As many as 17 VC firms have come together to form the Vietnam Venture Capital Alliance (VVCA) to help the local market flourish, as per a press statement.
The VC firms include ThinkZone Ventures, 500 Startups, CyberAgent Capital, Vietnam Investment Group, Openspace Ventures, Access Ventures, Quest Ventures, Genesia Venture, Monk’s Hill Ventures, eWTP Capital, Teko Ventures, VIC Partners, Venturra, Next100, Nextrans, FEBE Ventures and Duane Morris.
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VVCA is a non-legal organisation which will cooperate with the government to propose policies that will help the country attract more capital while expanding the legal corridor for startup business models.
The goal is to remove major barriers such as lack of startup investment knowledge and legal barriers for foreign investment funds.
Its activities will be implemented across three focus areas, which include issuing an annual summary report on investment activities, organising a dialogue with the government on investment for innovative startups and proposing policies to improve the startup investment environment.
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Vietnam has been receiving immense attention from investors after the recent volatility in the global trade environment, which has pushed many companies into diversifying their supply chains away from China.
Alongside India, the country is now becoming a leading choice of investment by major companies, especially for manufacturing. Aiding to that the country’s effective containment measures have also sparked investor confidence to further push its growth.
“Up to now, we have not had an organisation that has gathered so many investment funds. VVCA is expected to be a place for investment funds and law firms supporting venture capital deals in Vietnam to give a common voice to find out what is the problem that needs to be solved. Because if it is just an investment fund, a single startup cannot represent all,” Bui Thanh Do, a founding member of VVCA and CEO of ThinkZone Ventures, said.
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Image Credit: ThinkZone
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