VinaCapital Ventures, the technology investment platform of fund management company VinaCapital Group, announced it has invested in Hub Global JSC, a blockchain eco-platform that supports the development of promising Vietnamese start-ups creating blockchain solutions in various sectors.

The investment terms were not disclosed, but VinaCapital Ventures will become Hub Global’s largest external shareholder and have a seat on its board.

Hub Global JSC was founded in 2021 by Han Tuan Linh, CEO of VSV Capital and a member of the Forbes ‘30 under 30’ in Asia list, Bryan Pelz, CEO of Xtab Xtudios and a co-founder and board member of VNG, and Hai Bui, co-founder of VCC Holdings and former head of business technology transformation at Techcombank and Kyber Network.

Hub Global JSC focuses on three key areas, incubator/accelerator, blockchain community and sandbox and blockchain investment fund, is backed by 10 limited partners and several reputed entrepreneurs, and has recorded return on initial investment of five times in just three months of operations.

The Government is promoting the development of blockchain technology, recognising its potential applications across sectors such as financial services, supply chain, real estate, gaming, SaaS, and big data.

It provides clear guidance on how digital/tokenised assets might be used.

Nevertheless, in Viet Nam, corporate digitisation and mainstream adoption still lag other markets, meaning there are strong growth opportunities in the years ahead.

Hoang Duc Trung, partner at VinaCapital Ventures, said: “It’s clear that blockchain has enormous potential far beyond cryptocurrency, and Vietnamese start-ups are already making inroads in developing blockchain solutions in a number of applications.

“We are excited to invest in Hub Global JSC and look forward to working with its team, which has a diverse range of experience and a track record of successfully setting up and commercialising large-scale blockchain projects.” — VNS