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
- Vietnam Innovation and Tech Investment Report 2024
- Dealroom
