According to the Australian Embassy in Vietnam, the Australian government has invested 4.9 million AUD (3.53 million USD) in Vietnam's venture fund Ascend Vietnam Ventures (AVV) to help local entrepreneurs.

Ambassador Mudie, Consul-General Hooper and Economic Counsellor David Gottlieb met Ascend Vietnam Ventures team at the launch. Photo: Dan Tri International

Total Australian private investment in the rapidly growing Vietnamese technology startup market now stands at 70 million AUD (50.52 million USD).

The investment aims to realize Australia's commitment to helping young entrepreneurs, including women entrepreneurs, expand their business scale and make a positive impact on the environment and society, according to Australian Ambassador to Vietnam H.E. Robyn Mudie, who spoke at a ceremony to announce the funding in Ho Chi Minh City on February 22.

Australian Dollar. Photo: VNA

The Australian Ambassador pointed out that Vietnam is one of the fastest-growing economies in Southeast Asia, with notable successes in the development of women-led businesses, according to VNA.

Robyn Mudie stated that the COVID-19 pandemic has had a negative influence on women-led businesses, but that Vietnam's rapid growth will provide significant opportunities for women entrepreneurs to maximize their potential.

According to Ambassador, the investment in AVV intends to offer initial financing for newly-established businesses, assisting in the creation of new employment and increasing income during the post-pandemic economic recovery.

"Providing seed funding for early-stage enterprises through our new investment with Ascend Vietnam Ventures (AVV) will help create new jobs and higher incomes as the economy recovers from the impacts of COVID-19," stated Australian Ambassador Robyn Mudie on Dan Tri International.

One kilo of Vietnamese fresh lychees is sold for US$2,254 at a special auction in Perth City of West Australia. Photo: VNA

The investment, according to the ambassador statement, will help Vietnam achieve the goals of the Australia-Vietnam Enhanced Economic Engagement Strategy, increasing bilateral trade and bolstering Australia's efforts to help Vietnam transition from a marginal to an emerging market.

"The investment also supports priorities under the Australia-Vietnam Enhanced Economic Engagement Strategy to double two-way investment and adds to the support Australia is providing to Vietnam to upgrade its capital markets from frontier to emerging status," stated Australian Ambassador Robyn Mudie on Dan Tri International.

AVV provides financial assistance and other support to new businesses in Vietnam, with a concentration on women-led enterprises in key industries such as education, financial services, and health care. Australia's funding will enable AVV to focus on female entrepreneurs and enterprises that benefit women, resulting in significant social outcomes and high profits.

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