This article quotes a speech by Mr. Nguyen Chi Triung, Minister of Planning and Investment of Vietnam, at the Startup Investment Forum held in December 2022, stating that in recent years, more and more FDI flows have been brought to Vietnamese startups. It states that
In the first nine months of 2022, innovative start-ups in Vietnam have collected nearly $500 million. Over the past two years, startups have attracted nearly $2 billion in foreign investment, proving that “Vietnamese startups are becoming more and more attractive to international and local investors.”
In 2021, Vietnamese startups have raised $1.4 billion in investment capital. That’s 56% above his $894 million level in 2019.
The Vietnam National Innovation Center estimates that the capital attraction capacity of Vietnam’s start-ups will continue its upward trend in 2023.
Thirty-nine investment funds have pledged $1.5 billion to Vietnam between 2023 and 2025, bringing the total investment in Vietnamese startups to $5 billion during this period.
According to Vinnie Lauria, co-founder of Golden Gate Ventures, during the first decade of Southeast Asia’s startup ecosystem, Singapore and Indonesia were the leading growth drivers for the region.
In 2022, Vietnam will become the third pillar of the “Golden Triangle of Startups”, successfully combining Vietnam’s tech talent, startup culture and rapidly developing domestic market.
Vertex Ventures SEA & India Fund investment partner Luu Can Binh also positively assessed Vietnam’s development prospects in the coming years, saying that Vietnam’s startup ecosystem could grow significantly.
In addition, factors such as stable domestic politics, a young and well-educated workforce, development infrastructure, digital skills, innovation capacity, and Vietnamese government support create favorable conditions for Vietnamese startups.
The article also quoted Dr. Le Hong Hiep, Senior Fellow of Vietnam Studies Program and Regional Strategic and Political Studies Program at Singapore-based ISEAS – Yusof Ishak, saying the Vietnamese government has been working hard to help. However, the investment climate and legal framework need to be further improved to reduce start-up risk and encourage tech talent to form companies.