October 28, 2024

Vietnam’s Richest Person Starts $150 Million Fund To Invest In Tech Startups

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Pham Nhat Vuong, chairman and founder of Vingroup.

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Automobile and property tycoon Pham Nhat Vuong and his conglomerate Vingroup has launched a venture capital firm to fund artificial intelligence and digital startups in Vietnam and the region in a bid to broaden his technology businesses.

VinVentures Capital Fund, jointly sponsored by Pham and Vingroup, will focus on AI, semiconductors, cloud computing, and other high-tech products, the conglomerate said in a statement The fund, which will invest in startups, has $150 million in assets under management, two thirds of which are “inherited investment” from the Vingroup’s existing portfolio. The remaining $50 million will be deployed over the next three to five years, Vingroup said.

“Beyond providing capital, VinVentures offers startups a unique advantage by facilitating connections within the Vingroup ecosystem,” Le Han Tue Lam, managing director of VinVentures, said in the statement.

VinVentures initially targets the Vietnamese market, focusing on startups with local founding teams in the early stages, according to its managing director. It aims to expand its scope to include startups in regional markets with development traits similar to Vietnam, such as Singapore, Indonesia, and the Philippines, he said.

Vingroup has been funding tech startups amid Pham’s ambitious goal of turning it into Vietnam’s leading technology conglomerate. Through its Vingroup Ventures and VinTech City funds, Vingroup said it has already invested in several tech startups including VinBigData and VinAI.

With a real-time net worth of $4.1 billion, Pham got his start in 1993 by manufacturing and selling instant noodles in Ukraine. He sold the business to Nestle in 2010 and invested the proceeds to start Vingroup, which has since grown to become a conglomerate with interests in real estate, retail, healthcare, education, automotive and technology.

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