HCM CITY — VinaCapital, one of Việt Nam’s leading investment management companies, has been selected to play a leading role in the establishment of HCM City’s newly launched venture capital fund, structured and operated as a joint-stock company.

The public–private initiative aims to strengthen the country’s startup and innovation ecosystem.

The Ho Chi Minh City Venture Investment Fund Joint Stock Company, officially launched on April 17, 2026, was established under a plan approved by the city’s People’s Committee, with initial charter capital of VNĐ500 billion (US$19 miilion). The fund seeks to support innovation in science, technology, and advanced industries, marking the first government-led initiative designed to attract both domestic and international investment.

The city government will contribute 40 per cent of the capital, with the remainder contributed by a group of founding shareholders, including VinaCapital, Sovico, Vingroup, Becamex, Sunwah, VNG (Vinagame), FPT, CT Group, and Hoa Sen Group. VinaCapital is a founding shareholder, and its managing director Hoàng Đức Trung has been appointed director of the fund.

Speaking at the launch, Trung described the fund as “seed capital” for the market, proactively guiding capital flows into strategic sectors that require long-term investment horizons. The fund will focus primarily on Series A and Series B funding rounds, which are critical stages for Vietnamese startups to scale up and accelerate their growth.

He added that the fund would prioritise core technologies and genuine green and digital transformation solutions, in line with the HCM City Party Congress 2025–2030 resolution and Resolution No. 57 on breakthroughs in science, technology, innovation, and national digital transformation.

The fund “will serve as a launchpad to realise the aspiration of positioning HCM City as a leading technology hub in the region,” Trung said, expressing confidence that the fund would play a visible role in the future success of Vietnamese startups.

Don Lam, CEO and founding partner of VinaCapital, said: “This initiative represents an important step in closing the funding gap for Vietnamese startups and accelerating the country’s transition toward a more innovation-led economy. Beyond our capital commitment, VinaCapital’s team will apply our decades of investment experience, act as a bridge for international capital, and help ensure the fund operates in line with global best practices.”

VinaCapital’s involvement in venture capital dates back to 2006, when it launched DFJ VinaCapital in partnership with Silicon Valley-based Draper Fisher Jurvetson. Building on this foundation, VinaCapital Ventures was established in 2018 with backing from Mirae Asset and Naver. The firm is now developing its third-generation venture platform, focused on providing growth capital to high-potential Vietnamese and regional startups. — VNS