The 2024 Vietnam Tech Market Report highlights Vietnam's resilient tech scene, ranking third in Southeast Asia despite a 17% drop in investments. With a booming digital economy expected to reach $43 billion by 2025, the report covers key trends, major players, and new legal updates driving innovation.
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.
1.1Vietnam 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
2Tech 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
3Top active investors in 2023
4Notable trends in the startup ecosystem
5Key Invested Industries in First Half of 2024 (in millions of USD)
6Exit 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
7Latest 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
8Key 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.
9Key players in blockchain/crypto in APAC
9.1Animoca 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.
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.
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.
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.
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.
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.
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.
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
9.9Spartan 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.
Summary: Founded in 2020, SevenX Ventures emphasizes "immersive investing" and has 115 investments. Recent projects include Manta Network and EthStorage.
