After two years of correction that saw deal volumes shrink and investor caution set in, Vietnam’s private capital market rebounded to $4.5 billion in 2025, according to the Vietnam Innovation & Private Capital Report.

The report, conducted by the Vietnam National Innovation Center (NIC), the Vietnam Private Capital Agency (VPCA), the Boston Consulting Group (BCG), with Vietnam’s Do Ventures as a research partner, was released on Thursday at the Vietnam Innovation and Private Capital Summit 2026.

The growth of the private capital market in Vietnam coincided with the growth of the stock market in Vietnam, as the VN-Index grew 41 percent while foreign net selling of $5 billion was fully absorbed by domestic investors.

Private Equity

PE investment reached $3.96 billion across 46 deals, the highest level ever recorded in Vietnam, with deal volume doubling from 23 transactions in 2024.

Buyouts accounted for $2.7 billion. Growth Equity returned at $1 billion, its highest level since 2021. The mid-market segment, deals in the $100M–$300M range, hit a record 12 transactions, deploying $2.3 billion in total. The number of active PE investors rose to 48, the highest in nearly a decade, with American and European investors returning alongside a domestic base that held steady at 10 firms. Corporate investors reached their highest recorded level.

By sector, Consumer Staples attracted $1.2 billion, the highest figure in a decade. Healthcare reached $877 million, a 63% increase year-on-year. Real estate returned at $673 million after recording zero in 2024. Consumer Discretionary drew $279 million. Financials, which had received $852 million in 2024, received no PE investment in 2025.

Venture Capital

VC investment rose 28% to $509 million, while deal count fell from 122 to 103. The $3M–$10M and $50M+ deal size segments led the recovery. Series C+ deal count reached 6, the highest since 2022. Series A volume held at 23 deals. The Pre-A cohort stood at 70 deals.

AI was the largest growth theme, with investment rising from $10 million in 2023 to $130 million in 2025 across 23 deals, a 13-fold increase over two years. Notable transactions included AI Hay, NamiTech, LEXengine, and MovianAI. Active investors in AI featured Do Ventures, Argor Capital, Square Peg, and Qualcomm Ventures.

Healthcare attracted $170 million, recovering toward its 2023 level after a decline in 2024. Business Automation received $122 million. Retail drew $67 million, an 81% increase year-on-year. Climate Tech reached $35 million, a 52% increase, with transactions including Dat Bike, Alterno, and Stride.

Vietnam-founded startups with global operations attracted $51 million, an all-time high, across 17 deals. Companies in this cohort included Coolmate (D2C, Series B), NamiTech (AI, Series A), Dutycast (e-commerce, Series A), and Fastrak AI (AI, Seed).

The active VC investor count was 119. European investors increased their participation. Japanese investors returned after a period of reduced activity. Singapore-based investors maintained the largest share.

IPO Market Has No Technology Listings

Vietnam recorded three IPOs in 2025, raising $1.35 billion in total proceeds, up from a single listing raising $37 million in 2024. All three were in financial services. No venture- or private-equity-backed technology company listed on a Vietnamese stock exchange in 2025. The same has been true for each of the preceding four years.

In comparison, 70 percent of IPOs in the United States in 2025 were backed by venture or private equity. Technology companies represent 35 percent of the S&P 500 by market weight. The equivalent figure for Vietnam’s leading stock market exchange Ho Chi Minh Stock Exchange (HOSE) was 5 percent.

A $3–5 billion IPO pipeline is projected for 2026–27, which would be the most active cycle in a decade. Named candidates include Highlands Coffee, Golden Gate Group, and F88. These are predominantly consumer and services businesses. No technology company has been publicly identified as part of the near-term pipeline yet.

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