August 30, 2018 / 10:07 AM / a year ago

VinaCapital unveils $100 mln venture firm, to invest in tech startups

HANOI, Aug 30 (Reuters) - VinaCapital, one of the largest investment and asset management firms in Vietnam, said on Thursday it launched a $100 million venture and announced investments in two local tech startups.

The $100 million VinaCapital Ventures will capitalise on Vietnam’s technology sector with investments of $2 million-$10 million per company with an unlimited holding time, the company website said.

“Technology is playing a transformative role in all manufacturing and service sectors, and will drive Vietnam’s economy forward,” said Don Lam, VinaCapital co-founder and CEO.

The Ho Chi Minh City-based company will invest in two Vietnamese tech startups in transportation and logistics - Logivan and FastGo - the statement said, without disclosing the value of investments.

Logivan provides business-to-business truck-hailing service and logistics solutions, while FastGo is a ride-hailing service launched in June with nearly 15,000 registered car and bike drivers and has connected over 15,000 rides in August, the statement said.

Grab is the most prominent player in Vietnam after it pushed out Uber in a deal that saw the latter exiting from Southeast Asia. Rival Indonesia’s GoJek entered Vietnam last month in a race to grasp share in a fast-growing market, while there are several other local players in the market. (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)

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