IDG Ventures Eyes 21st Investment in Vietnam Firms

The American fund IDG Ventures Vietnam is planning to pour big investment into the San Pham Viet (Vietnamese Products) Joint-Stock Company to help the company improve infrastructure and services, state media has said.

 

The company will be the 21^st Vietnamese companies that IDG Ventures has invested in, said the fund’s General Partner Rachan Reddy, adding that it sees big business potentials in the investment.

 

“We’re pleased to have IDG as a strategic shareholder. Its funding will help us improve our competitiveness and provide better support to our clients,” said SPV chief executive officer Huynh Van Chuong, adding that his company plans to market the www.Vietnamb2b.com website to a wider clientele.

 

The website offers an online business-to-business trading platform for local and foreign enterprises. After over a year in operation, the website has attracted more than 20,000 companies with 60 per cent of its members being Vietnamese. The remaining members are from 60 countries and territories.

 

IDG Ventures entered Vietnam in March 2003, specializing in IT industry businesses. It has to date invested US$100 million in the local market. (Young People)