Socialist Republic of Vietnam

(03/27/2004 -- 20:54GMT+7)

Ha Noi, Mar. 27 (VNA) - The International Data Group (IDG) will increase its new venture capital fund for Vietnamese start-ups to 100 million USD and extend the reach of its publishing operations here.

San Francisco's IDG Ventures company chairman Pat McGovern informed reporters on Friday.

McGovern, who came to Viet Nam this week to open a Ha Noi office and sign publishing agreements with Vietnamese officials, said the fund will support 40 newly-formed enterprises in the form of direct investment.

Of the sum, 15 million USD will be invested in biotechnology, which will help train and create between 10,000-12,000 skilled workers.

IDG will also invest an additional 20 million USD in its Vietnamese magazine ventures, McGovern said.

McGovern signed a memorandum of understanding with the Ministry of Science and Technology to launch publications focusing on electrical engineering and biotechnology.