The Hanoitimes - Investment in Vietnamese startups tripled the previous year to US$889 million in 2018 with 92 deal. Google supports Vietnam startups to access global markets Tokyo and Vietnam-based AI startup Cinnamon raises US$15 million in funding Vietnam Silicon Valley provides US$20,000 seeding fund for early stage startups PM commits to create favorable environment for startups Vietnam is expected to have more unicorns – or startups with value of at least US$1 billion – in the time ahead as the country has many advantages to support the development of the businesses, experts said. Vietnamese e-commerce startups will be among the top priorities for investors Lee Jae-woong, who was one of three founders of Daum Communications (now Kakao), said Vietnam offers huge potential for startups, driven by its growing internet penetration, smartphone adoption and predominantly young population. Vietnam now has favorable conditions to produce … [Read more...] about Foreign investment funds upbeat about Vietnam’s startup prospects
University investment funds
VietNamNet Bridge - Vietnam has no startups with value of $1 billion and higher (called unicorns), but foreign investment funds are optimistic about the future. Last year, Lee Jea Woong came to Vietnam seven times. He was one of three founders of Daum Communications, now Kakao. In 2016, he left the company and set up a venture fund and two startup incubators. He is now CEO of Socar. Daum, established in 1995, is now valued at $10 billion, with 4,000 workers, several dollar billionaires and many millionaires. Lee said Vietnam now has favorable conditions to produce unicorns, like South Korea of 20 years ago. “It’s time for Vietnam unicorns to turn up,” he said at the Forbes Vietnam Tech Summit 2019 on March 14. South Korea underwent industrialization in the 1960s, developed an IT industry in 2000s and is now entering the 4.0 industrial era. All three stages are occurring in Vietnam at the same time, which is a chance for Vietnam to make a jump in development. In … [Read more...] about Foreign investment funds optimistic about startup potential
Investment funds for startups in Vietnam still modest By Van Nam Nguyen Viet Dung, director of the HCMC Department of Science and Technology, speaks at the ninth meeting of the HCMC People’s Council on July 12 – PHOTO: VAN NAM HCMC - Slow reforms of procedures in Vietnam have forced enterprises to move to other countries to start businesses, and investments in startups remain modest compared with those in regional countries. At a Q&A session of the ninth meeting of the HCMC People’s Council on July 12, the director of the HCMC Department of Science and Technology, Nguyen Viet Dung, noted that many startups in the country had moved to Singapore as it facilitated quick business registration procedures. In Vietnam, it takes months to complete the procedures, he added, stressing that certain investments needed quick procedures as investors may make an investment one month and sell it the following month. According to Dung, Vietnam attracted US$202 million … [Read more...] about Investment funds for startups in Vietnam still modest
The money Vinhomes used to buy Berjaya’s two long-delayed projects may be part of the $1.3-billion investment that it received from GIC Private Limited. Vinhomes Imperia project in Haiphong According to newswire Cafef, Vinhomes, Vietnam's leading real estate management company and the property management arm of Vingroup, signed an agreement with GIC. Accordingly, GIC will pour $1.3 billion into Vinhomes by buying part of Vinhomes’ stakes and by supplying a loan to help Vinhomes develop its projects. The agreement came into effect on April 12. The information comes after Vingroup released that through Vinhomes it has recently acquired two long-delayed projects from Malaysian Berjaya Corporation. Notably, Vinhomes has completed the purchase of a 97.7 per cent stake in Berjaya Vietnam International University Township One Member LLC and Vietnam Berjaya Financial Centre. The first deal was VND11.75 trillion ($515.6 million) in value, while the capital contribution to … [Read more...] about Vinhomes uses $1.3 billion of GIC investment to buy Berjaya projects?
Start-ups will be given support from the State budget in localities with no more than 30 per cent of total investment mobilised from investment funds.— Photo cafef.vn Start-ups will be given support from the State budget in localities with no more than 30 per cent of total investment mobilised from investment funds. This is one of the regulations stipulated in the Decree 38/2018/ND-CP on investment for small-and-medium start-ups and innovative firms, which took effect on March 11, 2018. Start-up projects receiving investment from State financial institutions should meet the requirements of doing business in the sectors in which the localities prioritise development. In addition, they must be chosen by at least one investment fund for receiving capital. The maximum time for investing in a start-up is five years. After the period, State financial institutions in localities could transfer shares and contribute capital to private investors. Based on State budget conditions, the … [Read more...] about Start-ups to be given 30% of investment from State budget