$529 million spent on Việt Nam’s youth start-up ecosystem in 2024
$529 million spent on Việt Nam’s youth start-up ecosystem in 2024
Việt Nam's youth start-up ecosystem has attracted US$529 million in venture capital funding for start-ups in 2024, according to the National
The National Study on the State of the Ecosystem for Youth Entrepreneurship in Việt Nam is launched in HCM City. — VNA/VNS Photo |
Study on the State of the Ecosystem for Youth Entrepreneurship in Việt Nam.
The study notes that most young entrepreneurs fall within the 16 to 35 age range, with the largest group being those aged 30 to 34 (around 6.6 million people). This demographic has contributed to increasing skilled workforce rate by 12.4 per cent between 2009 and 2023, reaching over 27.2 per cent currently.
The study evaluated the ecosystem based on six key factors including labour, entrepreneurial culture, technology and innovation, policy and regulatory frameworks, enterprise and infrastructure support, financial support and markets.
An online survey of 210 young entrepreneurs and founders revealed that 36 per cent of startups had not yet registered as legal enterprises. Meanwhile, 52 per cent of young entrepreneurs received support from business incubators and 26.7 per cent of start-ups reported effective operations.
However, challenges persist, with start-ups facing financial difficulties and a lack of strategic advisors. There is also a notable urban-rural divide in access to resources and support.
Moreover, female entrepreneurs face more obstacles, with 31.8 per cent of female-led enterprises reporting poor performance. 38.6 per cent of women entrepreneurs lacked access to mentors and only 21.6 per cent received technical and technological support.
The study notes improving policies to support young entrepreneurs and the rapid advancement of technology and innovation as key drivers for the start-up ecosystem. However, barriers remain, including complex administrative procedures, limited collaboration among stakeholders, skill gaps and low risk tolerance among young entrepreneurs.
The research was conducted by the University of Economics HCM City (UEH) and Youth Co:Lab Việt Nam, which is co-created by the United Nations Development Programme (UNDP) and the Citi Foundation.
