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IDGVV to invest $500 mln in local companies   2008-07-19 - ThanhNienNews


International Data Group Ventures Vietnam, a technology venture capital fund, will commit US$500 million over two phases starting this year to invest in local companies, its Chairman Patrick J. McGovern said recently.



McGovern announced at a technology seminar held in Ho Chi Minh City Tuesday a $200 million venture fund will be launchedat the end of 2008 focusing on investing in 40-50 new local technology companies.

Additionally, a $300 million “growth fund” will be launched in 2010 which seeks to boost growth for local businesses.

This fund will be used to invest in companies in Vietnam, Cambodia and Laos.

The fast pace of development in Internet, human resource and the impressive growth of local companies at 30-40 percent per year since 2004 are the key factors for IDGVV’s huge investment at this time, McGovern said.

“The circle of growth will double Vietnam’s economy in the next eight years and I foresee great potential for IDG activities here,” he said.

Since 2004, IDGVV has invested $100 million into 32 local companies, including securities, online games and outdoor advertising firms.

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