Founded in 2020 and headquartered in Ho Chi Minh City, Do Ventures is a Vietnam-focused early-stage venture capital firm founded by general partners Vy Le (formerly CEO of Adayroi.com and a general partner at ESP Capital) and Dzung Nguyen (formerly CEO of CyberAgent Capital in Vietnam and Thailand). Both founders bring deep operating and investing experience in Vietnam's tech ecosystem to the firm.
Thesis and investment focus
Do Ventures invests in startups riding Vietnam's next decade of growth, which it sees being powered by the consumer and manufacturing sectors on an AI and climate foundation. Its consumer technology bets span education and upskilling, healthcare and wellness, inclusive financial services, and next-generation consumer brands — serving Vietnam's young, fast-growing middle class. Its manufacturing technology bets cover advanced manufacturing, industrial automation, sustainable supply chains, and next-generation factory solutions, positioned for the global supply-chain shift toward Vietnam. The firm's stated values are "Grow by Doing" — the belief that entrepreneurs who work harder encounter more luck — "Embrace Failure", and "Pioneer the Future". Beyond capital, it offers venture-building and data-driven support across strategy, product, talent, and growth. The fund structures its deployment in two tiers: first, B2C platforms that build an ecosystem around young customers — spanning education, healthcare, and social commerce — capturing Vietnam's young population and fast-growing middle class; and second, B2B platforms, including SaaS and data-management businesses, that create synergies with tier-one portfolio companies and help them scale regionally.
Funds and track record
Do Ventures Fund I announced a first close of US$28 million in 2020 toward a US$50 million target, backed by notable institutional investors including Naver, Sea Group, Vertex Holdings, and Woowa Brothers. The fund invests from seed to Series B, writing cheques of US$500,000 to US$5 million per company — typically leading seed rounds and following on through Series B. Portfolio companies include e-commerce platform OpenCommerce Group, which has raised US$7 million.
What founders get
Founders working with Do Ventures get partners who have personally built and scaled in Vietnam — Vy Le ran e-commerce businesses at Vingroup, and Dzung Nguyen was an early investor in marketplaces like Tiki.vn. That operator DNA, combined with a venture-building approach, makes the firm particularly useful for founders navigating Vietnam's fast-evolving consumer and industrial markets.
Why it matters for founders
For founders building in Vietnam — whether consumer brands, fintech, or manufacturing technology — Do Ventures is one of the most founder-relevant local funds: a true seed leader with serious follow-on capacity and a network spanning Korea, Singapore, and Southeast Asia. If your pitch is about Vietnam's rising middle class or its factory of the future, start here.