Vingroup jumps into startup investing with $150m Vietnam fund

Owner of EV maker VinFast adds venture arm amid national $35bn goal

Vietnam's richest man, Pham Nhat Vuong, the founder of Vingroup, is beginning to invest in tech companies in Southeast Asia. (Source photos by Reuters)

LIEN HOANG, Nikkei staff writer

October 29, 2024 18:01 JST

HO CHI MINH CITY -- Vietnam's largest conglomerate, Vingroup, has established a $150 million venture arm, adding to a sprawling empire of businesses from electric vehicles to real estate.

The VinVentures Technology Investment Fund will back startups in artificial intelligence, chips, and cloud computing, the company started by Vietnam's wealthiest man, Pham Nhat Vuong, said on Monday. While Vingroup's own EV startup, VinFast, has yet to turn a profit, the group's subsidiaries are "potential customers" for VinVentures investees, said Le Han Tue Lam, CEO of the fund.