KVision, Kasikornbank’s investment holding company, announces that it will take a sum of US$100 million from its current startup investment budget of US$245 million to be invested into Thai startups entering Vietnamese market, as reported by Nation Multimedia.

The sum will be taken from KVision’s current startup investment budget of US$245 million. The company said that the rest of the budget will go to funding Thai and foreign startups in the ASEAN region.

With the mission targeting startups who want to operate in Vietnam, KVision has joined hands with the Vietnamese government to support Thai startups in Vietnam. KVision signed a cooperation agreement with the Vietnamese government’s Business Startup Support Centre (BSSC).

“BSSC’s understanding of their home market will help Thai startups thrive in the Vietnamese business ecosystem,” said Pattarapong Kanhasuwan, Chairman of KVision.

KVision shared their finding that investment in startups in Vietnam has reached US$889 million in 2018, which three times its figure in the previous year.

Also Read: Blockchain-powered ride-hailing app TADA officially launches in Cambodia

“This makes Vietnamese market just like a “Greenfield”, offering ample business opportunities for new ventures. In investing in Thai startups that will enter the Vietnamese market, we are not looking for investment returns. Instead, we are investing in the long-term for future business partners, as we plan to eventually become a regional bank in ASEAN,” Pattarapong said.

KVision said it will particularly target fintech and e-commerce startups, which are in-line with the market trend of Vietnam.

BSSC expects 20 Thai startups to enter the Vietnamese market in the upcoming year.