Vietnam Tech Ecosystem 2024 Report

Current State of the Vietnam Tech Market

• Investment Total: $529 million, a 17% drop from 2022.
• Resilience: Vietnam's VC funding fell 17%, compared to a global 35% drop.
• Regional Standing: Third in Southeast Asia for deal count and value, behind Singapore and Indonesia.
• Sector Growth: Healthcare and Education investments surged by 391% and 107%.
• Active Investors: Nearly 100, with Singapore leading, followed by Vietnam.
• Exit Landscape: Growth in the public market, improved stock market governance, and increased M&A activities driven by local conglomerates.

Vietnam Digital Economy Landscape

• Vietnam's digital economy is the fastest-growing in Southeast Asia, driven by high internet penetration, favorable government initiatives, and a thriving startup ecosystem.
• The digital economy is expected to grow 20% annually, reaching $43B by 2025

Tech Investment Landscape 2023

• Despite global economic challenges, Vietnam maintained its third position in Southeast Asia for deal count and value.
• Investment sectors with notable growth include Healthcare and Education.
• Active investors primarily from Singapore and Vietnam, with a focus on early-stage deals

Top Active Investors in 2023

Notable Trends in the Startup Ecosystem

Key Invested Industries in First Half of 2024 (in millions of USD)

Exit Landscape

• Significant growth in public markets and M&A activities, with local conglomerates playing an increasing role.
• Proactive government initiatives and favorable economic conditions are driving IPO and M&A activities

Latest Legal Developments

• Policies to foster innovation include tax exemptions for innovative enterprises, support for tech parks, and mechanisms to encourage scientific research.
• NIC Hoa Lac's inauguration and the bilateral Comprehensive Strategic Partnership with the US are expected to boost the semiconductor industry and innovation ecosystem

Key players in AI/Fintech in Vietnam

• 500 Startups Vietnam: Co-founded by Binh Tran and Eddie Thai, this fund has invested in over 70 startups, including Sky Mavis and Infina.
• VSV Capital: Based in Hanoi, VSV Capital supports early-stage tech companies, with a notable accelerator program backing over 130 startups.
• VinaCapital Ventures: A $100 million VC platform investing in tech companies in Vietnam, with a focus on fintech and Web3.
• Zone Startups Vietnam: Provides strategic guidance and seed capital to startups, part of a global network, with investments in fintech like Fundiin.
• Do Ventures: Early-stage VC in Ho Chi Minh City, investing in sectors like fintech and AI, targeting the Vietnamese middle class.
• ThinkZone Ventures: A $60 million fund based in Hanoi, investing in early-stage tech startups across various sectors.
• Son-Tech Investment: A $50 million Vietnam-focused VC, supporting tech companies in fintech and other sectors.
• Openspace Ventures: Southeast Asian VC with investments in Vietnamese tech companies, focusing on responsible B2B and B2C businesses.
• Golden Gate Ventures: Southeast Asian VC firm investing in tech startups across the region, with significant involvement in Vietnam.

Key players in blockchain/crypto in APAC

Animoca Brands / Animoca Ventures

• Summary: Animoca Brands, founded by Yat Siu in 2014 and headquartered in Hong Kong, is a prominent Web3 gaming software company and venture capital firm. With over 400 investments, it focuses primarily on gaming and NFTs. In 2022, Animoca Brands launched Animoca Ventures with a reduced fundraising target of $800 million. Together, they made 37 investments in the past year, including Mythical Games, OP3N, and Xterio.
• Website: Animoca Brands

Foresight Ventures

• Summary: Singapore-based Foresight Ventures focuses on blockchain and cryptocurrency, managing over $400 million in assets. Backed by Bitget, it launched a $200 million secondary fund in 2022. Foresight Ventures has a portfolio of 56 investments, with 25 in the last year, including Sei Network and Story Protocol.
• Website: Foresight Ventures

HashKey Capital

• Summary: HashKey Capital, part of HashKey Group, has been a significant player since 2015, managing over $1 billion in assets. With 224 investments, it raised $500 million for its Phase III fund. Recent investments include Aethir, dappOS, and PolyHedra.
• Website: HashKey Capital

Hashed

• Summary: Founded in 2016 in Korea, Hashed has grown significantly, with early investments in Terra and The Sandbox. Despite a slowdown after the Terra crash, it remains active with investments in Radius, Notifi, and Aura Network. Hashed Emergent focuses on Web3 investments in emerging markets like India.
• Website: Hashed

Infinity Ventures Crypto

• Summary: Headquartered in Taipei, IVC focuses on GameFi, DeFi, and Web3, with a $70 million fund. With 119 investments, it made 21 investments in the last year, including Tribe3 and MetaZone.
• Website: Infinity Ventures Crypto

IOSG Ventures

• Summary: Founded in 2017, IOSG Ventures is an early-stage venture firm with a research-driven approach, focusing on Web3 and decentralized finance. With 141 investments, it recently invested in EigenLayer and Scroll.
• Website: IOSG Ventures

NGC Ventures

• Summary: Based in Singapore, NGC Ventures has invested in over 50 projects, managing around $400 million. It recently launched a $100 million Web3 eco-fund. Notable investments include LayerZero and Connext.
• Website: NGC Ventures

OKX Ventures

• Summary: The investment arm of OKX focuses on blockchain infrastructure, DeFi, and NFTs, with 130 investments. Recent investments include LayerZero and Prisma Finance.
• Website: OKX Ventures

Spartan Group

• Summary: Spartan Group, based in Singapore and Hong Kong, focuses on long-term blockchain investments. With 177 investments, it has recently invested in Aspecta, Kaito, and Anoma Network.
• Website: Spartan Group

SevenX Ventures

• Summary: Founded in 2020, SevenX Ventures emphasizes "immersive investing" and has 115 investments. Recent projects include Manta Network and EthStorage.
• Website: SevenX Ventures

References

1. Vietnam Innovation and Tech Investment Report 2024
2. Dealroom