Editor’s note: In recent years, Vietnam was celebrated as Southeast Asia’s rising star—a high-growth market fueled by a young, mobile-first population, strong developer talent, and rapid consumer adoption. Today, that story is shifting from potential to maturity.
Over the past few weeks, TNGlobal published an exclusive series of conversations with venture capitalists, ecosystem builders, startups founders. Whether you are an investor looking for the next growth driver in ASEAN, a founder scaling in the region, or an industry observer, this series offers a grounded, ground-level look into Vietnam’s digital economy.
Vietnam’s startup ecosystem is entering a new phase of growth, shaped by rising investment in artificial intelligence and deep tech, the shift toward greener technologies, and a growing creative economy built around the country’s cultural heritage. With more than 4,000 startups, over 1,400 support organizations and more than 200 venture capital funds by the end of 2024, the ecosystem is becoming increasingly diverse and sophisticated.
Yet challenges remain, particularly in accessing late-stage capital, building trust between young businesses and financial institutions, and turning research and cultural assets into commercially viable ventures. At the same time, new policy frameworks are placing greater emphasis on science, technology, innovation and the private sector as engines of economic growth.
In this interview with TNGlobal, Mandy Nguyen, Operation Director at Startup Vietnam Foundation (SVF), discussed the forces shaping Vietnam’s startup landscape, the opportunities and challenges facing local founders, and how policy, capital and ecosystem collaboration can help Vietnamese startups compete internationally. She also outlined SVF’s “Green-Digital-Culture” strategy and its efforts to support young entrepreneurs through financing, mentorship and community-driven programs.
SVF is Vietnam’s first socialized, non-profit organization dedicated to enhancing the innovation and entrepreneurship ecosystem. Its mission is “For you, for Vietnam, for good.” SVF said it is deeply committed to fostering an environment where innovation thrives through its core values of Serve, Stewardship, Synergy, and Spark.
Below are the edited excerpts:
How do you see the current state of Vietnam’s startup ecosystem? What key trends are driving growth?
Vietnam’s startup ecosystem is currently in a phase of robust expansion and maturation. By the end of 2024, our ecosystem had grown to encompass over 4,000 startups, supported by a comprehensive infrastructure of more than 1,400 support organizations and over 200 venture capital funds. As of the latest available rankings, Vietnam ranked 50th globally and 5th in Southeast Asia in StartupBlink’s 2026 Global Startup Ecosystem Index.
Several key trends are driving this growth. First, there is a significant acceleration with AI and deep tech are gaining momentum, supported by stronger policy attention, a growing pool of technical talent, and increasing investor interest.. The global shift in manufacturing and supply chains has also made Vietnam an increasingly attractive destination for technology capital.
Beyond AI, we are witnessing a strong complementary pivot toward green startups and sustainable energy, aligning with national goals for Net Zero by 2050. We are seeing increased funding for startups in rooftop solar, electric vehicles, and carbon management tools, aligning with Vietnam’s broader commitment to achieve net-zero emissions by 2050 and its updated climate and energy-transition targets. The adoption of ESG (Environmental, Social, and Governance) frameworks is becoming a critical competitive advantage rather than just a compliance requirement, and ESG readiness is becoming increasingly relevant for Vietnamese startups seeking international capital, global partnerships, and supply-chain integration.
Finally, we are witnessing the rise of the cultural industry and creative economy, where startups are successfully transforming traditional cultural heritage into dynamic economic assets, supported by the national strategy to make cultural industries contribute 7 percent to GDP by 2030.
What are the unique opportunities and challenges that Vietnam’s startups face compared to other Southeast Asian countries?
Vietnam offers unique opportunities primarily through its substantial domestic market of over 100 million people with a rapidly growing middle class and high digital adoption rates. Unlike some neighboring markets where startups must immediately expand regionally to achieve scale, Vietnamese founders can build highly profitable businesses by focusing on domestic problem-solving first.
However, we do face distinct challenges. While early-stage capital has become relatively accessible, securing late-stage growth capital remains difficult domestically. Furthermore, for many youth-led micro, small, and medium enterprises (MSMEs), the core challenge is “trust.” Many young founders lack extensive financial records or collateral, making them appear high-risk to traditional financial institutions. There is also an ongoing need to bridge the gap between academic research, cultural heritage, and commercial application.
How would you describe the business environment for startups in Vietnam? Are there specific regulations/policies that have significantly impacted startups’ operations/support the development of startups?
The business environment is currently being reshaped by powerful new institutional frameworks, transitioning from broad-based encouragement to targeted, resource-backed initiatives.
