Mua-Ban is an online advertisement network with its website, www.muaban.net, receiving more than 1 million hits a month. Meanwhile, Belgium-Headquartered PyCo is expected to reach its strategic goal of becoming a leading partner of international advertising and communications groups with investment from IDG Ventures Vietnam.

At the license-granting ceremony, Patrick McGovern, founder and chairman of IDG, praised Vietnam’s recent economic growth, especially its IT industry’s dynamism. McGovern said he believes IDG has made a right choice.

IDG Ventures is the first US venture capital fund to invest up to US$100 million in Vietnam’s information technology.

IDG has invested in 300 companies in Asia, including 35 IT companies in Vietnam.

IDG plans to set up another fund capitalised at around US$300 million by 2010 to invest in IT companies in Vietnam to help them become national giants with international status.