Australian Ambassador to Vietnam Robyn Mudie (Photo: Thanh Sang/VNA)

The amount raises Australian investment in the Vietnamese technology startup market to 70 million AUD.

Addressing a ceremony to announce the funding in Ho Chi Minh City on  Tuesday, Australian Ambassador to Vietnam Robyn Mudie said the investment reflects Australia’s commitment to helping young entrepreneurs expand their business and have a  positive influence on the environment and society.

The investment in AVV provides startup capital for new companies, who creates new jobs, increase total income, and help post-pandemic economic recovery, she said.

Ambassador  Mudie said the investment will advance the priorities of the Australia-Vietnam Enhanced Economic Engagement Strategy, doubling bilateral trade and redoubling Australia’s efforts to help Vietnam upgrade itself from a marginal market to an emerging one.