Vietnam’s tech startup scene has reached a big milestone, with more than 5,500 startups in total. Out of these, over 4,100 are still active, and the country has attracted around $3.2 billion in funding, according to Tracxn.
The report “The Vietnam Tech Startup Pulse: An All-Time View” underscored the country’s transformation into one of Southeast Asia’s most dynamic startup hubs, marked by the rise of six unicorns, nine mega funding rounds, and an increasingly diverse portfolio of funded ventures, Tracxn said in a statement.
Vietnam’s startup ecosystem has grown rapidly in the last decade. More than 60% of all startups were founded between 2015 and 2025, showing how fast the industry has developed. During this period, funding has also surged, with $2.3 billion raised in the past five years—almost three-quarters of the country’s total funding.
The year 2021 was a turning point, when Vietnam attracted $1.2 billion in startup funding, led by big rounds from Tiki, VNLIFE, and MoMo. The ecosystem is mainly centered in Hanoi (2,127 startups) and Ho Chi Minh City (2,098 startups), which together dominate the country’s startup scene. Smaller cities like Da Nang and Can Tho are slowly growing as new hubs. Ho Chi Minh City leads in funding with $1.8 billion, thanks to Tiki and MoMo, while Hanoi follows with nearly $1 billion boosted by VNLIFE.
Venture capital (VC) has been the main driver of this boom, contributing over 90% of yearly funding since 2020. More than 290 VC firms have invested in Vietnamese startups, with CyberAgent Capital leading in 24 deals, followed by Genesia Ventures and Do Ventures. Confidence in Vietnam is also reflected in nine mega deals above $100 million, including multiple rounds for MoMo, Tiki, Sky Mavis, and VNLIFE.
Vietnam has already produced six unicorns: Tiki, MoMo, Sky Mavis, VNPAY, VNLIFE, and VNG. Each one has shaped Vietnam’s digital economy in different ways—MoMo is now a top digital wallet offering loans and insurance, Sky Mavis became globally famous with its blockchain game Axie Infinity, Tiki boosted e-commerce logistics, VNG dominates gaming, and VNPAY & VNLIFE pushed cashless payments.
Beyond unicorns, many other startups like Sendo, OnPoint, Telio, Thuocsi, and Nhi Dong 315 have raised over $400 million combined, growing strongly in e-commerce, B2B distribution, healthtech, and omni-channel services. This shows that investors are also betting on companies outside of the big unicorns.
The ecosystem has matured with 76 exits so far—including 52 acquisitions and 24 IPOs. Big deals like Central Group’s $1.05 billion takeover of Big C & Nguyen Kim and Sea Limited’s $64 million acquisition of Foody highlight global interest in Vietnam’s market. More recently IPOs from BeLive Technology and TCBS (2025) show rising demand for Vietnam’s fintech and digital services startups.
“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,” said Neha Singh, Co-founder of Tracxn.
“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,” she added.
Vietnam’s startup growth has been built over the past ten years with the help of supportive government policies and programs. Important initiatives like Vietnam Silicon Valley (2013), the National Technology Innovation Fund (2015), and Project 844 encouraged early-stage startups and gave them a strong start.
A big milestone came in 2017, when the Law on Support for Small and Medium Enterprises officially recognized startups as legal businesses. This created a strong foundation for the ecosystem to grow.
Now, Vietnam is moving from simply creating many new startups to helping them scale and grow sustainably. This shows both the big opportunities ahead and the depth of innovation happening in the country.
With a strong base of startups, substantial late-stage funding, and an increasing number of successful exits, Vietnam has firmly established itself as a rising force in Southeast Asia’s technology landscape, said the statement.
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