Tech Fund to Invest $120M in Vietnam

HANOI, Vietnam (AP) - A U.S. computer publishing company has launched a $120 million venture capital fund to invest in information technology businesses in Vietnam, the company's chairman said Friday.

IDG Ventures Vietnam will invest $100 million in Vietnamese IT outsourcing firms, telecommunications and software producers and another $20 million in publishing Vietnamese IT-focused magazines, said Patrick McGovern, chairman of Boston-based International Data Group, a computer publishing, research and exposition management company.

IDG has opened offices in Hanoi and Ho Chi Minh City, and another in San Francisco, to attract investment from overseas Vietnamese. To date, Vietnam has several foreign-owned investment funds, but none focus on the IT sector.

IDG will also set up several joint ventures with the government to publish Vietnamese-language magazines such as Computer World, Networking World, and Telecoms World, all of which will focus on IT content.

Communist Vietnam doesn't allow private ownership of media. Foreigners can publish newspapers or magazines only through joint ventures with the government.

In the United States, McGovern's IDG publishes Computerworld and PC World, as well as a popular line of how-to books that includes "Internet for Dummies."

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Hhahahhaha... I just read that news 5' ago on Yahoo.

Vietnam should focus on more TECH stuff instead of growing rice.

not many people can afford a college education in vietnam or even pass the entrance exam 'cuz u should know?