A framework cooperation agreement signed on November 12 among the Executive Agency of the Vietnam International Financial Center in Ho Chi Minh City (VIFC-HCMC), Touchstone Partners, and the Ho Chi Minh City Venture Investment Fund JSC (HCM VIF JSC) will implement an Investment Coordination and Co-investment Program worth up to $100 million over five years.
The partnership marks a significant step in developing VIFC-HCMC’s investment ecosystem while reinforcing Ho Chi Minh City’s position as an emerging regional startup and innovation hub. It also builds upon a strategic cooperation agreement signed in May 2026 among VIFC-HCMC, Touchstone Partners, and Temasek Foundation to advance Vietnam’s green transition and connect local innovation with global markets.
As a pioneering public-private co-investment model in Vietnam, the program combines international capital with domestic resources. Under the framework, Touchstone Partners will contribute its global investor network, strategic partners, and expertise in sourcing, backing, and scaling technology firms. Meanwhile, HCM VIF JSC, Ho Chi Minh City’s first joint-stock venture capital fund backed by direct state budget contributions alongside private shareholders, will provide domestic matching capital.
VIFC-HCMC will coordinate the program, facilitating investment structures within the international financial center framework and assisting startups in accessing regulatory sandboxes, pilot programs, licensing, administrative procedures, and investment incentives. It will also connect portfolio companies with regulators, public agencies, infrastructure developers, industrial parks, and strategic partners to commercialize and scale new technologies.
Investments will target three core areas: digital transformation and advanced technologies, including artificial intelligence (AI), core technologies, and deeptech; green transition and sustainable development, covering green economy and climate adaptation solutions; and other innovative technologies generating sustainable economic, social, and environmental impact.
Speaking at the signing ceremony, Dr. Truong Minh Huy Vu, Vice Chairman of the Ho Chi Minh City People’s Committee and Chairman of the VIFC-HCMC Executive Agency, stressed the importance of supporting startups in resource-intensive fields such as AI, deeptech, biotechnology, and life sciences.
He introduced a 1:1 matching approach aimed at developing a fund-of-funds mechanism to pool venture capital resources.
“This partnership goes beyond capital provision to encompass joint research, product development, business model building, and co-investment mechanisms, pioneering fund-to-fund collaboration in Vietnam's venture capital sector,” Mr. Vu affirmed.
Ms. Ngo Thuy Ngoc Tu, General Partner at Touchstone Partners, noted that linking public and private, domestic and international partners helps manage investment risk and unlock fresh innovation capital.
Mr. Tran Huu Dung, Chairman of HCM VIF JSC, added that combining seasoned tech investment expertise with local industry insights will build a resilient portfolio driving an innovation-led economy.
Ranked 98th globally in StartupBlink’s 2026 Global Startup Ecosystem Index, Ho Chi Minh City is leveraging VIFC, established under a 2025 National Assembly resolution, to deepen global capital market integration and channel international funds into Vietnam.
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