Tracxn report highlights Vietnam’s fast-rising startup ecosystem

Tracxn report highlights Vietnam’s fast-rising startup ecosystem

Vietnam’s startup ecosystem is emerging as a regional force, backed by rising capital inflows and a growing number of unicorns.

The country now counts more than 5,500 startups, $3.2 billion in funding, and six unicorns, according to Tracxn’s latest Vietnam Tech Startup Pulse report.

Over 60 per cent of startups were founded between 2015 and 2025, reflecting the sector’s rapid expansion. Nearly three-quarters of all-time funding, or $2.3 billion, has been secured in just the past five years, with 2021 marking a breakthrough year at $1.2 billion, led by Tiki, VNLIFE, and MoMo.

The domestic innovation landscape remains highly concentrated in the two largest cities, with Hanoi hosting 2,127 startups and Ho Chi Minh City following closely with 2,098. Together, they dominate the startup map of Vietnam, while smaller hubs such as Danang and Can Tho represent emerging centres of entrepreneurial activity. Ho Chi Minh City stands out as the top-funded city, attracting $1.8 billion in funding, powered by major fundraisers like Tiki and MoMo. Hanoi has also established itself as a key hub, securing nearly $1 billion, with VNLIFE alone accounting for more than half of that amount.

Venture capital has played a defining role in this surge, accounting for over 90 per cent of all on-year funding from 2020 to 2025 YTD. More than 290 venture firms have invested in Vietnamese startups so far, with CyberAgent Capital leading at 24 rounds, followed by Genesia Ventures and Do Ventures. Investor confidence has been further underscored by nine mega funding rounds exceeding $100 million, three of which were raised by MoMo, while Tiki, Sky Mavis, and VNLIFE also closed multiple late-stage rounds.

Vietnam has now produced six unicorns – Tiki, MoMo, Sky Mavis, VNPAY, VNLIFE, and VNG. Each has contributed uniquely to shaping the country’s digital economy. MoMo has emerged as a major player on the digital wallet scene, expanding into lending, insurance, and investments, while Sky Mavis gained global recognition through its blockchain-based gaming success, Axie Infinity. Tiki has strengthened e-commerce logistics, VNG continues to dominate the gaming sector, and VNPAY and VNLIFE have accelerated Vietnam’s shift towards cashless payments. Together, these companies represent the diversity, innovation, and scalability that define the Vietnamese startup story.

Beyond the unicorns, the ecosystem has also seen the rise of several high-growth companies that have collectively raised over $400 million. Startups such as Sendo, OnPoint, Telio, Thuocsi, and Nhi Dong 315 are expanding aggressively in e-commerce, business-to-business distribution, healthtech, and omnichannel enablement. Their growth reflects both the increasing maturity of the market and the willingness of investors to back ventures beyond the headline-making unicorns.

Vietnam’s ecosystem has also matured in terms of exits, with 76 recorded to date, including 52 acquisitions and 24 IPOs. Landmark deals, such as Central Group’s $1.05 billion joint takeover of Big C and Nguyen Kim Group, and Sea Limited’s $64 million acquisition of Foody, demonstrate how global and regional players are consolidating Vietnam’s digital and consumer markets. More recently, IPOs from BeLive Technology and TCBS signalled growing investor appetite for Vietnam’s next wave of scale-ups, particularly in fintech and digital services.

Commenting on the findings, Neha Singh, Co-founder of Tracxn, said, "Vietnam’s tech startup ecosystem has matured rapidly, driven by a mix of government support, urban innovation clusters, and a strong influx of venture capital. The emergence of multiple unicorns and billion-dollar funding years signals both local and global investor confidence. As the market continues to diversify across fintech, e-commerce, gaming, and healthcare, Vietnam is poised to be one of Southeast Asia’s most influential startup hubs."

The foundation for this growth has been built over a decade of supportive policies and ecosystem initiatives. Initiatives such as Vietnam Silicon Valley in 2013, the National Technology Innovation Fund in 2015, and Project 844, which incentivised early-stage ventures, have played a central role. The landmark 2017 Law on Support for Small and Medium Enterprises further legitimised startups as legal entities, creating the framework for today’s thriving ecosystem.

VIR