2024: A look back

Vilasia wrapped up 2024 by helping close an e-commerce seed round, assisting a rooftop solar startup in inking its seed round, and getting a telecommunications startup restructured and ready for fundraising.

This was a year when, despite a notable decline in funding in 2024 downturn, Vietnam’s startup ecosystem remains vibrant, with over 4,000 innovative startups, including two unicorns and 11 companies valued at over $100 million. Supporting this ecosystem are:

  • 208 investment funds, 79 incubators, and 35 accelerators;
  • 202 coworking spaces; and
  • 20 national and local innovation hubs.

Several key funding rounds in 2024 underscored the resilience and adaptability of Vietnamese startups:

2025: A look forward

Building on the resilience shown in 2024, Vietnam’s startup ecosystem is poised for notable trends in 2025:

  1. Rise of Green Tech and Sustainability: With increased global attention on sustainability, sectors like renewable energy and green technology are expected to attract significant investments. Startups in rooftop solar, electric vehicles, and carbon management tools will likely see increased funding and partnerships.
  2. HealthTech and MedTech Expansion: The pandemic’s aftershocks have spurred growth in healthcare innovation. In 2025, HealthTech startups focusing on telemedicine, digital health platforms, and AI-powered diagnostics may emerge as major players in the ecosystem.
  3. B2B and SaaS Dominance: As Vietnamese SMEs increasingly digitize, startups offering SaaS solutions for enterprise management, logistics, and supply chain optimization will gain traction. The demand for localized, cost-effective solutions will drive growth in this sector.
  4. Cross-Border E-commerce Growth: E-commerce startups like Coolmate are expected to expand into global markets, especially targeting North America and Europe. Cross-border logistics and payments will remain key focus areas for investment.
  5. FinTech Regulatory Alignment and Innovation: With Vietnam’s government pushing for cashless payments, FinTech startups will continue to thrive. Startups offering digital wallets, BNPL (Buy Now, Pay Later), and blockchain-based solutions are set to capitalize on this momentum, albeit under tighter regulatory scrutiny.
  6. DeepTech and AI Focus: As AI becomes ubiquitous, DeepTech startups leveraging machine learning, blockchain, and IoT for real-world applications will attract funding. Areas like smart manufacturing and AI-driven customer engagement tools are predicted to see a surge.
  7. Improved Access to Funding: While 2024 saw a downturn in funding, 2025 could see a rebound with more funds targeting Vietnam’s maturing startup ecosystem. Corporate venture arms and regional players will likely step up to fill funding gaps.
  8. Expansion of Innovation Hubs: The government and private sector will likely establish new innovation hubs, focusing on areas outside major cities like Hanoi and Ho Chi Minh City, to foster regional startup activity.

Challenges to Watch

  • Regulatory changes and compliance hurdles, particularly in FinTech and cross-border e-commerce.
  • Competition for talent as startups and established companies vie for skilled workers.
  • Market saturation in some segments, requiring sharper differentiation and innovation.

Vietnam’s startups are expected to adapt to these challenges and capitalize on emerging opportunities, setting the stage for a dynamic 2025.

Vilasia’s Support for Startups’ Fundraising Efforts

In 2024, Vilasia reinforced its commitment to Vietnam’s startup ecosystem by:

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