Ho Chi Minh City has successfully invited nine corporations—Sovico, Vingroup, Becamex, VinaCapital, Sun Wah, VNG, CT Group, Hoa Sen, and FPT—to contribute capital and co-found the city’s venture capital fund, structured as a joint-stock company.

On the afternoon of April 17, at the Ho Chi Minh City Innovation and Startup Hub (SIHUB), the Ho Chi Minh City Department of Science and Technology held a ceremony to announce the establishment of the Ho Chi Minh City Venture Capital Investment Fund Joint Stock Company (HCM VIF JSC).

Attending the announcement ceremony were Mr. Tran Luu Quang, Politburo member and Secretary of the Ho Chi Minh City Party Committee; Prof. Dr. Nguyen Thi Thanh Mai, member of the Party Central Committee and President of Vietnam National University, Ho Chi Minh City; Mr. Nguyen Manh Cuong, alternate member of the Party Central Committee and Vice Chairman of the Ho Chi Minh City People’s Committee; Mr. Duong Anh Duc, Head of the Propaganda and Mass Mobilization Commission of the Ho Chi Minh City Party Committee; and others.

Ho Chi Minh City Party Committee Secretary Tran Luu Quang presents flowers to congratulate the founding shareholders of the Ho Chi Minh City Venture Capital Fund. Photo: Minh Hoang

First-time 50% risk acceptance; disclaimer of liability.

Mr. Lam Dinh Thang, Director of the Ho Chi Minh City Department of Science and Technology, stated that the development of the proposal to establish a venture capital fund was carried out with great urgency, involving a massive and comprehensive consultation process that included multiple rounds of in-depth feedback.

“Discussions have been held specifically to find ways to operationalize the ‘controlled failure’ mechanism—ensuring it complies with legal regulations while effectively unlocking capital bottlenecks for innovation,” Mr. Thang shared.

Mr. Lam Dinh Thang, Director of the Ho Chi Minh City Department of Science and Technology, speaks at the ceremony. Photo: Minh Hoang

According to Mr. Thang, on March 4, the Ho Chi Minh City People’s Committee officially issued Decision No. 1267 approving the scheme to establish the Ho Chi Minh City Venture Capital Fund.

Immediately thereafter, the Department of Finance worked closely with the Department of Science and Technology to advise on the allocation of an initial 200 billion VND from the state budget. At the same time, it took the lead in guiding business registration procedures, completing the process within just 10 days of the Charter being finalized.

The Department of Science and Technology has successfully invited nine leading corporations, enterprises, and investment funds—namely Sovico, Vingroup, Becamex, VinaCapital, Sun Wah, VNG, CT Group, Hoa Sen, and FPT—to contribute capital and co-found the city’s venture capital fund, structured as a joint-stock company.

Ho Chi Minh City Party Committee Secretary Tran Luu Quang (far right) attends the announcement ceremony. Photo: Minh Hoang

Mr. Lam Dinh Thang stated that this consensus enabled the Fund to achieve an ideal level of socialized capital mobilization, securing 300 billion VND (accounting for 60%) from the private sector right at its inception.

“As a result, the Ho Chi Minh City Venture Capital Fund Joint Stock Company officially received its Enterprise Registration Certificate on April 10, 2026,” said Mr. Lam Dinh Thang, noting that this is a completely new model—a local venture capital fund established under Decree 264 and operating as a joint-stock company.

The Director of the Ho Chi Minh City Department of Science and Technology stated that the establishment of the Ho Chi Minh City Venture Capital Investment Fund Joint Stock Company demonstrates the city’s determination to take calculated risks—supported by a “liability exemption” mechanism—to mobilize and steer societal resources toward innovation via a public-private fund model, thereby unlocking capital flows into the innovative startup ecosystem and fostering the development of the city’s innovation system.

Prof. Dr. Nguyen Thi Thanh Mai, Director of Vietnam National University, Ho Chi Minh City (far left), attends the event. Photo: Minh Hoang

According to Mr. Lam Dinh Thang, the venture capital fund marks the first time an aggregate risk threshold of up to 50% of the state capital contribution has been established for an investment cycle. Investment performance will be evaluated based on the overall portfolio rather than by scrutinizing individual projects, thereby allowing state capital to truly serve as “seed capital” that is willing to share risks alongside enterprises.

