Vietnam's technology conglomerate FPT have collaborated with investment group Dragon Capital to establish an accelerator with an aim to mentor local startups in the sectors of technology and finance.
The companies signed an agreement on the establishment of Vietnam Innovative Startup Accelerator on Wednesday, but did not reveal how much the fund is worth, news website Dau Tu reported.
It is an open fund that will be backed by many top businesses in Vietnam and foreign investors, FPT Chairman Truong Gia Binh was quoted as saying.
Besides financial support, the accelerator will provide training for startups with the first course to be opened in the second quarter, according to the news report.
The two companies expect the new fund to help the government achieve its goal to turn Vietnam into a startup nation with 5,000 tech firms by 2020, it said.
In May last year FPT launched a venture fund, planning to invest around US$3 million into local tech startups every year.