Vingroup, FPT, Sovico, VinaCapital Join HCMC Venture Fund with $20M Initial Capital

Overview

Vingroup (VIC), FPT, Sovico, VinaCapital, VNG, and other major private corporations have co-invested with the Ho Chi Minh City People’s Committee to establish the HCM Venture Investment Fund (HCM VIF). The fund, launched on April 17, 2026, has an initial charter capital of 500 billion VND (~$20 million), with the city government contributing 40% (200 billion VND). This marks the first time a state-initiated venture fund in Vietnam has attracted such a broad coalition of leading private enterprises and financial institutions.

Key Facts

• HCM VIF launched with initial charter capital of 500 billion VND (~$20 million).
• Ho Chi Minh City government contributes 40% (200 billion VND); private investors contribute 300 billion VND.
• Sovico is the largest private investor at 100 billion VND; Vingroup contributes 60 billion VND; Becamex 50 billion VND; VinaCapital 25 billion VND; Sunwah 25 billion VND; VNG, FPT, CT Group, Hoa Sen each contribute 10 billion VND.
• The fund targets total charter capital of at least 5,000 billion VND by 2035, with 60% from private investors.
• HCM VIF plans to invest in 50-150 innovative startups and high-tech enterprises during 2026-2035.
• The fund aims to commercialize at least 50 products/technologies and incubate at least 5 large-scale tech companies capable of IPO or M&A.
• Mr. Hoang Duc Trung, Deputy CEO of VinaCapital Ventures, has been appointed as Director of HCM VIF.

What Happened

On April 17, 2026, the HCM Venture Investment Fund (HCM VIF) officially launched in Ho Chi Minh City. The fund is structured as a joint-stock company with a diverse shareholder base including the city government, major private conglomerates, and financial institutions. According to the announcement, the city’s budget contributes 200 billion VND (40%), while private investors contribute 300 billion VND, with Sovico as the largest private shareholder at 100 billion VND.

Speaking at the launch, Mr. Hoang Duc Trung, the newly appointed Director of HCM VIF, stated that the fund will act as “seed capital” for the market, actively directing capital into strategic sectors that require long-term investment. The fund will focus on Series A and B funding rounds, which are critical for Vietnamese startups to scale up. Priority sectors include core technology, green solutions, and digital transformation, aligning with national resolutions on science and technology development.

Market Context

Vingroup (VIC) closed at 177 VND on April 15, up 6.95% on high volume, while FPT closed at 75 VND, down 1.31%. Both stocks are listed on HOSE. The launch of HCM VIF comes amid a broader push by the Vietnamese government to foster innovation and reduce reliance on traditional sectors. For Vingroup, which has been diversifying into technology and industrial ventures, participation in the fund reinforces its strategic pivot. FPT, a leading technology company, gains exposure to early-stage tech investments that could complement its existing ecosystem.

Strategic Significance

HCM VIF represents a novel public-private partnership model in Vietnam’s venture capital landscape. By pooling state capital with contributions from major corporations like Vingroup and FPT, the fund aims to bridge the funding gap for Vietnamese startups, particularly at the Series A and B stages. For Vingroup and FPT, the investment is not purely financial; it provides strategic access to a pipeline of innovative companies that could become partners, suppliers, or acquisition targets. The fund’s target to incubate at least five large-scale tech companies capable of IPO or M&A by 2035 suggests a long-term vision to create exit opportunities and deepen Vietnam’s tech ecosystem.

What to Watch

• Progress on capital raising: Whether HCM VIF can attract additional private and foreign investors to reach the 5,000 billion VND target by 2035.
• First investment announcements: The fund’s initial portfolio choices will signal its sector focus and risk appetite.
• Impact on Vingroup and FPT’s earnings: Any material financial contribution or follow-on investments from these corporates.
• Regulatory developments: How the fund navigates state ownership rules and foreign investment caps in Vietnam.
• Startup ecosystem metrics: Number of startups funded, jobs created, and successful exits as a measure of the fund’s effectiveness.