Vietnam’s Startup Ecosystem Ranking on the Global StartupBlink Index
According to the Global Startup Ecosystem Index by StartupBlink in 2024, Vietnam ranks 56th in the world, improving by two places compared to the previous year. After a somewhat stagnant 2023, Vietnam’s startup ecosystem has shown significant progress. Ho Chi Minh City remains the leading city in the country, ranked 111th globally, excelling in several sectors such as financial technology (Fintech – ranked 57th), educational technology (Edtech – ranked 62nd), e-commerce and retail (ranked 71st), and logistics (ranked 87th). Notably, the blockchain technology sector in Ho Chi Minh City is thriving, ranking second in Southeast Asia, highlighting Vietnam’s potential in applying blockchain across finance, logistics, and real estate.
Hanoi ranks 157th globally, hosting many relatively mature startups in sectors like finance, education, healthcare, logistics, and e-commerce. Da Nang has made its debut in the top 1000 global startup cities, reflecting the rapid development of its startup ecosystem.
Startup Genome’s 2023 Report: Vietnam’s Ecosystem on the Rise
According to the 2023 report by Startup Genome, Ho Chi Minh City’s ecosystem is highly regarded, ranking in the top 100 emerging startup cities globally, with the presence of several “unicorn tech companies.” The city excels in factors like abundant venture capital and high-quality human resources. This reaffirms Ho Chi Minh City’s attractiveness and dynamism, with a concentration of investment funds, incubators, business accelerators, and hundreds of startup-related events held annually.
Investment Trends and Opportunities in Vietnam
Despite the continued growth in investment volume and deals—reaching $1.4 billion in 2021—investment in Vietnam’s startup ecosystem dropped to $529 million in 2023. However, compared to international standards, Vietnam still has substantial room for development, particularly in attracting investment from neighboring regions.
The Vietnamese market offers significant opportunities for international investors, especially in sectors like fintech, education technology, e-commerce, and logistics. The government’s ongoing efforts to support innovation and entrepreneurship, alongside the increasing presence of international investors, create a conducive environment for further growth and investment.
In conclusion, Vietnam’s startup ecosystem is rapidly developing, with strong foundations in major cities such as Ho Chi Minh City, Hanoi, and Da Nang. International recognition, backed by improvements in the global rankings, highlights the country’s dynamic and promising potential. While challenges remain, especially in attracting more international capital, the ecosystem’s progress and growing attractiveness make it an exciting destination for investment, collaboration, and growth in the coming years.
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