Vingroup is financing the fund, VinVentures, with US$100 million from a previous investment portfolio, the company said. Vingroup founder Pham Nhat Vuong, Vietnam’s richest man, will gradually add another US$50 million to the fund from his personal wealth, according to the company.

VinVentures will initially target Vietnamese start-ups, before broadening its scope to backing companies in countries such as as Singapore, Indonesia and the Philippines, according to the statement. 

Investing in technology start-ups is a “a strategic priority” for Vingroup, as it transitions into a technology conglomerate, the company said in the statement. Vingroup has invested in numerous tech start-ups through its funds, such as Vingroup Ventures and VinTech City funds, it said.

Vingroup, whose profits are driven by its real estate unit Vinhomes JSC, is the parent of EV maker VinFast Auto Ltd.

In 2021, Vietnam drew a record US$2.6 billion funding for start-ups, up from US$700 million a year prior, according to a joint report from Google, Temasek Holdings Pte Ltd, and Bain & Co. But total capital invested in Vietnamese start-ups last year plunged to US$529 million, placing it third among Southeast Asian countries, according to a separate report from Do Ventures and the Vietnam National Innovation Center.

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