ADB to support Vietnamese tech start-ups with $1 million fund

Thursday, Oct 07, 2021 15:20

Deputy minister of planning and investment Tran Duy Dong at an event to start ADB Ventures in Ha Noi. — VNA Photo

A US$1 million initiative started yesterday in support of early-stage impact technology start-ups in Ha Noi. The initiative was a joint effort between the Ministry of Planning and Investment (MPI) and the Asian Development Bank (ADB).

The $1 million fund, which has been created under ADB Ventures - a new venture platform that will support and invest in start-ups offering impact technology solutions that contribute to Sustainable Development Goals in Asia and the Pacific - was to provide qualified start-ups with financial assistance and improved business management. Start-ups in clean tech, finance, agriculture and healthcare are to be given priority.

The initiative was only the first step in a cooperation agenda between the MPI and ADB to address a lack of financial capital for tech start-ups in Viet Nam, said MPI's deputy minister Tran Duy Dong.

The deputy minister said ADB has always been a reliable partner of Viet Nam's Government in knowledge sharing and policy consultation.

The fund's objectives include granting high-risk projects access to financial capital to help early-stage impact technology companies who contribute to solving issues related to climate change and gender equality.

ADB Country Director in Viet Nam Andrew Jeffries said the organisation is to continue its support for Vietnamese start-ups.

Jeffries said ADB Ventures has set an objective to become the region's leading tech investor and facilitator by 2030.

Viet Nam is to participate in ADB Ventures Lab - a programme to help early-stage impact technology companies to discover and develop opportunities to scale up in developing Asia-Pacific markets - and ADB Ventures SEED - a grant programme to validate and de-risk technology pilots and promote expansion into emerging markets that start-up companies might otherwise not prioritise.

Vu Quoc Huy, director of the Viet Nam National Innovation Center, said the centre is to work closely with ADB to identify and select start-ups with the most potential to join the initiative.

ADB Ventures is the Asian Development Bank’s new impact-technology investment platform, established in January 2020. — VNS

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