IDG to increase investment in Viet Nam's IT sector

18/07/2006 -- 4:27 PM

Ha Noi (VNA) - The International Data Group (IDG) will continue to invest in Viet Nam's young potential IT companies after the country joins the World Trade Organisation (WTO), said IDG Chairman Patrick McGovern. McGovern highly appreciated the development of the Vietnamese information technology market. According to the IDG's annual surveys, Viet Nam has always been among the countries with the highest IT development growth rates in recent years, achieving an annual market growth rate of 20 percent and the number of readers of IT publications has increased by 25 percent annually. He said that when Viet Nam joins the WTO, regulations on limitation of shares held by foreigners in Vietnamese businesses will be removed, which together with the Vietnamese Government's strong commitment to personnel training for the IT sector, will enable IDG to pour more investment into Vietnamese companies. IDG is one of the first major US groups to enter Viet Nam and is also among the first groups to launch a venture investment fund in Viet Nam with a capital of 100 million USD. The group has invested in nine Vietnamese companies with a total investment of 12 million USD. The companies have obtained growth rates ranging from 20-30 percent. It plans to invest in about 35 other companies in the next five years.-Enditem
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