Vietnam startup funding down 17% to $529 mln in 2023, 3rd in Southeast Asia
Vietnamese startups secured $529 million in total funding in 2023, a 17% decline from the previous year, according to the 2024 Vietnam innovation and tech investment report released Friday.
The number of deals also went down 9% year-on-year to 122 last year, 59 in H1/2023 and 53 in H2/2023, according to the report compiled by the National Innovation Center (NIC) and local early-stage venture capital firm Do Ventures.
However, due to smaller deal sizes, the total H2 value was $219 million, lower than H1’s $310 million.

Vietnamese startups landed $529 million in funding through 122 deals in 2023. Photo courtesy of Genesis Fund Management.
In Southeast Asia, Vietnam maintained its third position in both deal count and value, following Singapore and Indonesia.

Deal volume and value secured by Vietnamese startup in 2013-2023. Source: Vietnam innovation and tech investment 2024 report by NIC and Do Ventures.
The distribution of late-stage deals and mid-to-early deals remained relatively consistent compared to the trends observed in 2022. Deals valued at $10 million and beyond logged a total value $366 million in 2023, accounting for 69% of the total investment.
Healthcare was the most funded sector, receiving a record-high $184 million, a remarkable growth of 391% over the previous year. Education also saw a record-breaking $67 million investment, up 107% year over year.
Nearly 100 investors backed Vietnamese startups last year. Singapore was the most active investor in Vietnam’s tech sector, with 22 deals, followed by Vietnam with 21.
There were fluctuations in activity and capital in Vietnam’s IPO market from 2016 to 2023. The IPO market was robust in 2016, with 38 IPOs raising $195 million; and peaked in 2018, with a record $4.67 billion million raised through 33 deals.
This was followed by a steep drop in both IPO volume and value. In 2023, the market saw just three IPOs that raised a modest $7 million and a combined market capitalization of $37 million.
Last year, Vietnam was 46th among 132 economies featured in the 2023 Global Innovation Index (GII), moving up two notches from the previous year, according to the World Intellectual Property Organization (WIPO).
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