Australian investment supports Vietnamese startups

Illustrative image (Photo: Forecast/VNA)

HCM City – The Australian Government has committed 4.9 million AUD (3.53 million USD) of investment in Vietnam's venture fund Ascend Vietnam Ventures (AVV) to assist local startups, according to the Australian Embassy in Vietnam.

The amount raises total Australian private investment in the rising Vietnamese technology startup market to 70 million AUD (50.52 million USD).

Addressing a ceremony to announce the funding in Ho Chi Minh City on February 22, 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 positive influence on the environment and society.

Vietbam 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 Vietnam 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-Vietnam Enhanced Economic Engagement Strategy, thus doubling the bilateral trade and reinforcing Australia’s efforts in supporting Vietnam to upgrade itself from a marginal market to an emerging one.

AVV provides financial amounts and necessary support for new firms in Vietnam, 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.