VC firms and startup funding in Vietnam
Mekong Capital, Vina Capital, Do Ventures, 500 Startups Vietnam — the VC landscape and the funding rounds of 2025–26.
Not financial or legal advice. Verify all investment regulations, tax treatment, and licensing requirements with a qualified professional before acting.
Vietnamese VC landscape
Vietnam has gone from an afterthought in Southeast Asian venture capital to a recognised destination for early-stage deals. Total disclosed VC investment in the country fluctuated between roughly USD 500 million and USD 900 million per year between 2022 and 2025, with a modest recovery in deal volume through 2025–26 after the broader global funding slowdown. Most activity concentrates in Ho Chi Minh City, with Hanoi picking up a growing share of B2B software and deep-tech rounds.
The market is still relatively small compared with Indonesia or Singapore, but a combination of a young, urban, smartphone-first population, rising middle-class income, and a government that has explicitly encouraged a national startup strategy keeps international interest steady. For a fuller picture of the startup environment, see the startup ecosystem page.
Local VC firms
Do Ventures is the most active homegrown early-stage fund in recent years. Founded by former Topica and 500 Startups alumni, it focuses on seed and Series A deals in fintech, edtech, and consumer internet. Its portfolio includes several of Vietnam's better-known Series B graduates.
Vietnam Investment Group (VIG) and smaller family-office vehicles are active in growth-stage rounds, often co-investing with regional funds rather than leading.
Nextrans and Genesia Ventures Vietnam (the local arm of a Japanese fund) bridge the gap between domestic angel networks and institutional Series A capital. Their typical tickets fall in the USD 200k–1.5 million range.
Local fund managers generally understand the regulatory nuances of the Vietnamese market — foreign ownership caps, sector restrictions, and the quirks of the Enterprise Law — better than purely offshore vehicles.
Regional VC firms
Mekong Capital has been active in Vietnam since 2001 and is the most established regional fund with a Vietnam-first mandate. It focuses on consumer-facing businesses at Series B and beyond, typically writing checks of USD 5–20 million. Several of its portfolio companies have reached exits through strategic sales or secondary transactions.
Vina Capital operates across private equity, real estate, and venture through multiple fund vehicles. Its venture-adjacent activity targets growth-stage consumer and healthcare businesses.
Golden Gate Ventures (Singapore), Monk's Hill Ventures, and Openspace Ventures regularly participate in Vietnamese deals, particularly fintech and SaaS rounds.
Jungle Ventures and Insignia Ventures Partners have made select Vietnam bets, usually as part of regional Southeast Asia theses rather than country-specific mandates.
International VC presence
500 Global (formerly 500 Startups) ran a dedicated Vietnam program for several years and remains one of the most prolific seed-stage investors in the country by deal count. Many of its Vietnamese portfolio companies have gone on to raise follow-on rounds from regional funds.
Sequoia Capital India/Southeast Asia (now Peak XV Partners) has looked at later-stage Vietnamese opportunities but tends to deploy capital at Series B and above, where deal sizes are still relatively thin domestically.
East Ventures, Alpha JWC Ventures, and several South Korean corporate venture arms (notably from Samsung and SK) round out the international presence. Korean strategic investors have shown particular interest in manufacturing-adjacent tech, which aligns with the broader FDI and manufacturing trends reshaping the country.
Stage focus distribution
Most capital in Vietnam flows to seed and Series A. Pre-seed funding is dominated by accelerators (Hatch!, Vietnam Silicon Valley, Techfest graduates) and angel syndicates. Series B and beyond remains sparse — founders who reach growth stage often need to look to Singapore or regional funds for larger checks. This creates a well-documented "Series B gap" that has pushed some of the most ambitious Vietnamese startups to re-domicile in Singapore for fundraising purposes.
Typical deal sizes
- Pre-seed / angel: USD 50k–300k
- Seed: USD 300k–2 million
- Series A: USD 2–8 million
- Series B: USD 8–30 million (rare domestically; usually involves offshore co-investors)
These figures are estimates based on disclosed rounds through early 2026. Actual terms vary considerably and many deals are never publicly announced.
Hot sectors
Fintech continues to attract the most capital, driven by a large unbanked and underbanked population and rapid QR payment adoption. Edtech recovered from a post-pandemic dip and is growing again, particularly in English-language learning and vocational upskilling. Logistics and supply-chain software draws interest given Vietnam's manufacturing boom. Agritech, healthtech, and B2B SaaS are emerging sub-themes, though deal volumes remain small.
Platforms targeting Vietnam's domestic travel and tourism sector also attract investor attention — see the tourism industry breakdown page for context on that market's size and dynamics.
Exit pathways
Exits in Vietnam remain limited. Strategic acquisitions by regional conglomerates or multinationals are the most common route. IPO on the Ho Chi Minh Stock Exchange (HOSE) is theoretically possible but in practice rare for VC-backed tech companies; the exchange has stricter profitability requirements than most founders can meet at exit timing. Secondary sales — one fund selling to another — have become more common as the market matures. Most cases see founders and early investors waiting five to eight years for liquidity events.
Common pitfalls
Foreign ownership caps. Certain sectors restrict foreign equity stakes to 49% or less. Structure matters early — verify with a licensed Vietnamese lawyer before signing term sheets.
Regulatory uncertainty. Laws around fintech licensing, data localisation, and e-commerce continue to evolve. What is permissible today may require retroactive compliance in 12 months.
Currency repatriation. Moving profits or investment proceeds offshore requires approval from the State Bank of Vietnam. Factor this into fund structure planning from the outset.
Valuation mismatch. International investors sometimes apply Singapore or Indonesian comparables to Vietnamese companies, inflating early-round valuations that become hard to sustain at Series B.
Due diligence gaps. Financial reporting standards vary. Engage an accounting firm familiar with Vietnamese bookkeeping practices before closing.
If you are exploring Vietnam as a base for building or running a startup, the best places for digital nomads in Vietnam page covers practical considerations around city choice, cost of living, and connectivity.
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