In May 2025, the Politburo issued a set of breakthrough resolutions designed to fundamentally transform the economic landscape from management to service, and from protectionism to competition and creativity. Central to this is Resolution 57-NQ/TW (December 22, 2024), which positions science, technology, innovation, and national digital transformation as the foundation for double-digit economic growth. In parallel, Vietnam’s cultural industries strategy is now strongly encouraged, creating new opportunities for startups at the intersection of heritage, creativity, tourism, and digital content.
Working synergistically is Resolution 68-NQ/TW (May 4, 2025), which marks a significant policy shift by reaffirming the private sector as a key driver of economic growth, innovation, and national competitiveness, calling for dedicated credit channels, financial support mechanisms for startups, and equal access to strategic resources.
Furthermore, Vietnam is actively developing new financial infrastructure. Da Nang and Ho Chi Minh City are being positioned as two complementary poles of Vietnam’s international financial center ecosystem. The developing Vietnam International Financial Center in Da Nang (VIFC-DN) is specifically designed as an “institutional laboratory” focusing on digital finance, green finance, and international connectivity, aiming to provide a practical sandbox mechanism for financial innovation.
For SVF, can you share how the organization helps to support startups in Vietnam?
At SVF, we operate on a Community-Centered Model that deeply understands local needs, co-creates solutions, and reinvests to maximize impact. Over the past 10 years, this approach has allowed us to inspire over 15,000 individuals, provide in-depth support to more than 1,200 businesses, and help create over 1,000 quality new jobs.
Looking toward 2025-2030, our support is structured around three strategic pillars: Green – Digital – Culture. Our Green pillar promotes a sustainable, inclusive economy by accelerating businesses that minimize environmental impact and enhance social wellbeing. Our Digital pillar acts as a resource hub, applying digital solutions to elevate Vietnam’s role in the global value chain. Our Culture pillar fosters a culture of Love, Service, and Responsibility, reconnecting with traditional values to drive innovation. To sustain this momentum, we facilitate monthly community meetings where young founders, mentors, and experts gather to learn, share experiences, and develop collaboratively.
A prime example of our support in action is the Co4Growth – Access to Finance initiative. Supported by the Standard Chartered Foundation and Youth Business International (YBI), the current cohort directly addresses the financial barriers faced by youth-led MSMEs. Through a 6-month acceleration journey, we help young entrepreneurs build financial literacy, translate investor requirements into actionable business frameworks, and connect them with seed funding and strategic mentors.
Additionally, our overarching spirit of “For Youth, For Vietnam” focuses heavily on cultivating the right mindset for young founders. We believe that youth entrepreneurship is not just about starting businesses, but about developing a problem-solving mindset to address pressing social and sectoral challenges. We actively partner with top-tier universities to integrate green and heritage-focused innovation into their programs.
How can stakeholders better support the startup ecosystem in Vietnam, particularly in terms of innovation and international competitiveness?
To enhance international competitiveness, stakeholders must collaborate to create a more seamless pipeline from ideation to global scaling. Investors can support the ecosystem by providing not just capital, but strategic mentorship that helps local founders build “investable” and globally scalable models from day one.
Corporations play a crucial role by opening their supply chains to startup innovations. By allocating CSR and community-driven budgets toward startup development, corporations can foster a more robust ecosystem while solving their own operational challenges. Government bodies must continue to streamline administrative procedures for cross-border investments, while universities need stronger mechanisms for technology transfer.
What are the plans of SVF for the rest of the year? What are the initiatives or programs you would like to share with us?
For the remainder of the year and beyond, SVF is focusing heavily on our flagship initiatives that embody our Green-Digital-Culture pillars:
First, we are continuing the current cohort of our Co4Growth – Access to Finance program, ensuring our participating founders successfully bridge the gap between their innovative solutions and the capital needed to scale them.
Second, we are launching Bước chân di sản (Vietnam Heritage Stride) Season 2. This campaign operationalizes our “Heritage-to-Market” strategy, transforming traditional cultural values into dynamic economic assets. Through community engagement—including an online race where every kilometer run raises funds for business facilities—we are nurturing “cultural entrepreneurs.”
Third, under our youth initiatives, we are deepening our collaboration with top-tier universities specifically in the green and heritage sectors. This involves bringing practical, problem-solving frameworks directly to students and maintaining our regular monthly community gatherings to foster continuous learning and development.
Through these programs, SVF aims to build a sustainable, self-reinforcing support system that consistently nurtures Vietnamese innovators to solve real-world challenges.
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