VIFC-HCMC, Touchstone Partners and Ho Chi Minh City Venture Investment Fund JSC (HCM VIF JSC) signed an agreement on November 12 to launch a five-year startup co-investment program with capacity of up to $100 million.

The program will use a 1:1 matching model, with Touchstone Partners and HCM VIF contributing up to $50 million each for eligible companies; the partners describe it as Vietnam’s first blended-finance co-investment program of its kind.

Touchstone Partners will bring its international investor and strategic-partner networks, technology-investment expertise, and support for governance and expansion abroad, while HCM VIF will provide matching domestic capital, financial resources and local industry connections.

The fund will target companies from seed to growth stage in areas including AI-enabled innovation, biotechnology and life sciences, renewable energy, climate mitigation, sustainable agriculture, circular-economy solutions and climate-resilient infrastructure.

More broadly, investments will prioritize digital transformation and advanced technologies such as AI and deeptech, alongside the green transition and other technologies with lasting economic, social or environmental benefits.

VIFC-HCMC will coordinate investment structures and help startups access regulatory sandboxes, pilot programs, licensing, administrative support, incentives and public- and private-sector partners.

Truong Minh Huy Vu said the 1:1 model could connect investment funds and build a fund-of-funds mechanism, mobilizing capital for fields such as AI, deeptech, biotechnology and life sciences that need significant resources to scale.

Touchstone Partners General Partner Ngo Thuy Ngoc Tu said cooperation among public and private, domestic and international partners could help manage risk and unlock innovation funding; HCM VIF JSC Chairman Tran Huu Dung said the partnership would combine technology-investment expertise with local industry knowledge.

The agreement builds on a May 2026 cooperation deal involving VIFC-HCMC, Touchstone Partners and Temasek Foundation to support Vietnam’s green transition and connect local innovation with global markets.

Ho Chi Minh City ranked 98th in StartupBlink’s 2026 Global Startup Ecosystem Index and is using VIFC, established under a 2025 National Assembly resolution, to strengthen links with global capital markets and attract international investment.