Vietnam’s startup ecosystem is experiencing explosive growth, with 5,500 companies now in operation and a staggering $3.2 billion raised in funding. This surge cements the country’s position as a rising star in the world of venture capital and innovation.
A recent analysis reveals that over 60% of these startups were established between 2015 and 2025. The last five years have been particularly fruitful, accounting for nearly three-quarters of all-time funding – a whopping $2.3 billion. The year 2021 stood out as a banner year, with $1.2 billion raised, spearheaded by notable companies like Tiki, VNLIFE, and MoMo.
The twin pillars of Vietnam’s startup revolution are Hanoi and Ho Chi Minh City. These urban hubs are home to over 4,000 startups, split almost evenly between them. Ho Chi Minh City leads in funding, having secured $1.8 billion, while Hanoi follows closely with nearly $1 billion.
Venture capital has been the lifeblood of this growth, accounting for over 90% of funding between 2020 and 2025. More than 290 firms have invested in Vietnamese startups, with CyberAgent Capital leading the pack with 24 rounds. The ecosystem has also witnessed nine mega-rounds exceeding $100 million each, with MoMo claiming three of these.
Vietnam now boasts six unicorns – Tiki, MoMo, Sky Mavis, VNPAY, VNLIFE, and VNG – spanning sectors from e-commerce and fintech to gaming and blockchain. These success stories exemplify the diversity and innovation driving Vietnam’s startup narrative.
The ecosystem’s vibrancy extends beyond unicorns, with several high-growth companies collectively raising over $400 million. Startups like Sendo, OnPoint, Telio, Thuocsi, and Nhi Dong 315 are making waves in various sectors, from e-commerce to healthtech.
The startup landscape has also seen 76 exits, including 52 acquisitions and 24 IPOs. Notable deals include Central Group’s $1.05 billion acquisition of Big C and Nguyen Kim Group, and Sea Limited’s $64 million Foody takeover.
This remarkable growth is attributed to supportive government policies, thriving urban clusters, and significant venture capital inflows. Initiatives like Vietnam Silicon Valley and the National Technology Innovation Fund have laid a solid foundation for this startup boom.
As Vietnam’s startup ecosystem continues to flourish, it’s clear that the country is rapidly becoming a major player in the global innovation landscape.Vietnam’s startup scene explodes with 5,500 firms, $3.2B in funding, and 6 unicorns. Hanoi and Ho Chi Minh City lead the charge in this thriving ecosystem.
