The Mekong Enterprise Fund II will focus on investing in private Vietnamese companies that will be listed on the country's securities floors, with average investment capital of US$3 million for each project.

The fund's managers say investment will focus on well-managed private companies with high growth rates, involved mainly in manufacturing and distribution.

The fund's investors include the Asian Development Bank (ADB), the Netherlands Development Finance Company (FMO), and other financial institutions and private investors.

The Mekong Enterprise Fund I, with capital of US$18.5 million, was launched in 2002. The fund has so far invested in ten private companies, including Tan Dai Hung Plastic Company; AA Construction Architecture Corporation and Lac Viet Computing Corporation.