IDG Hearts Vietnam: Announces Two New Funds

Looking to invest in Vietnam? You might call on IDG, which is opening two more IT-focused venture funds in the country, according to the Vietnam Economic Times. The paper talked yesterday with IDG’s chair Patrick McGovern, who said that with yearly growth of 20 percent, Vietnam’s IT and telecommunications market has become of one world’s most attractive.

The first, $150 million fund, slated to begin investing next year, will look for seed and early-stage startups. IDG intends to set aside another $250 million to be deployed beginning in 2012 and will back comparatively mature companies in IT as well as in healthcare and retail.

IDG has been investing out of Vietnam since 2004, when it established IDG Ventures Vietnam, which claims to be the first venture fund in the country. The $100 million fund has invested that capital both locally and globally, including in the digital media platform company DMS Group, with offices throughout Asia, including Vietnam, Singapore, Thailand, and the Philippines; the education Website; and the Vietnamese mobile payment platform Vinapay.