Validus Vietnam, the Vietnam unit of growth financing platform Validus; TTC Group, a multinational conglomerate with operations across Southeast Asia; and Do Ventures, an early-stage VC firm, have launched a joint venture focused on empowering small and medium-sized enterprises (SMEs) in Vietnam through financial inclusion initiatives.
The name of the joint venture wasn’t disclosed.
Photo credit: Validus
TTC Group participated in the JV through its holding company, DHA Corporation (DHAC), which invests in the real estate, health, and sports industries.
The joint venture will help SMEs gain access to TTC Group’s ecosystem of companies in Vietnam, which operate in the energy, real estate, cane sugar, and hospitality sectors. Firms can also leverage Do Ventures’ expertise in Vietnam’s fintech landscape.
“Contributing to the recovery and growth of SMEs is a key priority for us, and this JV will create sustainable value for the SMEs in our ecosystem,” said Dang Hong Anh, chairman of DHAC.
Access to credit remains a pressing issue for SME development in the country. According to a study, Vietnam’s SME finance gap is equal to 12% of its gross domestic product.
See also: 50 rising startups in Vietnam
Launched in 2015, Validus has disbursed over US$1 billion in SME loans across Singapore, Vietnam, Indonesia, and Thailand. It is backed by VCs including FMO, Vertex Growth, Vertex Ventures Southeast Asia and India, AddVentures by SCG, K3 Ventures, Openspace Ventures, and VinaCapital Ventures.
Editing by Collin Furtado and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
