Ho Chi Minh City, Vietnam-based VinaCapital Group has teamed up with Silicon Valley venture capital firm Draper Fisher Jurvetson to launch the $50 million DFJ VinaCapital L.P.

The new vehicle will look to help “further expand the Internet penetration in Vietnam” and provide local entrepreneurs with capital to “help nurture important technologies and products developed in Vietnam,” according to Vina, an asset management firm.

The fund’s initial focus will be in the areas of wireless communications, broadband applications for consumers and privatization of state-owned telecom spin-offs. The fund has already invested in a Vietnamese Internet portal and has provided capital to the company to capitalize to expand into new segments, growing nationally, and bolster its sales and marketing activities, according to the firm.

In a statement, Tim Draper, founder and managing partner of DFJ, said, “Vietnam is now ripe and ready for venture capital investing, and here, we at DFJ have decided to pursue the obvious opportunity created by the opening up of this extraordinary and very entrepreneurial country."

VinaCapital is currently managing over $500 million in assets and employs over 80 professionals in Ho Chi Minh City, Hanoi and Hong Kong. Draper Fisher Jurvetson, founded in 1985, has offices in more than 30 cities around the world and is managing some $3.5 billion in assets.