Market InsightsVietnam

Fundraising in Vietnam

By 15 March, 2023June 30th, 2023No Comments

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Fundraising has become increasingly more important for many companies in Vietnam, including everything from non-profits to startups. Being the fastest-growing country in Southeast Asia and with a population of around 98 million, Vietnam is indeed one of the most interesting countries in the region for the purpose of fundraising.

In this article, we review the current state of fundraising in Vietnam, the most common options for fundraising, and success stories in the fundraising market. We review the trends and opportunities, which will give you a better overview of the market.

The Fundraising Landscape in Vietnam

Vietnam has become one of the most promising startup ecosystems in Southeast Asia, with a growing fundraising landscape that continues to attract investors globally. It has almost 3,500 startups as of the moment we write this article, up from just 400 in 2012, which speaks for itself. Thanks to the country’s dynamic and innovative startup scene, a growing number of venture capital firms and angel investors look to invest in promising businesses.

One of the key drivers of the growth is the government’s push to promote entrepreneurship and innovation. Recently, the government has launched several initiatives to support startups, including tax breaks, access to funding, and support for research and development. As a result, we have seen a growing number of incubators and accelerators providing support to early-stage businesses.

Another factor driving the fundraising landscape in Vietnam is the country’s young and tech-savvy population. Vietnam has one of the youngest populations in Southeast Asia, with a median age of just 30 years. This has created a large pool of talent that is well-versed in the latest technologies and trends, making it an attractive destination for investors looking for innovative and forward-thinking startups.

As mentioned, Vietnam’s startup scene has also been boosted by the country’s rapid economic growth. Growing at an average rate of around 6% per year in recent years, and by as much as 8% in 2022, the country has a young and growing middle class that is increasingly looking for new and innovative products and services. This in turn has attracted a growing number of investors looking to capitalize on the trend.

Overall, the fundraising landscape in Vietnam is vibrant and growing, with a range of opportunities available for both startups and investors.

Types of Fundraising in Vietnam

Startups and businesses have access to a handful of fundraising options to secure capital for operations and expansion. The options have unique features that make them suitable for different stages of a company’s growth, and each has its advantages and disadvantages.

Venture Capital

One of the most common fundraising options in Vietnam is venture capital. Venture capital firms provide financing to startups and small businesses in exchange for equity. This option is popular among startups and businesses that are in the early stages of their growth, especially those in the technology sector. Venture capital firms in Vietnam include IDG Ventures, CyberAgent Ventures, and 500 Startups, which have invested in some of Vietnam’s most successful startups, including Tiki, Grab, and VNG.


Another common fundraising option in Vietnam is crowdfunding. Crowdfunding is a method of raising capital through small contributions from a large number of people. This option is ideal for startups and businesses that have a strong community following, such as social enterprises or creative projects. Some popular crowdfunding platforms include Dreamstarter and Fundstart.

Debt Financing

Debt financing is also a popular fundraising option in Vietnam, especially for established businesses with a stable cash flow. In short, this option involves borrowing money from banks or other financial institutions, with an agreement to pay back the loan with interest over an agreed period. While this option can be useful for businesses that need to maintain control over their equity, it also comes with the risk of high interest rates and strict repayment terms.


Initial Public Offerings (IPOs) are another fundraising option in Vietnam, which is suitable for more established companies looking to raise large amounts of capital. In Vietnam, the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange are the two main stock exchanges where companies can list their shares. Some successful companies that have gone public in Vietnam include VietJet Air, Vincom Retail, and Mobile World Group.

Each fundraising option has its unique features that make them suitable for different stages of a company’s growth. For example, venture capital and crowdfunding are popular fundraising options for startups, while debt financing and IPOs are better suited for established businesses. Additionally, each fundraising option has its advantages and disadvantages, and businesses must carefully consider their options before choosing a fundraising strategy that best suits their needs.

Success Stories of Fundraising in Vietnam

Vietnam has been experiencing a remarkable growth in its startup ecosystem, which has led to some inspiring success stories in terms of fundraising. Here are some notable examples of companies that have successfully raised significant capital in Vietnam:

VNG Corporation

VNG Corporation, a leading gaming and messaging company in Vietnam, raised $200 million in its Series B funding round, which was led by a consortium of international investors in 2016. The company, founded in 2004, is one of the pioneers in the Vietnamese startup ecosystem and is now valued at over $1 billion.


Tiki, an online marketplace for books, electronics, and other consumer goods, raised US$275 million in 2021. The company, founded in 2010, has become one of the largest e-commerce players in Vietnam, and the funding round was led by Japanese investment firm, Sumitomo Corporation.


Momo, a leading mobile wallet and payment platform in Vietnam, raised US$200 million in 2021. The funding was led by Warburg Pincus, one of the largest private equity firms in the world. Momo has been instrumental in driving the adoption of mobile payments in Vietnam and is now valued at over $1 billion.


VNPAY, a leading digital payment platform in Vietnam, raised $300 million in a funding round led by SoftBank Vision Fund 2 in 2021. The company has become a key player in Vietnam’s cashless payment ecosystem and has processed over 20 million transactions per month. The funding will be used to expand VNPAY’s services and reach in Vietnam and other Southeast Asian countries.


Sendo, another major e-commerce player in Vietnam, raised US$61 million in its Series C funding round in 2019. Sendo has been growing rapidly since its founding in 2012 and now has over 15 million users in Vietnam.

These success stories demonstrate that Vietnam’s startup ecosystem is capable of attracting significant capital from international investors, and that there are opportunities for growth in a range of sectors, from e-commerce to digital payments. These companies have also contributed to the overall development of Vietnam’s economy, creating jobs and driving innovation.


Fundraising is a growing industry in Vietnam with a range of opportunities available for organizations seeking to secure capital. The country’s thriving startup scene, supported by a government push for entrepreneurship and innovation, is attracting investors globally. With a young and tech-savvy population, a rapidly growing economy, and a conducive environment for startups to thrive, Vietnam has emerged as one of the most promising startup ecosystems in Southeast Asia.

Vietnam’s fundraising landscape offers several options for businesses, including venture capital, crowdfunding, debt financing, and IPOs. Each fundraising option has its unique features that make them suitable for different stages of a company’s growth, and businesses must carefully consider their options before choosing a fundraising strategy that best suits their needs.

Overall, the fundraising landscape in Vietnam presents a wealth of opportunities for organizations looking to raise funds effectively. With the right approach, organizations can leverage Vietnam’s dynamic and innovative startup scene to attract investors and donors and achieve their goals and objectives.

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