The Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC), Touchstone Partners, and Ho Chi Minh City Venture Investment Fund JSC (HCM VIF) will collaborate to set up a co-investment program with a combined capacity of up to $100 million.
In a statement on Thursday, Touchstone Partners said the three sides have reached a framework cooperation. The program uses a 1:1 matching mechanism.
Under the five-year framework, Touchstone and HCM VIF, also the public-private venture fund of HCMC, will contribute up to $50 million to eligible companies. It is the first blended-finance co-investment program of its kind in Vietnam.
Touchstone will bring its network of international investors and strategic partners, along with its experience in identifying, investing, and scaling technology companies. It can also support governance and international expansion. The blended-finance structure can help international investors manage risk and take advantage of Vietnam’s investment policies, Touchstone highlighted.
HCM VIF will provide matching domestic capital, featuring international investment expertise, local financial resources, and industry networks.
VIFC-HCMC will coordinate the program. It will help structure investments within the VIFC framework and give access to regulatory sandboxes, pilot programs, licensing, administrative procedures, and investment incentives. It will also connect portfolio companies with government agencies, public-sector customers, infrastructure providers, industrial zones, and strategic partners. The target is that new technologies can be tested, commercialized, and scaled.
The program will target seed to growth-stage technology companies in sectors including AI-enabled innovation in education, healthcare, manufacturing, and small-business transformation; biotechnology and life sciences; renewable energy, energy efficiency, and climate mitigation; green economy and sustainable agriculture; waste management and the circular economy; and smart, sustainable construction, and climate-resilient infrastructure.
Truong Minh Huy Vu, vice-chairman of the Ho Chi Minh City People’s Committee and chairman of VIFC-HCMC, said artificial intelligence (AI), core technology, deep tech, biotechnology, and the life sciences need capital, the capacity to execute, and routes to scale. He said the 1:1 model can work toward a fund-of-funds mechanism, connects investment funds, and brings more resources into the startup ecosystem.
Ngo Thuy Ngoc Tu, general partner of Touchstone, said the partners want to manage investment risk together and bring more capital into scaling innovation.
Tran Huu Dung, chairman of HCM VIF, said the partnership gives the fund a way to deploy its capital with seasoned technology investors and with the industry knowledge of its shareholders. He said the aim is a portfolio that delivers sustainable returns and supports HCMC’s innovation economy.
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