Ho Chi Minh City is moving forward. It seems they have started serious investments to foster tech startups.

A venture capital fund with a scale of 500 billion dong will be established. In USD, this amounts to approximately $20 million, with plans to mobilize this amount. The structure involves cooperation between the government and private sector, with the government contributing 200 billion dong and private investors providing 300 billion dong.

This fund is targeting growth sectors such as AI, blockchain, and big data. Additionally, investments in semiconductors, biotechnology, and robotics are also under consideration. They are likely aiming to establish a technological industry hub within Southeast Asia.

What’s interesting is the long-term growth strategy. From 2027 to 2035, there are plans to expand the fund’s size to at least 5 trillion dong. In other words, the current $20 million investment is just the first phase.

Vietnam, especially Ho Chi Minh City’s startup scene, is increasingly likely to accelerate significantly. Considering the overall tech investment trends in Southeast Asia, keeping an eye on future developments is essential.