The Saigon Times interviews Mr. Hoàng Đức Trung: The measure of the Fund's success is not in the number of unicorns

1. Are you concerned about the pressure to "preserve capital"? And what determines the success of the Fund, such as the number of unicorns in the next 5 years? Venture capital is essentially taking calculated risks and is managed at the portfolio level. The important thing is not whether each deal wins or loses, but whether the entire portfolio creates outstanding value in the medium and long term.

With the Fund, investment discipline and capital allocation play a key role. We balance businesses with cash flow and proven scalability models, with core technology or deep-tech startups that offer long-term breakthrough potential. This approach both helps the portfolio be resilient and retains the risk-taking spirit necessary to create growth.

Therefore, the Fund's success should not be measured by the number of unicorns over a fixed period. Unicorns may be the result, but not the only goal. The more important measure is whether the Fund contributes to the formation of truly valuable technology businesses, capable of competing regionally or globally, and having a positive impact on the ecosystem. At the same time, can the Fund create confidence in the market, attract private and international capital flows to participate, and contribute to standardizing the way capital flows into innovation in a sustainable way? That is the fundamental success.

2. As the direct manager of the Fund, what message do you want to send to the business and startup community that is expecting a real change in capital flow and policy support from this Fund? This is not an "easy" source of capital, nor is it a movement support programme. The Fund is designed to share risk with the private sector, but at the same time set high standards in product, governance, strategy and scalability.

For entrepreneurs and startups, the Fund expects teams that are truly serious, have a long-term vision and are willing to build businesses based on technology and real value for the market. Capital is only a part. What is more important is the ability to demonstrate a solution that solves a real problem, can be commercialised and expanded sustainably, as well as being willing to accept management discipline and accompany investors. to speed up. If the startup community sees the Fund as a long-term partner, sharing risks, building value and aiming for higher standards, then new capital flows and policies can create real change for the innovation ecosystem in Vietnam.