Malaysia- and Hong Kong-based venture capital firm Gobi Partners is seeking to invest in Vietnam, including through the country’s newly established national venture capital fund, as Hanoi steps up efforts to channel more capital into strategic technology sectors.
A Gobi delegation led by co-founder and chairman Thomas G. Tsao made the proposal during a meeting in Hanoi with Vietnamese Deputy Minister of Science and Technology Vu Hai Quan, where the two sides discussed possible cooperation in startup incubation, semiconductors, artificial intelligence, big data, new energy, and regulatory sandboxes for robots, unmanned aerial vehicles, and AI.
They also discussed the possibility of setting up a joint startup incubator.
Vietnam’s national venture capital fund was created under Decree 264/2025/NĐ-CP, issued in October 2025, providing an initial VND500 billion ($19.1 million) from the state budget, with charter capital targeted to reach at least VND2 trillion within five years through a mix of public funding and contributions from organizations and individuals.
The decree created a formal legal framework for both national and local venture capital funds, allowing the state to co-invest alongside private capital in innovative startups.
Tsao also said Gobi wants to help connect companies in its portfolio to the Vietnamese market, particularly in high-tech industries, as the country tries to build a stronger innovation ecosystem and attract more foreign venture capital.
Founded in 2002, Gobi says it manages nearly $2 billion in assets across more than 20 funds, with over 400 portfolio companies and teams operating from 16 locations.
The move comes as Vietnam’s venture market remains under pressure after a multiyear correction.
VinVentures, the investment arm of conglomerate Vingroup, said Vietnam recorded more than 41 venture deals in 2025 with total capital disbursement of $215 million, down 30% from the market’s 2021 peak.
Separate reporting citing the same outlook said funding in 2025 remained concentrated in a smaller number of larger deals, with the top 10 transactions accounting for 72% of total capital raised.
Still, the government’s decision to seed a national VC fund signals a more interventionist effort to revive startup financing at a time when private investors have become more selective.
For firms such as Gobi, the new fund could offer a way to gain earlier access to Vietnam’s next wave of startups in deep-tech and industrial innovation, while aligning with state priorities in sectors considered strategically important.
Gobi’s interest matters less for the size of the initial state fund and more for what it signals: Vietnam is trying to institutionalize venture capital instead of relying only on fragmented private funding.