Vietnam’s startup ecosystem is emerging as a key driver of innovation, economic development, and social progress. The role of the startup ecosystem has become increasingly central over the past decade, fostering a new generation of enterprises rooted in intellectual property, science, and technology. Home to over 3,800 startups, including unicorns like MoMo and Sky Mavis, Vietnam is gaining global recognition while making a growing impact on national development.
A new economic driver
Startups are addressing both local and global challenges through innovations in fintech, healthcare, education and green technology. For example, fintech companies like MoMo and Moca have revolutionized financial services, while Vulcan Augmetics has pioneered 3D-printed prosthetic limbs for people with disabilities. These ventures not only create jobs and enhance income for vulnerable groups but also contribute to solving environmental and social issues.
The average Vietnamese startup employed around 80 people in 2023 — four times the figure in 2020 — highlighting a strong growth trajectory. By introducing new business models and technologies, startups are accelerating digital transformation, fostering green growth and modernizing traditional industries.
Expanding social impact
Beyond financial success, Vietnam’s startup ecosystem is increasingly focused on social inclusion and sustainability. Government-backed initiatives such as Project 844 and Project 939 provide targeted support for youth and women entrepreneurs, while universities are embedding innovation into curricula to cultivate an entrepreneurial mindset among students.
The diversity of founders — from international students and disadvantaged communities to overseas Vietnamese — demonstrates the ecosystem’s commitment to inclusivity. Startups are also addressing community-based challenges, such as Sapa O’Chau’s initiative to connect ethnic tourism services in remote areas and Green Desert’s development of waste-to-energy systems, further strengthening their social footprint.
Policy and infrastructure support
The Vietnamese government has taken proactive steps to build a robust legal and institutional framework for startups. Since its launch in 2016, Project 844 has facilitated legal reforms, funding programs, mentorship networks and innovation hubs across major cities like Hanoi, Da Nang, and Ho Chi Minh City. As a result, over 800 startups have received support, with nearly 100 securing venture capital investment.
Public-private partnerships are also playing a crucial role in ecosystem development. Large corporations such as FPT and CMC are actively investing in venture capital, incubation, and open innovation initiatives, strengthening ties with startups like Base.vn. Meanwhile, a growing network of incubators, accelerators, and innovation centers is providing the resources needed for startups to scale efficiently.
Strengthening global integration and investment
Vietnam is positioning itself as a regional startup hub through strategic international collaborations. Partnerships with organizations like the World Bank, OECD, and ADB, along with strong ties to innovation-driven countries such as Singapore, South Korea, and Finland, have enhanced the ecosystem’s global connectivity. Programs like Techfest International and the Global Mentoring Program for V-Startups are expanding access to international expertise, markets, and funding opportunities.
Despite a slight decline in investment in 2023 due to global economic downturns, Vietnam still attracted over $500 million in startup funding. The rise of mature tech firms and an increasing number of stable mid-sized deals indicate growing investor confidence and ecosystem resilience.
Future prospects
While Vietnam’s startup ecosystem has made remarkable progress, challenges remain, including limited scalability, regional disparities and intense global competition. However, the path forward is clear. Sustained legal reforms, investment in human capital, stronger international cooperation, and greater mobilization of public and private resources will be critical to maintaining momentum.
The role of the startup ecosystem in shaping Vietnam’s future is more important than ever. It is not merely a collection of emerging businesses — it is a catalyst for economic resilience, technological advancement, and inclusive growth. As it continues to evolve, it will shape a more innovative, equitable, and sustainable future for the nation.
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