Saigon Innovation Hub in HCM City. — Photo courtesy of SIHUB

HCM CITY — The People’s Committee of HCM City has approved a plan to establish a VNĐ500 billion (about US$19.7 million) venture capital fund to mobilise social resources for the city’s innovation startup ecosystem and technology enterprises.

Under the plan, the fund will begin operations in 2026 with an initial charter capital investment of VNĐ500 billion, including VNĐ200 billion from the State budget and VNĐ300 billion from private investors. The city aims to expand the fund’s capital to at least VNĐ5 trillion by 2035.

The fund will operate under a public–private partnership model, with the State providing “seed capital” to attract private investments. For every VNĐ1 of State capital, the city expects to mobilise VNĐ2–3 from the private sector.

Several corporations and investment funds, including Sovico Group, Vingroup, VinaCapital, Becamex IDC, VNG Corporation, CT Group, Hoa Sen Group, Lotte Ventures Vietnam and FPT Corporation, have committed to joining as founding investors.

During 2026-35, the fund plans to invest in 50–150 innovative startups and science-technology enterprises, support the commercialisation of at least 50 new products or technologies, and help develop at least five large technology firms capable of listing on stock exchanges or engaging in international mergers and acquisitions.

Priority investment areas include digital technologies such as artificial intelligence, big data and blockchain, semiconductor manufacturing, biotechnology, new materials, renewable energy, automation and robotics. — VNA/VNS