Golden Gate Ventures, Access Ventures, Burda Principal Investments, 500 Startups, Jungle Ventures, and Cyberagent Ventures, among others, have signed an agreement with Vietnamese government to commit VND10 trillion (US$425 million) investment in Vietnamese startups for the next three years, as reported by DealStreetAsia.

The agreement took place at the Vietnam Venture Summit, a collaboration initiated by Vietnam’s ministries of investment and technology and science, with Golden Gate Ventures on Monday, June 10, 2019.

Vietnam Venture Summit seeks to connect investors to work together. During the event, it’s reported that there were several other partnerships being signed off, including an MoU between the Ministry of Investment and Planning and Golden Gate Ventures to support the growth of Vietnamese startups, followed by another tie-up between the ministry and SGInnovate to develop deep tech companies in the country.

At the summit, Vina Capital also has entered into an agreement with US$1 billion-worth Mirae-Naver Asia Growth Fund, in which Mirae Asset invests an undisclosed amount in VinaCapital Ventures and Naver to provide access to its portfolio companies to facilitate their expansion plans.

The summit also witnessed a US$1.4 million investment made by South Korean venture firm DTNI into Insignia Ventures-backed real estate platform Propzy.

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“Vietnam is getting more attention from international investors and we believe there will be enough opportunities for them to deploy the committed capital,” said Pham Hong Quat, director of the Ministry of Science and Technology’s market development division.

In 2012, Vietnam had about 400 startups, and last year, it’s recorded that the number had reached around 3,000 with US$890 million funding happened in 2018.

Vinnie Lauria, the founding partner of Golden Gate Ventures, highlighted that although the country still presents challenges in the investment procedures, the number of VCs willing to commit investments into the country is a testament that Vietnam has become one of the key strategic markets in the region.