On the afternoon of April 17, the Ho Chi Minh City Department of Science and Technology held a launch ceremony for Ho Chi Minh City Venture Capital Joint Stock Company.
The event was attended by Tran Luu Quang, Secretary of the Ho Chi Minh City Party Committee; Prof. Nguyen Thi Thanh Mai, President of Vietnam National University Ho Chi Minh City; Nguyen Manh Cuong, Vice Chairman of the Ho Chi Minh City People's Committee; and Duong Anh Duc, Head of the Propaganda and Mass Mobilization Commission of the Ho Chi Minh City Party Committee.
Director Lam Dinh Thang of the Ho Chi Minh City Department of Science and Technology stated that the city's new venture capital fund is established not only for investment but with a mission to inspire. He emphasized that every seed capital contributed today serves as a seedling for future Vietnamese technology unicorns to reach the international stage.
The fund is operated by Ho Chi Minh City Venture Capital Joint Stock Company (HCM VIF JSC). According to Director Lam Dinh Thang, this is an entirely new model, a local venture capital fund established under Decree 264 and operating as a joint-stock company.
The model features several breakthroughs: it is the first venture capital fund with State capital participation; it utilizes a modern governance model; it incorporates a "controlled risk-taking" mechanism and a "liability exemption" clause; and it maintains a clear strategic vision with a capital scale target of VND5 trillion (US$190 million) by 2035, focusing on strategic core technologies.
Hoang Duc Trung, Director of VinaCapital Ventures and the executive in charge of the fund, shared that with an initial scale of VND500 billion and an expectation to reach VND5 trillion after 10 years, the fund represents more than just financial figures. It symbolizes the confidence of city leaders and citizens in a future of growth driven by technology and innovation.
Director Lam Dinh Thang reaffirmed the fund's inspirational mission, stating, “We believe that every seed capital today will be a seedling for future Vietnamese technology ‘unicorns’ to go global.” The Department of Science and Technology is committed to working alongside municipal agencies and organizations to provide a portfolio of potential projects and create optimal conditions for the company to operate effectively as a launchpad for bold entrepreneurial ideas.
Speaking at the ceremony, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Manh Cuong emphasized that the launch of the company is a strong affirmation of the city's commitment to accompanying the innovation and startup ecosystem. City leaders pledged to continue providing capital according to the project plan, promoting support for startup incubation, and connecting commercialization efforts to form high-growth startups for funds to evaluate and invest in effectively.
The Vice Chairman requested that the Department of Science and Technology and other municipal departments closely monitor, guide, and immediately resolve any obstacles arising as HCM VIF JSC enters practical operation.
“We must together create a healthy startup investment ecosystem, turning Ho Chi Minh City into a new hub for innovation and an attractive destination for domestic and international creative entrepreneurs to operate, invest, and raise capital for the city's development,” the Vice Chairman emphasized.
Ho Chi Minh City Venture Capital Fund was established based on the Government's Decree No. 264/2025/ND-CP and the Ho Chi Minh City People's Committee's Decision No. 1267/QD-UBND.
It operates as a joint-stock company under the Law on Enterprises, ensuring transparency, management autonomy, and independent investment decision-making. The initial charter capital is VND500 billion, of which the city budget contributes 40 percent (VND200 billion), with the remainder mobilized from private investors, enterprises, and reputable financial institutions.
This structure reflects a close public-private partnership model which means that State capital serves to build trust and initiate momentum, while social resources are the key factor for scaling the Fund in the long term.
According to the long-term roadmap to 2035, the city aims to increase the Fund's total charter capital to a minimum of VND5 trillion with a principle that social resource mobilization must account for at least 60 percent of total funding.
The fund prioritizes investment in innovative startups, science and technology enterprises, and digital technology industrial firms with high growth potential.
Core focus areas include artificial intelligence, big data, semiconductor integrated circuit technology, biotechnology, green technology, automation, and robotics, alongside digital economy solutions, circular economy initiatives, and digital transformation solutions aligned with the city's sustainable development orientation.
