One of Vietnam's largest conglomerates, Vingroup, and its founder, have set up a new CVC unit with $50m to invest in new startups.
Vingroup, one of Vietnam’s largest conglomerates with subsidiaries across the tech, retail, real estate and services industries, has created a $150m CVC fund.
VinVentures is made up of $100m from Vingroup’s existing investment portfolio, with the remaining $50m of the total fund size earmarked for investments. Vingroup’s billionaire founder and CEO, Pham Nhat Vuong, has also contributed to the fund.
It will mainly target tech sectors including AI, semiconductors and cloud computing. It will focus on Vietnamese startups in the seed and series A stages, before expanding to other regions in Southeast Asia.
The group has also supported tech startups of its own, including VinAI, a generative AI company, and VinBigData, which provides data science services.
Vingroup started an earlier CVC in 2018 called Vingroup Ventures, which closed in 2020.
