Vietnam’s listed Vingroup has established Vingroup Ventures, a 70 per cent-owned subsidiary, with the registered business operation of consultancy and support services.
Vingroup has made a spate of announcements recently to boost technology development, including setting up a software unit VinTech, big data and hi-tech R&D centres, partnership with over 50 universities in Vietnam, smartphones manufacturing subsidiary VinSmart and a proposed venture capital fund.
It is unclear whether the proposed venture capital fund will be operated by Vingroup Ventures. The conglomerate had said earlier that the fund would have a corpus of $300 million.
The newly-formed subsidiary Vingroup Ventures will have an equity capital of VND70 billion, Vingroup said in a regulatory filing without revealing further details.
Meanwhile, according to the government’s corporate information portal, former VinaCapital executive Thai Van Linh has joined Vingroup Ventures as CEO. She has a 10 per cent interest in the new company, while the remaining shares are owned by an individual named Nguyen Hong Quan. Linh was VinaCapital’s head of strategy and operations. She is also known as a Shark Tank judge and founder of several businesses.