035, the fund plans to invest in 50-150 innovative startups and science and technology enterprises.

Priority sectors include artificial intelligence, semiconductor chips, biotechnology, renewable energy, and automation.

Its financial framework incorporates a principle of ‘controlled risk-taking,’ with the maximum risk threshold set at 50 percent of the state's contributed capital and assessed across the investment portfolio as a whole.

The project also provides for exemption from liability for losses caused by objective factors, alongside mechanisms for public-private cooperation.

Tran Trong Tuyen, deputy director of the Ho Chi Minh City Department of Science and Technology, said that after the fund received its license, the board of directors and executive team began preparing investment procedures, operating principles, and a management model to enable it to commence operations in September.

The fund is meant to strengthen Ho Chi Minh City's capacity to deploy and absorb strategic technologies while promoting innovation-driven development in the technology sector, said Tuyen.

The fund will also be in charge of building connections with government agencies, businesses, universities, research institutes, the startup community, and domestic and international organizations to identify investment opportunities.