Ascend Vietnam Ventures (AVV) is seeking to invest $6 million over the next six months, while Hong Kong-based Lalamove has ventured into Vietnam’s ride-hailing sector.
AVV to deploy $6m in 6 startups over 6 months
Ascend Vietnam Ventures (AVV) is looking to invest $6 million over the next six months in six companies, focusing on supporting the growth of startups in Vietnam, particularly those leveraging cutting-edge technologies such as AI.
With cheque sizes ranging from $500,000 to $2 million, the fund is interested in startups with AI-driven solutions or software-as-a-service for traditional sectors like accounting, logistics and manufacturing, or pioneering high-tech arenas such as agentic AI infrastructure and or cybersecurity.
In 2022, DealStreetAsia first reported that AVV closed its flagship, early-stage venture capital fund at $64 million. AVV is led by Thai and general partner Binh Tran, who is also a partner at 500 Vietnam.
Lalamove enters Vietnam’s ride-hailing market
Hong Kong-based Lalamove has ventured into Vietnam’s ride-hailing sector, expanding beyond its delivery services after eight years.
Nguyen Hai Dang, Lalamove Vietnam’s managing director, told local media VnExpress that the move addresses demand for cost-effective travel and aims to boost driver incomes, with plans to expand to other regions soon.
Founded in Hong Kong in 2013, Lalamove is an on-demand delivery firm that provides immediate and scheduled courier services through motorcycles, vans, and trucks.
Entering Vietnam in 2017, Lalamove has focused on 24/7 delivery services for individuals and businesses, primarily in Ho Chi Minh City. It offers ride-hailing services in Indonesia, Thailand, the Philippines, and Malaysia.
According to market research firm Mordor Intelligence, the Vietnamese ride-hailing market is expected to reach $880 million in 2024, growing at a compound annual rate of 19.5% to hit $2.16 billion by 2029.
In January, local media reported that European mobility superapp Bolt plans to enter the Vietnamese market, starting with Ho Chi Minh City.
