The Australian Government has committed A$4.9 million (US$3.53 million) of investment in Viet Nam's venture fund Ascend Vietnam Ventures (AVV) to assist local start-ups, according to the Australian Embassy in Viet Nam.

The amount raises total Australian private investment in the rising Vietnamese technology start-up market to A$70 million ($50.52 million).

Addressing a ceremony to announce the funding in HCM City on Tuesday, Australian Ambassador to Vietnam Robyn Mudie said that the investment aims to realise Australia’s commitment to helping strengthen the capacity of young entrepreneurs, including women entrepreneurs, in expanding their business scale and making a positive influence on the environment and society.

Viet Nam is one of the strongest growing economies in Southeast Asia with outstanding achievements in developing women-led enterprises, she noted.

Mudie noted that women-led firms have been adversely impacted by COVID-19 pandemic, holding that the fast growth of Viet Nam will bring about great chances for women entrepreneurs to optimise their potential.

The investment in AVV aims to provide initial capital for newly-established companies, thus helping create new jobs and increase income amid the post-pandemic economic recovery, she said.

The ambassador said that the investment will contribute to realising priorities of the Australia-Viet Nam Enhanced Economic Engagement Strategy, thus doubling the bilateral trade and reinforcing Australia’s efforts in supporting Viet Nam to upgrade itself from a marginal market to an emerging one.

AVV provides financial amounts and necessary support for new firms in Viet Nam, focusing on women-led businesses in highly influential areas such as education, financial services and health care. Through this investment, Australia will support AVV to focus on female entrepreneurs and companies that benefit women, driving positive social impacts and generating high profit. — VNS