Illustrative image (Source: internet)

HCM City (VNA) - VinaCapital - the leading investment management group in Vietnam - on August 30 announced the establishment of VinaCapital venture capital fund at a scale of 10 million USD, aiming to continue its investment strategies in technology startups.

The firm also publicised the fund’s first investment activities in Logivan and FastGo - the two prominent startups in technology solutions in the field of transport in Vietnam.

Tran Nhat Khanh, Technology Investment Director of VinaCapital, said that the launch of the fund aims to enhance cooperation with engineers, scientists and innovators who use technologies to create solutions to difficulties in different areas, thus encouraging customers to apply new technologies to improving the economic efficiency for each individual and the whole society.

The value of each investment can be up to 10 million USD with unlimited time for share holding. VinaCapital Ventures also gives enterprises that the fund invests in the opportunity to access business networks of VinaCapital in Vietnam and Southeast Asia.

In particular, VinaCapital Ventures will pay attention to innovative technological ideas which can create new markets able to enhance its influence on regional and international markets.

According to Don Lam, General Director of VinaCapital, manufacturing and real estate are the two areas attracting greater interest from investors in Vietnam.

However, VinaCapital believes that technology is one of the areas that has the potential to grow rapidly, and will play a crucial role in boosting economic efficiency of all other sectors, he said.

 Therefore, VinaCapital Ventures chose Logivan and FastGo for its investment, creating its hallmarks in the startup wave in the technological field in Vietnam.  

Logivan Technologies Pte is specialised in providing technological solutions that help optimize the cost of road freight transportation through data systemization. The firm’s solutions help reduce costs of logistics services and energy consumption.

Meanwhile, FastGo Corporation is a provider of mobile applications for ordering high-quality car service in Vietnam. This is the only application of this kind in the market with Fast Protection insurance.

According to investors, the Vietnamese Government is implementing many policies to encourage entrepreneurs to start a business. VinaCapital Ventures will be one of the channels to support companies and start-up firms, thus contributing to Vietnam’s economic growth.

Nguyen Huu Tuat, co-founder of FastGo Corporation, said that this is the first time the firm has received investment from a venture capital fund in Vietnam. This will create conditions for domestic start-ups enterprises to promote their development in many fields.-VNA