HCM VIFHCM VIF

For startups

The City's capital accompanies technology startups 

HCM VIF is the City's venture capital fund, operating under the public-private partnership model. This page helps your business determine a roadmap for working with the Fund that suits your current needs.
Check for suitabilitySubmit capital call documents
Technology founder working with the team at the lab at Ho Chi Minh City

Prepare before submitting documents

Four questions need to be answered first

Compare with the Fund's investment criteria
  1. 01

    What market problem are you solving?

    State in one sentence: what market problem does your technology or approach solve that existing solutions do not yet solve, and what makes that advantage difficult to copy.
  2. 02

    Why this team?

    What do you have to believe that you can go a long way with this problem: expertise, time, or learned failures?
  3. 03

    Who will pay for this solution?

    Point out specific customers first, then explain the path from there to the big market.
  4. 04

    How transparent are you willing to be?

    From the appraisal round onwards, finances and ownership structure will be carefully reviewed. Businesses should prepare for this early.

Required set of documents

09 documents and when the Fund needs them

  • Pitch deck

    Submit right from the start. Ten to fifteen slides are sufficient for the screening round.

  • One sentence summary

    Submit with pitch deck. One sentence clearly states what problem you solve and for whom.

  • Legal entity profile

    It is necessary from the legal appraisal step: registration certificate, charter, industry.

  • Technology proof

    Needed at the technology appraisal step: prototype, MVP or patent.

  • Traction data

    Prepare for the first exchange: users, revenue, pilot, contract.

  • Profile of the founding team

    Bring to the table: expertise, role and full-time level.

  • Financial model

    Needed at the financial appraisal step, not needed when submitting the application.

  • Cap table

    Needed in the financial appraisal step and when negotiating terms.

  • Capital use plan

    Necessary when negotiating: each capital portion is tied to each milestone and for how long.

Only the first two documents are required when submitting the application. The remaining amount is paid gradually when required by the Fund.

Investment review process

Once submitted, the application goes through eight steps

  1. 01

    Receiving documents

    Automatically

    What happens

    The system records records and provides you with a tracking code.

    Outcome of this step

    You have a profile code to look up and add later.

    Expected duration

    Immediately upon sending

  2. 02

    Initial screening

    HCM VIF

    What happens

    The investment team compares documents with the Fund's priority areas and investment stages.

    Outcome of this step

    Records are classified into the continue or stop group.

    Expected duration

    The first few weeks

  3. 03

    First exchange

    Both sides

    What happens

    A meeting or call for the Foundation to gain a deeper understanding of the problem, solution and team.

    Outcome of this step

    Preliminary assessment of file priority.

    Expected duration

    After screening

  4. 04

    Technology appraisal

    HCM VIF

    What happens

    The Fund verifies the technological depth and commercialisation of the solution.

    Outcome of this step

    Conclusion on technological capacity and market opportunities.

    Expected duration

    Appraisal phase

  5. 05

    Financial & legal appraisal

    HCM VIF

    What happens

    Review the legal entity, financial model, ownership structure and level of governance transparency.

    Outcome of this step

    Risk picture and preliminary valuation.

    Expected duration

    Parallel to step 04

  6. 06

    Negotiate terms

    Both sides

    What happens

    The two parties agree on the investment form, valuation, rate, rights and obligations.

    Outcome of this step

    Term sheet is agreed upon by both parties.

    Expected duration

    After appraisal

  7. 07

    Investment approval

    HCM VIF

    What happens

    The Fund's competent authority makes the official investment decision.

    Outcome of this step

    Investment decisions with pre-conditions.

    Expected duration

    According to approved schedule

  8. 08

    Signing & disbursement

    Both sides

    What happens

    Complete legal procedures and disburse capital according to the agreed plan.

    Outcome of this step

    Capital is disbursed, starting to accompany after investment.

    Expected duration

    When eligible

The fund is not yet operational, so the time commitment for each step has not been announced. The above milestone is the expected sequence.

After entering the directory

The Fund's support does not stop at capital

See the full support ecosystem

Access to research infrastructure

The City's laboratories, testing facilities and experts — resources that early-stage startups find difficult to equip on their own.

Long-term companion advisor

Technology, business and management consultants accompany you on decisions your business has never had to make.

More favourable policies

Support access to the City's preferential policies on taxes, high-tech premises and human resources.

Connecting investors to the next round

The fund opens a network of domestic and international investors so that businesses do not have to start from scratch in the next funding round.

Check yourself before sending

Tools you should use before submitting your application

See all tools
Submit profile

Send capital call documents to HCM VIF

Please prepare your pitch deck and project summary to get started. Sending the dossier is the opening step in the review process according to announced criteria, not binding on the investment commitment of both parties.
Submit capital call documents