Vietnamese startups still a venture capital magnet
Vietnam’s tech startup scene has continued to attract venture capital (VC) investments, pushing the country further towards its aim of becoming a fully digital society by 2030.
South Korea-based Shinhan Venture Investment is planning to increase its Southeast Asia focus with the $200-million flagship global fund that it completed raising a few months ago, Nikkei Asia reported Wednesday.
Of the flagship fund, around 50% will be allotted to Southeast Asia, 30% to the U.S. and other countries and 20% to South Korea, JinSoo Lee, head of global investment at the fund told the Japanese newspaper.
"We are focusing on Southeast Asia, especially Indonesia, Singapore and Vietnam. We are sector- and stage-agnostic, and our investments span from seed to pre-IPO. Our strength is that we can leverage our subsidiaries, such as banks, insurance and credit cards in Vietnam, Indonesia and Japan to support our founders and help them expand to other regions,” he said.
The Shinhan global flagship fund has already closed a few deals in Southeast Asia, including one for Singapore-based Speedoc, Indonesia's aquaculture startup eFishery and insurtech specialist Pasarpolis, Nikkei Asia reported.
The fund’s limited partners include Shinhan Bank, Shinhan Card, Shinhan Investment Bank, and Shinhan Life.

A South Korea office of Shinhan Financial Group, the parent corporation of Shinhan Venture Investment. Photo courtesy of the group.
In February, VinaCapital Group’s technology investment arm VinaCapital Ventures announced it was investing $1 million in Koina, a Vietnam-based data-driven farm-to-business agriculture technology platform.
Hoang Duc Trung, partner at VinaCapital Ventures, explained: “Koina’s mission is to be an innovative hub in Vietnam’s agriculture sector. With the Vietnamese government promoting green, environmentally friendly agriculture, we hope to play a part in improving the supply chain and Vietnamese farmers’ lives.”
As per the national strategy on digital transformation announced in 2020, the digital economy’s share of gross domestic product will increase to 20% by 2025.
Vietnam hopes that focusing on digital economy growth will help it realize its vision of becoming a high-income economy by 2045.
This is backed by the World Bank, which says: “If digital sectors expand by about 10% every year, the cumulated monetary gains for the Vietnamese economy will exceed $200 billion over 2021-2045, or about the size of the country’s current GDP.”
In 2021, new startup support centers were announced in Hanoi, Danang and Ho Chi Minh City. A year later, a roadmap for boosting innovation in science was revealed, with promises to spend 1% of GDP on scientific research. Another announcement said business innovation surveys would be introduced to monitor the development of startups.
A recent report by venture fund Do Ventures and the National Innovation Center, a unit under the Ministry of Planning and Investment, says Vietnam’s startups attracted a lot of investor interest in 2022. Do Ventures is an early-stage venture capital firm that focuses on making investments in information technology companies in Vietnam and Southeast Asia.
The report ranked Vietnam third in the region in terms of deal count and fourth in deal value last year.
Notably, domestic funds were top investors in local startups last year, accounting for 45% of the total deal value. Ranked by aggregate value, Vietnam fell to fourth position with 8% of the regional total, following Indonesia’s 44%, Singapore with 27%, and the Philippines with 9%. It is worth noting that Singapore and Indonesia had much later-stage investments and little seed/pre-seed, while Vietnam’s seed levels were strong.
Fintech, retail, healthcare, and payments were the most in-demand sectors for funding.
However, total investment in Vietnamese startups was just $634 million in 2022, down 56% from the record high of $1.4 billion in 2021, the report noted.
Deals completed in early 2022 included Sky Mavis with $150 million, OnPoint with $50 million, and Timo with $20 million.
In a recent KPMG-HSBC joint study on Asia-Pacific’s technology-focused startup scenes, Vietnam was ranked one of Asia’s newest and most dynamic.
The number of startups, around 1,600 at the beginning of the pandemic, nearly doubled to 3,000 by the end, including four unicorns: electronic payment solutions provider VNPay; gaming startup-turned-conglomerate VNG; smartphone e-wallet Momo; and blockchain player Sky Mavis, the maker of NFT-based game Axie Infinity.
Other heavyweight names include M Village, which offers co-living housing for young professionals, and TopCV, which focuses on resume creation tools for job-seekers.
Major domestic VC funds
According to Preqin, a privately held London-based investment data company that provides financial data and insight on the alternative assets market as well as tools to support investment in alternatives, the three largest Vietnam-focused VC funds that closed their raising rounds between 2021 and 2022 are the following:
AVV Alpha ($64 million)
HCMC-based Ascend Vietnam Ventures (AVV) closed its flagship, early-stage VC fund AVV Alpha at $64 million in June 2022, exceeding its original target of $50 million.
The fund, dedicated to Vietnam, will seed up to $2 million into 25 start-ups, in verticals like blockchain, edtech, fintech, gaming, SaaS (software as a service), wealth management, and wellness. AVV is supported by IFC, the private-sector arm of the World Bank Group.
ThinkZone Fund II ($60 million)

Team members of ThinkZone, a Vietnam-focused VC fund. Photo courtesy of ThinkZone.
Accelerator and VC firm ThinkZone Ventures raised $60 million in February 2022 solely from Vietnamese limited partners; a task rendered very difficult during the pandemic, when overseas outreach became challenging due to travel restrictions.
