Australia invests in supporting Vietnamese start-ups
VOV.VN - The Australian Government has pledged an investment of AUD4.9 million, equivalent to approximately US$3.5 million, in Ascend Vietnam Ventures, a Vietnamese venture capital fund which will support local burgeoning technology startup market, according to the Australian Embassy in Vietnam.
Along with pre-existing funding, the commitment will mobilise roughly AUD70 million (approximately US$50 million), in private capital aimed at supporting the country’s technology startup market.
Addressing a press briefing in Ho Chi Minh City on February 22, Australian Ambassador to Vietnam Robyn Mudie shared that the investment clearly demonstrates Australia's commitment to empowering young entrepreneurs, including female entrepreneurs, in expanding their businesses and creating positive influence on the environment and society as a whole.
The Vietnamese market represents one of the fastest growing economies in Southeast Asia that boasts an outstanding track record of women-led businesses, she said.
The Australian diplomat pointed out that the rapid growth of the Vietnamese economy will present tremendous opportunities for female entrepreneurs to fully tap into their potential, noting that investment with AVV will provide initial capital for startups. This will contribute to helping create new jobs and increase incomes as the economy recovers from the COVID-19 pandemic.
The investment will also help realise the priorities of the Vietnam – Australia enhanced economic engagement strategy to double bilateral investment and further strengthen Australia's efforts in supporting the country’s transformation from a marginal market to an emerging market, she said.
