Enterprises with state capital · Ho Chi Minh City · Announced April 17, 2026
HCM VIF JSC is the legal entity that operates the HCM VIF - the country's first local venture capital fund model, operating in a public-private model with state capital acting as "primer capital" and a controlled risk-taking mechanism.
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Background
The city has made strides in developing the startup ecosystem with the Ho Chi Minh City Creative Startup Centre, High-Tech Business Incubator and Quang Trung Software Park. But the biggest barrier is still the lack of venture capital and flexible support mechanisms for startups.
According to statistics, only about 10–15% of startups in Vietnam can access investment capital in the early stages, while the actual demand is many times higher. Many potential businesses are therefore stuck on a small scale before they can prove their model.
The second bottleneck lies in the commercialisation of research results. The Fund acts as a bridge between scientific research and practical application, supporting incubation projects from universities, research institutes and spin-off businesses, aiming to increase the rate of commercial exploitation of research results to 8–10%.
HCM VIF was born to fill that gap with the public-private capital mechanism according to Decree 264/2025/ND-CP, taking advantage of the unique mechanism from Resolution 98/2023/QH15 - accepting controlled risks and sharing risks with the private sector according to market principles.
Vietnamese startups have access to early-stage capital
The goal is to commercially exploit research results
proportion of social resources in total funding
The story takes shape
2024 – 2025
The city identified the need for a public-private venture capital vehicle to fill the capital gap at the accelerator stage for technology businesses.
09/12/2025
At the City Leaders' meeting with the science, technology and innovation community at the Ho Chi Minh City Creative Startup Centre, City Party Secretary Tran Luu Quang pioneered inviting investors to contribute capital to establish the fund.
Early 2026
Register to establish a joint stock company to operate the HCM VIF, with capital contributions from large corporations.
17/04/2026
HCMC Venture Investment Fund officially launched with a scale of 500 billion VND in the first year and expectations of 5,000 billion VND after 10 years.
2024 – 2025
The city identified the need for a public-private venture capital vehicle to fill the capital gap at the accelerator stage for technology businesses.
09/12/2025
At the City Leaders' meeting with the science, technology and innovation community at the Ho Chi Minh City Creative Startup Centre, City Party Secretary Tran Luu Quang pioneered inviting investors to contribute capital to establish the fund.
Early 2026
Register to establish a joint stock company to operate the HCM VIF, with capital contributions from large corporations.
17/04/2026
HCMC Venture Investment Fund officially launched with a scale of 500 billion VND in the first year and expectations of 5,000 billion VND after 10 years.
Playing the role of "seed capital" to drive the market and be a launching pad for technology businesses: providing capital, administrative support, connection networks and sharing experiences so that Ho Chi Minh City's technologies with commercialisation potential go from the lab to the market - taking controlled risks at the right decisive stage.
Bring the Fund's scale to VND 5,000 billion by 2035 and realise the aspiration of Ho Chi Minh City to become the leading "technology centre" in the region - where the Fund's footprint is clearly present as a key companion factor of typical Vietnamese startups.
Prime capital model
The state participates as seed capital and designs a controlled risk-taking mechanism, so that private capital flows - especially international capital - have more confidence to participate earlier and more strongly. Objective: each dollar of the Fund's capital attracts at least 3-5 additional dollars from private and international investment funds. Risks are assessed by category instead of each individual project.
40% State · 60% PrivateFoundational beliefs
State budget capital exerts its greatest value when entering periods where the market is still hesitant, instead of where private capital is already abundant.
The Fund does not require capital preservation in each investment; Efficiency is evaluated on the overall portfolio, within clearly defined risk thresholds and backup mechanisms.
The Fund selects businesses using the appraisal standards of professional investors, not according to the administrative allocation mechanism.
State budget capital and private capital only work together sustainably when both sides look at the same set of data and one accountability standard.
State capital plays a leading role, calling on the private sector to contribute — from investment capital to management experience, partner networks and market opportunities for businesses.
The Fund considers attracting more domestic and foreign investors to join the market as a measure of results, along with the financial performance of the portfolio.
Development orientation
First stage
Build appraisal apparatus and standards
orientationMiddle stage
Co-invest with domestic and foreign funds
orientationNext leg
Becoming a reference point for private capital
orientationLong term
Generate profits for shareholders and investors, and reinvest from divestment sources to expand the portfolio
orientationFirst stage
Build appraisal apparatus and standards
orientationMiddle stage
Co-invest with domestic and foreign funds
orientationNext leg
Becoming a reference point for private capital
orientationLong term
Generate profits for shareholders and investors, and reinvest from divestment sources to expand the portfolio
orientationRole in the ecosystem
The majority of the Fund's resources — approximately 95% of the portfolio — are dedicated to direct investments in innovative startups and technology businesses. This is the biggest goal and the reason the Fund was born: to put capital into the hands of businesses that are building new technological capabilities for the City.
The remaining, up to 5%, is for non-financial support activities for innovation centres, incubators, research institutes and training facilities — to build the foundation for a continuous stream of good businesses to form.
Explore the ecosystemOur team
What makes the difference
This is the first time the City has used a corporate legal entity, instead of a budget programme, to put public capital into innovation.
Public capital participates as shareholders of a company, subject to the same rules of the game and the same risks as private investors.
Different from traditional public capital management, this model evaluates efficiency across the entire portfolio and investment cycle, instead of requiring capital preservation for each year or each project.
The conditional liability exemption mechanism helps operators dare to choose difficult projects when the correct process is followed.
Resolution 98/2023/QH15 allows the City to pilot its own mechanism instead of waiting for a common national framework.
Press
Follow announcements, activities and official documents of HCM VIF on the News page, or contact the media department directly.
media@hcmvif-jsc.vnFind out the investment thesis of HCM VIF, or prepare documents to be ready when the Fund opens to receive.
