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IDG Ventures invests in first two firms in Vietnam

IDG Ventures Vietnam on Friday marked the launch of US$100 million venture capital fund by announcing its investments in two Hanoi-based information technology companies. Speaking at the opening of the IDG Ventures office in HCMC, General Director Nguyen Bao Hoang said IDG Ventures had chosen PeaceSoft Co. and iSphere Co. because of their dynamism, creativeness and young staff. Their business plans are clear and viable, he said but declined to unveil how much IDG Ventures would inject into the two companies. He told the Daily that IDG Ventures targeted young enterprises with business ideas or products holding great growth potential and that profitability was certainly one of the criteria.

PeaceSoft’s website at www.chodientu.com is holding potential for stronger growth given the company’s e-commerce development drive. For iSphere, IDG Ventures’ investment will go to developing infrastructure and brand names, and expanding operations and sales in Vietnam and South Korea. Hoang said he would sit on the management boards of the two companies. IDG Ventures will also assist them in human resource and market development, he said. PeaceSoft was founded in 2001 by a group of students in Hanoi, specializing in solutions for education, health, insurance, administrative management and telecommunications. iSphere is a U.S – invested enterprise set up nine months ago to deploy web-based and enterprise applications in the Vietnamese and Korean markets