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US venture capital fund invests in more Vietnam firms

US International Data Group (IDG) Ventures Vietnam – a local pioneer venture capital fund – Wednesday announced its plan to invest in three more joint stocks companies in the country.

IDG did not disclose the total capital to be invested in the three companies, namely the electronic payment transaction services provider VinaPay, online music provider YeuAmNhac (YAN) Joint Stock Company and Internet entertainment service provider Cyworld Vietnam.

VinaPay is the first-ever Vietnamese mobile payment platform that offers electronic transaction services to mobile operators, banks, retailers and end-users, facilitating cashless business transactions.

YAN company, that operate the website www.yeuamnhac.com, was founded in 2003.

The website has served as a dynamic portal for music news and gossip, fan clubs, music reviews, community contests and offline events including music awards and love music contests.

Cyword Vietnam is a premier network and online community that features information on international brands.

It offers integrated services including chat, picture sharing and music.

IDG Venture Vietnam has invested in 14 companies with a total US$20 million to date since its establishment in Vietnam in 2004.

A representative of IDG said most of the companies that have benefited from their investment have grown steadily, with annual growth rates of 20 -30 percent, particularly online games provider Vinagame.

Burgeoning Internet use in Vietnam has fueled the fund’s keen interest in internet value-added services companies, with IDG planning to invest in six more companies between now and year’s end.