HCM CITY — The Executive Authority of the Vietnam International Financial Centre in HCM City (VIFC-HCMC) has announced a framework cooperation with Touchstone Partners and the Ho Chi Minh City Venture Investment Fund JSC (HCM VIF) to establish an Investment Coordination and Co-Investment Programme.
Operating under a 1:1 matching mechanism, the initiative has a potential combined investment capacity of up to US$100 million.
Under the five-year framework, Touchstone and HCM VIF are each expected to invest up to $50 million in eligible companies. This pioneering public-private co-investment model brings together international capital with domestic resources to drive technology and innovation in Việt Nam, marking an important milestone in VIFC-HCMC’s efforts to develop its investment ecosystem.
Touchstone will contribute its global network of investors and strategic partners and expertise in identifying, investing in and scaling technology companies, strengthening corporate governance and supporting international expansion.
HCM VIF, the city’s first venture capital fund established as a joint-stock company with direct state budget participation alongside private-sector shareholders, will provide matching domestic investment capital.
VIFC-HCMC will serve as the programme’s coordinating body, facilitating investment structures, access to regulatory sandboxes, pilot programmes, licensing and investment incentives. It will also connect portfolio companies with government agencies, infrastructure providers and strategic partners to help test, commercialise and scale innovative technologies.
The programme will focus on seed- to growth-stage technology companies in key sectors, including AI, biotechnology, healthcare, manufacturing, renewable energy, climate solutions, sustainable agriculture, waste management, the circular economy and smart construction.
Dr. Trương Minh Huy Vũ, vice chairman of the HCM City People’s Committee and Chairman of VIFC-HCMC, said one of the key questions is how to support startups in resource-intensive sectors such as artificial intelligence (AI), core technologies, deep tech, biotechnology and life sciences. A good idea requires not only inspiration but also investment capital, execution capacity and opportunities to expand into new markets.
“This year, we are officially introducing a 1:1 model that works toward a fund-of-funds mechanism. It connects investment funds and brings more resources into the startup ecosystem,” he said.
The partnership will go beyond capital provision, with participating funds collaborating on research, product development, business models and a co-investment mechanism. It is among the first initiatives to promote cooperation between venture capital funds in Việt Nam, he added.
Ngô Thùy Ngọc Tú, general partner of Touchstone Partners, said the model would bring together public and private, and domestic and international partners to manage investment risks and attract additional capital for innovative businesses.
“By combining our market insights, industry networks, and an enabling policy framework, we aim to back companies that can deliver strong triple-bottom-line results aligned with Touchstone’s investment philosophy,” she said. — VNS