The fund is set to invest in pre-seed to Series A rounds in fintech, edtech, and e-commerce in Vietnam. Its limited partners include local conglomerates such as IPA Investments, Corporation, Phu Thai Holdings and Stavian Group.
Do Ventures Fund I ($50 million)
Do Ventures raised $50 million in its first fund from South Korean internet leader Naver, Sea (the parent company of Garena and Shopee), and Singapore-based Vertex Holdings.
The fund’s investment targets include business-to-customer and business-to-business platforms, early-stage Vietnamese startups, and it helps traditional businesses digitize faster.
- Read More
Vietnam PM asks Marubeni to expand investment in gas-fired, offshore wind power
Marubeni should expand its activities in Vietnam in the fields of gas-fired and offshore wind power, export of electricity to ASEAN countries, and development of AI and big data, said Prime Minister Pham Minh Chinh.
Economy - Tue, July 15, 2025 | 12:21 pm GMT+7
Vietnam’s wood pellet industry needs production standardization to meet global demand: experts
Businesses should invest in developing dedicated raw material zones to reduce the Vietnamese wood pellet industry’s reliance on secondary supply sources and ensure compliance with legality and sustainability standards, said an expert.
Economy - Tue, July 15, 2025 | 9:18 am GMT+7
Riding out tariff turbulence, investment funds in Vietnam report strong growth gains
Many equity funds in Vietnam have posted strong growth returns, with gains exceeding 30% since the market’s April 10 trough in 2025, data collected by The Investor shows.
Finance - Tue, July 15, 2025 | 9:00 am GMT+7
Singapore supports businesses, workers amid US tariff pressures
The Singapore Economic Resilience Taskforce (SERT) has announced measures to help Singapore companies adapt to a new U.S. tariff.
Southeast Asia - Mon, July 14, 2025 | 10:11 pm GMT+7
Malaysia makes efforts to minimize US tariff’s impacts
Malaysia’s top export to the U.S. - electronics and electrical products - will face the biggest brunt of a 25% tariff hike that the U.S. has imposed on the country, said head of School of Business under the Monash University Malaysia Prof Nafis Alam.
Southeast Asia - Mon, July 14, 2025 | 10:08 pm GMT+7
Thailand faces $6.14 bln export loss if US tariff is 25-36%: forecast
Thailand could lose up to THB200 billion ($6.14 billion) in export value this year if the U.S. imposes new tariffs ranging from 25-36% on Thai goods, according to a forecast from the University of the Thai Chamber of Commerce (UTCC).
Southeast Asia - Mon, July 14, 2025 | 10:06 pm GMT+7
Southern Vietnam province Tay Ninh okays many high-tech agri projects
Tay Ninh authorities recently granted in-principle approvals to a string of high-tech agricultural projects, paving the way for significant development opportunities in the southern province.
Industries - Mon, July 14, 2025 | 10:00 pm GMT+7
Construction ministry backs $1.95 bln port project in southern Vietnam
Geleximco Group's Cai Mep Ha container and general port project aligns with the national master plan and the master plan for Vietnam’s seaport system, according to the Ministry of Construction.
Infrastructure - Mon, July 14, 2025 | 5:09 pm GMT+7
Electric vehicles in Vietnam: 7 years of development and double-digit growth prospect
The shift toward greener mobility has been underway in Vietnam and the local electric vehicle (EV) market is expected to see double-digit growth thanks to favorable policies, infrastructure development, automakers’ efforts, and a young consumer base.
Economy - Mon, July 14, 2025 | 4:46 pm GMT+7
HCMC apartment prices continue to rise as supply hits 10-year low in H1
The apartment market in former Ho Chi Minh City continued to see rising prices since the total supply in the first six months of 2025 hit the lowest since 2015, according to real estate consultancy firm DKRA.
Real Estate - Mon, July 14, 2025 | 4:03 pm GMT+7
Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream
A buyer successfully secured a shophouse at property major Sunshine Group’s Noble Palace Tay Thang Long project in Hanoi for VND11 billion ($421,295), VND2.5 billion or 15% below market value, during a bidding livestream on the NobleGo platform held last Friday evening.
Companies - Mon, July 14, 2025 | 1:37 pm GMT+7
Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub
Vinafood 1, Vietnam's top rice exporter, has been asked to develop an integrated hub for agricultural trade, logistics, warehousing, exports, customs, banking, irradiation, and research and development activities.
Industries - Mon, July 14, 2025 | 12:19 pm GMT+7
Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares
Vietnam’s leading multi-sector conglomerate Masan Group will issue up to 7.5 million MSN shares under an employee stock ownership plan (ESOP) at a par value and issue price of VND10,000 ($0.38) apiece.
Companies - Mon, July 14, 2025 | 11:26 am GMT+7
Investment funds in Vietnam upbeat about new US tariff
With Vietnam soon reaching a trade agreement with the U.S., major uncertainties have significantly diminished, positively impacting investor sentiment in the stock market, according to investment funds.
Finance - Mon, July 14, 2025 | 9:04 am GMT+7
AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO
Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.
Companies - Sun, July 13, 2025 | 6:51 pm GMT+7
HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts
Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.
Economy - Sun, July 13, 2025 | 1:56 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?