Powering Vietnam’s climate transition

May 27, 2026 | 08:00

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The Australian government on May 26 announced a commitment of up to $10 million for venture capital firm Do Ventures Fund II, providing capital for climate-focused Vietnamese businesses and strengthening Vietnam's climate investment market to attract greater private finance.

Kate Wallace (left), Consul-General of Australia in Ho Chi Minh City, joined Archer Goh, Partner and Chief Sustainability Officer at Do Ventures, and Vy Le, General Partner of Do Ventures, at the announcement in Ho Chi Minh City on May 26, 2026

The investment will support early and growth-stage small and medium enterprises (SMEs), driving Vietnam's energy transition and climate adaptation across manufacturing, sustainable consumption, and AI-enabled climate solutions. It is the first commitment by Australian Development Investments (ADI) under its Vietnam investment window.

By backing Do Ventures, an established woman-led venture capital firm, ADI is helping to address structural barriers, with women representing just 11 per cent of senior private equity and venture capital investment professionals in emerging markets.

Vietnam represents 40 per cent of ADI's current portfolio. Across five investment funds, ADI drives growth in 26 Vietnam-based SMEs, supporting 5,781 jobs, better access to finance for 260,000 small entrepreneurs, and the installation of 19.2 MW of new solar capacity.

“Australia is a trusted, reliable partner for Vietnam, supporting Vietnam’s energy transition and climate adaptation,” Australia’s Ambassador to Vietnam Gillian Bird said. “This significant commitment will strengthen Vietnam’s climate investment market to attract more private finance, to drive climate solutions in Vietnam.”

Vy Le, General Partner of Do Ventures, “This commitment allows us to strengthen our portfolio of climate investments and support more Vietnamese founders seeking to pioneer innovative and sustainable climate solutions.”

“With ADI's catalytic support, our Fund II can enable more startups to scale and create positive climate impact.”

ADI will also work with Do Ventures to strengthen its climate investment capabilities, including Environmental Social and Governance practices and impact measurement, to support the fund and its portfolio companies to grow and perform over time.

ADI is the Australian government’s flagship $160 million impact investment fund, deploying capital and technical assistance to mobilise private investment and deliver.