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More venture capital funds open in Vietnam
The International Data Group will open two more venture capital funds in Vietnam with a total capital of US$400 million in the field of information technology.
This was revealed by IDG President Patrick J.McGovern at a press briefing to announce the 2010 Vietnam Consumer Electronics World Expo (VEC 2010) which will take place in Hanoi from October 21-24.
Currently, IDG has a venture capital fund named IDG Venture Vietnam which was established in 2004. Nguyen Bao Hoang, Executive Director of IDG Venture Vietnam said that the fund’s initial capital of US$100 million has been invested in private firms operating in telecommunications, communications and technology.
In 2011, IDG will set up the second fund with a total capital of US$150 million, focusing on newly-established companies which have great potential for development in the future but are having difficulties raising capital.
In 2012, IDG will create a third fund with a capital of US$250, aiming to invest in companies that have been in operation for two years and have established trademarks in the market. At the same time, this fund will invest in other fields such as healthcare and retail services.
IDG said that VCE 2010 will focus on six fields including telecoms and digital network, computers, software and hardware, spare parts and electronic equipment, entertainment and electronics.
The exhibition is expected to attract more than 150,000 visitors, mostly from government agencies, businesses and consumers.
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