The “liability exemption” mechanism serves as a legal tool that empowers venture capital fund managers to act boldly; it removes psychological barriers—such as apprehension—among staff when partnering with startups and protects them against objective market risks, provided they have adhered to transparent processes.

Notably, with a vision to reach a scale of VND 5,000 billion by 2035, the Fund will concentrate its resources on strategic core technologies—ranging from artificial intelligence, semiconductor microchips, and biotechnology to renewable energy and automation robotics. The Fund also aims to invest in 50 to 150 innovative startups, positioning Ho Chi Minh City as a magnet for international venture capital flows.

Vice Chairman of the Ho Chi Minh City People’s Committee Nguyen Manh Cuong and Director of the Ho Chi Minh City Department of Science and Technology Lam Dinh Thang present the enterprise registration certificate to the shareholders. Photo: Minh Hoang

Tạo mọi điều kiện thuận lợi nhất trong việc cấp vốn

Speaking at the ceremony, Mr. Nguyen Manh Cuong—an Alternate Member of the Party Central Committee and Vice Chairman of the Ho Chi Minh City People’s Committee—noted that, according to a 2025 report by the international assessment organization StartupBlink, Ho Chi Minh City has for the first time ranked among the top five innovative startup ecosystems in Southeast Asia.

However, amidst the robust growth of the innovative startup ecosystem, the city remains concerned about the lack of large-scale domestic venture capital funds and the scarcity of seed funding at the incubation stage.

Mr. Nguyen Manh Cuong, Alternate Member of the Party Central Committee and Vice Chairman of the Ho Chi Minh City People’s Committee, speaks at the ceremony. Photo: Minh Hoang.

“To meet the demands of the new era—amidst the Fourth Industrial Revolution and the boom in breakthrough technologies such as artificial intelligence (AI), semiconductor chips, blockchain, and big data—the city requires a robust financial organizational model to unlock its inherent innovation potential,” said Mr. Nguyen Manh Cuong, noting that a key task in this regard is the decision to establish a venture capital fund.

Mr. Nguyen Manh Cuong acknowledges that the participation of leading investment funds, corporations, and tech unicorns as founding shareholders is expected to bring international-standard governance, an extensive market network, and deep insight into the innovative startup ecosystem.

Enterprises have joined the city in pioneering the development of the domestic venture capital market, sharing both benefits and risks to nurture the country’s future technology companies.

Leaders from the central government and Ho Chi Minh City, along with shareholders and business representatives, pose for a commemorative photo. Photo: Minh Hoang

Vice Chairman Nguyen Manh Cuong stated that city leadership is committed to standing by the initiative and creating the most favorable conditions for the disbursement of funds in accordance with the scheme. At the same time, the city will continue to ramp up support for incubating innovative startup projects and facilitating commercialization, aiming to foster high-potential, high-growth innovative startups that investment funds can evaluate and invest in effectively.

He requested the Department of Science and Technology, the Department of Finance, and relevant departments and agencies to continue closely monitoring and providing guidance, as well as promptly resolving any issues that arise as the Fund commences operations and begins practical activities.

“Let us work together to build a healthy startup investment ecosystem and transform Ho Chi Minh City into an innovation hub—a destination that attracts domestic and international entrepreneurs to operate, invest, and raise capital for the city’s development,” said Mr. Cuong.

Mr. Hoang Duc Trung, Director of VinaCapital Ventures, emphasized that the Ho Chi Minh City Venture Capital Fund has set a challenging yet exciting goal: reaching a scale of VND 500 billion in its first year, with an expectation of growing to VND 5,000 billion after 10 years.

According to Mr. Trung, the 500-billion-dong fund serves as a catalyst to generate significant momentum. “We aim for every dong of investment capital to act as a magnet, attracting at least three to five additional dong from private and international investment funds,” he stated, noting that the Fund would avoid spreading resources thinly across small, scattered projects; instead, it would selectively target the most promising startups emerging from the city’s incubators. Priority will be given to investments in core technologies, green solutions, and genuine digital transformation.

Nguồn: Báo Pháp Luật