U.S. IDG Ventures Eye More Investment in Vietnam

The U.S. International Data Group Ventures (IDG Ventures) is planning to raise IDG’s investment capital in Vietnam to US$650 million by 2010 with the aim to meet increasing demands of local businesses in the field, state media said.

 

To date, IDG Ventures Vietnam has funded US$100 million for Vietnamese young IT entrepreneurs. The capital, Patrick McGovernm, Chairman of IDG, said would not satisfy the rapid development of businesses in the field and increasing demand of firms who want to list their shares on the stock market.

 

“We are investing into three information technology companies in Vietnam, namely MSS, VinaPay and PeaceSoft,” the IDG official said, adding that it’s goal is investing in young firms in the fields of IT, communications and telecom of Vietnam.

 

“We will set up a new fund in Vietnam with a total capital of US$350 million this year and will open more such funds in the future,” Mr. McGovern revealed.

 

IDG Ventures entered Vietnam in March 2003, specializing in IT industry businesses. So far, 16 Vietnamese entrepreneurs have received backing from the group. It plans to pour capital into about six more companies by the end of this year.