A group of more than 40 VC firms yesterday pledged to invest US$1.5 billion in Vietnamese startups over the next few years.
They cemented the commitment at the Vietnam Ventures Summit co-organized by Golden Gate Ventures and the country’s National Innovation Center (NIC).
Photo credit: Shutterstock
Apart from Vietnam, the participating VCs come from South Korea, Japan, Singapore, Indonesia, and the US.
Vietnam brings “a lethal combination of top tech talent, a Vietnamese culture of entrepreneurship, and a fast-growing domestic market,” Vinnie Lauria, founding partner at Golden Gate Ventures, said in a statement.
See also: The pitfalls of Vietnam’s GameFi sensation
According to the NIC, Vietnamese startups raised US$1.4 billion across 165 deals in 2021, suggesting that dealmaking in the market was regaining momentum before the current downturn.
A report titled “Southeast Asia Golden Triangle” released by Golden Gate Ventures in May noted that the “symbiosis” of Singapore, Indonesia, and Vietnam will open up future growth opportunities for the region.
Editing by Miguel Cordon and Eileen C. Ang
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