As 2025 draws to a close, it is clear that this has been a landmark year for Vietnam’s startup and venture ecosystem, marked by policy-driven transformation. A series of strategic government initiatives and significant new capital injections have reshaped the landscape, firmly establishing the foundations for Vietnam’s ascent as a leading innovation hub in Southeast Asia. This report looks back at the four pivotal developments that defined 2025.

1. A National Innovation Strategy Solidified

The cornerstone of Vietnam’s progress in 2025 was the implementation of a new, top-down strategic framework. Throughout the year, government action was guided by Politburo Resolution 57, a directive that mandated a shift toward a structured, innovation-driven growth model [1]. This resolution moved the ecosystem beyond its phase of spontaneous development and provided the political backing for a more ambitious agenda.

This culminated in the finalization and submission of the National Strategy on Innovative Startups in December 2025 [1]. More than just a document, this strategy has been the guiding force behind the year’s policy actions, promoting a unified and dynamic ecosystem. Its principles have begun to shift the focus from basic technology application toward the research and mastery of core technologies, embodying the government’s vision of creating a globally competitive “startup and innovation nation” [1].

2. A Sharpened Focus on Strategic Technologies

In 2025, Vietnam moved to concentrate its resources by identifying eleven strategic technology sectors for focused development, aiming to cultivate its next generation of unicorns [2]. This targeted approach has been instrumental in directing both public and private investment toward high-impact global industries. Among the eleven, three sectors received top priority throughout the year:

• Artificial Intelligence (AI)
• Semiconductors
• Green Technology

This strategic prioritization has guided investment decisions and policy support, laying the groundwork for Vietnam to build a sustainable market position and achieve its goal of creating three to four new unicorns in these fields by 2030 [2]. We previously wrote about the implications of these strategic technology sector focus. 

3. The Launch of a National Venture Capital Fund

A major milestone of 2025 was the establishment of the National Venture Capital Fund, a direct response to the need for more robust early-stage funding within the domestic ecosystem [5]. Launched this year, the fund has been a critical instrument for catalyzing venture activity.

The fund was designed to share initial investment risks, encouraging public-private co-investment with private-sector leadership. The state’s funding acts as catalytic capital to attract broader social resources, focusing on higher-risk portfolios in areas such as innovation, core technologies, and green technology [4].

Its launch has sent a strong signal of support to the market, aiming to de-risk innovation and attract more private capital into key sectors.

4. Hanoi’s Emergence as a Capital Hub

Complementing the national effort, the city of Hanoi solidified its position as a primary innovation hub with the launch of its own dedicated venture capital fund in December 2025 [1] [4]. This municipal fund now operates in parallel with the national fund, with a specific mandate to foster high-growth companies, or “gazelles,” within the capital region.

Implications for Startup Opportunities

These four pillars of transformation have significant implications for founders and investors in Vietnam. The government’s clear focus on specific strategic sectors like AI, semiconductors, and green tech provides a roadmap for innovation, signaling where regulatory support and public-private partnership opportunities will be most abundant. The creation of both national and municipal venture funds introduces a new layer of catalytic capital, particularly for early-stage and higher-risk ventures that previously struggled to secure funding. This de-risks the investment landscape and encourages private VCs to co-invest alongside the government, creating a more robust funding pipeline from seed to growth stages. For startups, this means greater access to capital, clearer pathways for development in priority sectors, and a more supportive and structured ecosystem in which to build and scale their businesses.

Where We Have Invested

Our conviction in the Vietnamese market is reflected in our portfolio. We are proud to partner with founders who are building the future of Vietnam across key sectors:

• Finhay — Vietnam’s largest digital investment and wealth management platform enabling micro-investing in mutual funds.
• Diaflow — An AI-native data automation platform for building and scaling AI workflows across organizations.
• Finfan — A cross-border remittance and payment solution licensed by the State Bank of Vietnam.
• LOGIVAN — A digital freight network optimizing truck-matching and logistics operations across Vietnam.
• Edmicro — A leading ed-tech platform building a smart self-learning ecosystem for Vietnamese K-12 students.
• Medici Vietnam — Vietnam’s leading insurtech and healthtech platform connecting patients with healthcare providers and insurance solutions.

2025 in Retrospect

Looking back, 2025 was a year of foundational change. The government did not just signal its intent; it acted decisively. Through a clear policy framework, a sharp focus on strategic technologies, and the injection of significant new public and private capital, Vietnam has systematically and successfully built a more robust and globally competitive startup ecosystem.

References

[1] Making Viet Nam a startup and innovation nation

[2] Vietnam sets sights on 3–4 strategic tech unicorns by 2030

[3] Vietnam’s climate tech VC share surges over 22% — nearly double the global average

[4] $24M Hanoi Venture Fund Aims to Support Emerging Tech Startups

[5] Vietnam emerges as attractive destination for technology capital in South-East Asia