The fund operates under Ho Chi Minh City Venture Investment Fund JSC (HCM VIF), a legal entity established in line with the government’s regulatory framework for national and local venture capital funds.

According to the Ho Chi Minh City Department of Science and Technology, the fund is designed not only to provide financing but also to catalyse innovation, with seed capital expected to nurture future technology unicorns.

This is Vietnam’s first locally managed venture capital fund with state participation, featuring a modern governance model and mechanisms such as controlled risk-taking and liability exemptions to encourage bold investment decisions.

Hoang Duc Trung, head of VinaCapital Ventures and appointed to oversee the fund’s operations, said the fund will start with VND500 billion and aims to scale up tenfold over the next decade. He added that the fund seeks not only financial returns but also to foster technology-driven growth and innovation.

The fund aims to crowd in additional capital, targeting three to five times its initial investment from private and international investors, with a focus on high-potential startups in core technologies, green solutions, and digital transformation.

Hanoi set to launch venture capital fund

The Hanoi Venture Capital Fund (HVCF) is set to be officially launched on December 22, promising to become a powerful financial driver that will foster the capital's innovation ecosystem.