By Quynh Nguyen
PHI Group has entered into an agreement with Hanoi MHD Invest Joint Stock Company to set up the fund in Vietnam
Other Asian investors that joined the round include SoftBank Ventures Korea, Daiwa PI Partners, SKS Ventures, BEENOS, eContext Asia, FPT Group and Beenext.
During 2021-2025, Vietnam will reduce state ownership from 65% to 51% and set a schedule for listing of Vietcombank, BIDV and Vietinbank.
The startup will use the funds to acquire more talent and develop its platform further as it looks to scale up operations.
JAMJA earlier received investment from Foody.vn and homegrown venture capital firm ESP Capital.
MEF II has divested 100% of its final remaining investment, resulting in the Fund achieving a net return multiple of 4.5x and net IRR of 22.5%.
VinaCapital has teamed up with Ryerson Futures (RFI) to set up Zone Startups Vietnam to support the entrepreneurial ecosystem.
Vietnam has so far licensed around 10 wholly foreign-owned banks, such as HSBC, StanChart, Hong Leong Vietnam, CIMB Vietnam
The State still holds 65 per cent stake in Vinalines after the IPO while Vietcombank plans to sell its stake in MB Bank and Eximbank this year.
The JV will be set up in Vietnam as a network of dental facilities and dental clinics.