IDG Ventures Vietnam, IT Farm move into semiconductor
08-MAY-2008 Intellasia | Vietnamnet
May 8, 2008 - 7:00:00 AM
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The venture capital funds IDG Ventures Vietnam (IDGVV) and Japan's IT Farm Corp have announced their investment in Global Equipment Services Joint-Stock Co (GES) to assist in semiconductor plans in HCM City's Saigon Hi-tech Park.
GES's chief executive officer Don Tran said the funds would help provide full production services to customers of the joint venture between US and Vietnamese partners, which specialises in semiconductors, fluoropolymers, and solar energy equipments.
"The finance and experience of the funds will facilitate GES's investment in equipment used for semiconductor production in Vietnam and expand the customer system globally," Tran said.
The funds did not disclose their investment in GES. However, IDGVV's general director Nguyen Bao Hoang said the investment in GES was the leading project in the list of 25 projects invested by IDGVV.
Hoang stressed that the investment in GES marked a milestone of IDGVV's expansion into semiconductor production.
IT Farm Corp is a Japanese venture capital fund that supports the establishment and development of young global enterprises in information technology, especially private firms in their early stages of development.
Morio Kurosaki, President and CEO of IT Farm Corp., said semiconductor and solar energy were among the prioritised technology fields that need continuous investment for developing services, and enhancing competitiveness.
"We target such a market segment, so we are willing to back GES's ambitious plans," Kurosaki said.
So far, GES has mobilised funds to build a production and technology centre covering more than 30,000 square metres in HCM City's Saigon Hi-tech Park in District 9 to support its global business plans.
Founded in June 2006, GES follows a complete process of production, design, and operation of semiconductor production, Fluoropolymers Division, and solar energy equipments. The US-headquartered company has branched out to Japan, Taiwan, and Vietnam.
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