Vietnam's IT firm FPT hopes to lure tech startups with venture fund

TN News

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Nguyen Lam Phuong, FPT's technology director, presented his company's plan to venture in technology startups in Vietnam. File photo
Vietnam's IT heavyweight FPT has launched a venture fund, planning to invest around US$3 million into local technology startups every year, news website Saigon Times reported on May 22.
Nguyen Lam Phuong, technology director of the group, was quoted as saying that it will provide young businesses with not only capital but also technical assistances.
FPT planned to invest in or acquire companies valued less than $1 million and majored in technologies related to the Internet, mobile phone, health, education and transport, according to the news report.
With the new fund, FPT hopes to see more startups in Vietnam, which is now home about 1,000 such companies -- a "quite modest" number given the country's young population, according to the group.
Pham Minh Tuan, founder and CEO of online education provider Topica Edtech Group, told the news website that more startups have been established in Vietnam in recent years, even though a majority of them shut down for different reasons.
But investors from Japan, the US and Singapore have a growing interest in Vietnamese companies, he said.
Last year, for instance, 28 agreements were signed between venture funds and Vietnamese technology startups, compared to 24 in 2013 and an average of 12 every year before 2012, Tuan said.

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