Vietnam’s startup ecosystem has evolved into one of Southeast Asia’s most dynamic markets, driven not only by local entrepreneurial spirit but also by an increasingly diverse pool of investment sources. As the landscape matures, both domestic and international investors are playing key roles in shaping the future of innovation-led growth.
Growing International Interest in Vietnam’s Startup Scene
The year 2023 marked a notable continuation of strong international investor engagement in Vietnam, particularly from regional powerhouses like Singapore and South Korea. This growing interest reflects both confidence in the Vietnamese market and a strategic push to tap into Southeast Asia’s expanding consumer base and digital transformation momentum.
Singapore maintained its position as the most active investor in Vietnamese startups in 2023, with 22 recorded deals. This is part of a consistent trend since 2016, underscoring Singapore’s role as a regional hub for venture capital and innovation. Singapore-based investors not only contribute capital but also offer global networks, mentorship, and access to cutting-edge technologies. Key focus areas include: fintech, e-commerce, digital transformation solutions…
Singapore’s influence also lies in its ability to act as a bridge for global venture capital funds seeking access to the Vietnamese market through its financial and legal infrastructure.
South Korean investors continued to show strong interest, with 8 investment deals in 2023. Though this figure has decreased from a high of 21 deals in 2019, Korean capital still plays a vital role in supporting sectors such as entertainment technology, e-commerce, scalable, innovation-driven startups…
South Korean funds are known for offering more than just capital—they often provide operational support, cross-border market access, and expertise in scaling businesses in Asia.
Strengthening Role of Domestic Investors
Local investors are becoming increasingly active and influential in Vietnam’s startup ecosystem. In 2023, Vietnamese investors accounted for 21 investment deals – ranking second only to Singapore in terms of deal count. This rising trend is significant for several reasons:
- It signals growing confidence in homegrown innovation.
- It helps retain more value within the national economy.
- It nurtures long-term partnerships between investors and local founders.
Domestic investors are often better attuned to the local market’s needs and cultural context, allowing them to support startups through both capital and strategic mentorship.
Leading Investment Funds: Key Players in 2023
Vietnam’s startup scene is bolstered by the presence of prominent investment funds that offer more than just financial backing.
- DO Ventures: Known for its focus on early-stage tech startups, offering not only capital but also business strategy and growth support.
- AVV (Ascend Vietnam Ventures): Provides comprehensive startup support including mentorship, go-to-market strategies, and network access.
- TNB Aura: A regional venture fund that connects Vietnamese startups with Southeast Asia’s broader innovation landscape.
- Antler: A global early-stage VC and startup generator that supports founders from idea stage through to scale-up.
- Among others.
Data from 2023 shows that international investors still dominate in terms of deal volume, underlining Vietnam’s position as an attractive regional investment destination. However, domestic investors are increasingly asserting their presence, especially in early-stage funding.
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