HCMC - The Government of Australia has pledged AUD4.9 million, or US$3.5 million of investment in Vietnam's venture fund, Ascend Vietnam Ventures (AVV), to support local startups, according to the Australian Embassy in Vietnam.

The pledged amount has raised the total Australian private investment in the thriving Vietnamese technology startup market to AUD70 million, or US$50.5 million, reported the Vietnam News Agency. Speaking at a ceremony to announce the investment in HCMC yesterday, February 22, Australian Ambassador to Vietnam Robyn Mudie said the investment demonstrated Australia’s commitment to helping strengthen the capacity of young entrepreneurs, including female entrepreneurs, in expanding their business scale and making a positive impact on the environment and society. Vietnam is one of the economies with the strongest growth in Southeast Asia and has seen outstanding achievements in developing women-led enterprises, she continued. According to the Australian diplomat, women-led businesses have been severely affected by the Covid pandemic. The quick growth of the local economy will bring about great opportunities for female entrepreneurs to fully tap their potential. The investment in AVV is expected to provide initial capital for newly-established businesses, thus helping create new jobs and increase income during the post-pandemic economic recovery, she said. The investment will also contribute to realizing the priorities of the Australia-Vietnam Enhanced Economic Engagement Strategy, aimed at doubling the bilateral trade and reinforcing Australia’s efforts in supporting Vietnam to upgrade itself from a marginal market to an emerging one. As for AVV, it offers financial amounts and necessary support to newly-founded businesses in Vietnam, with a focus on women-led businesses in highly influential sectors, including education, financial services, and healthcare. Through the investment, Australia will support AVV to focus on female entrepreneurs and companies that bring about benefits for women, boost positive social impacts and make high profits.