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IDG pledges to promote Vietnam’s image abroad

Patrick McGovern, board chairman of IDG (C), Nguyen Bao Hoang, general director of IDG Ventures Vietnam (R), and Le Hong Minh, board chairman of VInaGame pose for photographers at VinaGame’s headquarters in HCMC

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(SGT-HCMC) The International Data Group, or IDG, will run programs to promote Vietnam’s images, thus contributing to Vietnam’s effort to enter the WTO, IDG board chairman Patrick McGovern told reporters on Friday.

“Via our own communications channel, IDG will lay emphasis on introducing Vietnam’s images and potentiality to the U.S. mass media agencies during Prime Minister Phan Van Khai’s forthcoming visit to the U.S.,” he said.

Patrick McGovern visited Vietnam last week on the occasion of the CIO Indochina Conference and Banking Vietnam 2005 that took place in Hanoi. On Wednesday in Hanoi, IDG Ventures Vietnam announced decisions to invest in two IT companies, namely VinaGame and VietnamWorks.com.
The chairman then flew to HCMC on Friday.

He affirmed IDG was willing to invest US$100 million in startup companies in Vietnam, with 35% earmarked for IT and software development, 20% for telecommunications and service infrastructure, 15% for the Internet, 15% for new technologies and 15% for biotechnology.

IDG Ventures Vietnam officially operated in August 2004 and has now opened two offices, one in Hanoi and another in HCMC. Up to now, IDG Ventures Vietnam has invested US$5 million in four IT companies PeaceSoft, iSphere, VinaGame and VietnamWorks.com.

Nguyen Bao Hoang, general director of IDG Ventures Vietnam, said at the same press briefing that the fund would invest in four to six companies from now to the end of the year.