Image Credentials: Image Title: Việt Nam Solidifies Status as Premier Tech Investment Hub in Southeast Asia Source: (sora.openai) Date: December 2025. Attribution: This image was created using AI-generated imagery (sora.openai) and does not depict a real-world scene.
By Open Chronicle Staff | December 21, 2025
HÀ NỘI — Việt Nam’s startup ecosystem has reached a pivotal maturity milestone, emerging as a primary destination for global technology capital. According to the Việt Nam Innovation Startup Ecosystem Report 2025, released by the Ministry of Science and Technology on Friday, the nation has transitioned from a decade of foundational growth into a phase of deep international integration and strategic technological mastery.
The report, unveiled during TECHFEST Việt Nam 2025, highlights a robust landscape now home to over 4,000 startups, two established unicorns—MoMo and Sky Mavis—and dozens of “soonicorns” currently scaling toward billion-dollar valuations.
Targeted Growth: The Shift to “Core Tech”
A significant theme in this year’s findings is the government’s shift from broad-based support to targeted investment in high-impact sectors. Lương Văn Thưởng, head of the innovative startup division under the Authority of Startups and Technology Enterprises, revealed that the country aims to produce three to four more unicorns by 2030.
The strategy focuses on 11 strategic technologies, with three identified as top priorities:
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Artificial Intelligence (AI): AI funding surged eightfold in 2024, reaching $80 million.
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Semiconductors: The sector now hosts over 50 chip design firms and 7,000 engineers.
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Green Technology: Driven by the Net Zero 2050 target, opening doors for carbon credits and clean energy.
Financial Catalysts: A New National Fund
To bridge the early-stage funding gap, the government has announced the establishment of a National Venture Capital Fund.
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Initial State Capital: ~US$20 million.
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Target Size: At least $100 million.
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Mechanism: A public-private co-investment model designed to “de-risk” innovation and attract private and international investors.
The 5P Framework
The ecosystem is currently evaluated using the 5P model, which provides a holistic view of the nation’s innovation health:
| Pillar | 2025 Status |
| Policy | Landmark reforms via Decree 198/2025/ND-CP (tax exemptions) and Decree 97/2025/ND-CP (NIC preferences). |
| Progress | Shift from e-commerce to deep tech; pilot carbon credit trading platform set for 2026. |
| Capital | Emergence of regional venture hubs; mid-sized deals ($100M–$300M) grew 2.7x. |
| Planet | Focus on circular economy and plastic innovation despite core tech import reliance. |
| People | Expanded support for women-led startups and integrating STEM into all education levels. |
Emerging Sectors and Sentiment
The report identifies eight promising sectors for 2026: climate tech, the creative economy, age-tech (technology for the elderly), edtech, plastic innovation, women-led enterprises, electric vehicles (EVs), and the overseas Vietnamese (Viet Kieu) startup community.
Notably, the 2025 report utilized social listening analysis for the first time. The findings revealed a “rollercoaster of sentiment”: the year began with anxiety, surged with optimism following mid-year policy breakthroughs, and concluded with a mix of pride in national progress tempered by a crisis of confidence following scandals involving high-profile startup figures.
Despite these fluctuations, the institutional breakthroughs at the Việt Nam National Innovation Centre (NIC) and the centralization of resources in the Southeastern region and Red River Delta continue to position Việt Nam as a formidable contender against regional peers like Thailand and the Philippines.