Investment for creative startups to reach $5B

The funding has been committed by 39 different investment funds at the Vietnam Venture Summit 2022 on Monday.

Minister of Planning and Investment Nguyen Chi Dung told the summit that his ministry was considering a new law on venture investment.

He said the ministry was also considering proposing a mechanism through which a fund could be established to support potential innovative startup projects.

Vietnam has been interested in investing in creative startups for many years, according to Dung.

The minister said the government has created an ecosystem of development policies based on its law on investment to support creative startups and digital transformation.

The country is so far home to 20 private innovative start-up investment funds with a total charter capital of more than VND100 billion ($4.2 million). It attracted nearly $500 million worth of investment in the technological field in the first nine months of 2022.

Since 2019, the annual summit has served as a venue connecting international investment funds and Vietnam’s creative startup community.

At previous forums, investment funds have increasingly committed to more and more investment in Vietnamese creative startups, from $425 million in 2019 to $815 million in 2020. Between 2020 and 2022, committed investment in innovative start-ups reached nearly $2 billion.