On the morning of December 13th in Hanoi , within the framework of Techfest Vietnam 2025, the National Policy Forum on International Cooperation for Investment in Innovative Startups took place.
At the Forum, domestic and international experts shared experiences and investment cooperation models to promote the startup and innovation ecosystem.
Vietnam aims for a "nationwide entrepreneurship" model.
Speaking at the event, Deputy Minister of Science and Technology Hoang Minh said that Vietnam is at a crucial turning point. In line with global trends, all countries recognize the necessity of science and technology in development.
For Vietnam, we have no choice but to develop our socio-economic foundation based on technology and innovation to achieve double-digit growth. Therefore, the innovation and startup ecosystem is an extremely important component for the country's socio-economic development.
Deputy Minister Hoang Minh stated that many new policies have been issued to promote the innovative startup ecosystem. For the first time, Vietnam has established national and local venture capital funds. The national fund allows organizations and individuals to co-invest with the State. The new policy also allows this fund to invest over long-term periods of 10-15 years, not on a transaction-by-transaction basis.
The national venture capital fund is also permitted to invest in other sectors with specific preferences, such as green technologies and strategic technologies. The fund is also allowed to invest overseas to help Vietnam gain early access to new technologies.
"The establishment of a state-owned venture capital fund reflects the government's message that it not only provides support through policies, but also directly participates in the startup ecosystem," the Deputy Minister emphasized.
A new component of the ecosystem is also about to take shape. Vietnam will soon establish a specialized stock exchange for startups, allowing organizations, individuals, and investment funds to trade with each other, avoiding divestment through unfavorable channels.
Experts offer advice on how to boost the startup ecosystem.
At the Forum, many international representatives shared with Vietnam trends and lessons learned in the field of venture capital.
According to David Lewis, Chairman and CEO of Energy Capital Vietnam, the world is witnessing "profound changes" in investment trends, and Vietnam is also part of that trend.
Regarding Vietnam, Mr. David highly appreciated the government's determination, as demonstrated in Decree 264, which guides the formation of the National Venture Capital Fund. According to him, this shows the government's strategy of promoting investment while being willing to accept a certain level of risk.
However, for investment funds to thrive in Vietnam, David Lewis believes that a complete and integrated ecosystem is a prerequisite. He recommends that Vietnam learn from Singapore's model of public-private partnership.
To illustrate the barriers faced by startups, David cited the example of Equipcast – an American AI startup struggling to enter the Vietnamese market. According to him, Vietnamese businesses need to optimize their operations but remain hesitant due to the risks involved in trying new technologies.
This expert suggests that, to solve this problem, an intermediary mechanism is needed to facilitate the implementation of pilot projects. This could be a source of "seed capital" from the State, sharing financial risks with businesses in the initial stages.
He suggested that the State needs a mechanism to maximize the effectiveness of Decree 264 on venture capital funds, alongside building a sandbox mechanism for investment funds. The CEO of Energy Capital also believes that Vietnam should implement special tax incentives and preferential mechanisms to help foreign businesses and investors access the market. "These incentives will be important tools to guide international capital flows into Vietnam," he said.
From the perspective of a private venture capital fund, Mr. Le Thanh Nam - Investment Director of Touchstone Partner - believes that when mentioning private equity funds, many people often only think about capital. However, the value of a fund's contribution goes beyond just financial resources.
With their expertise, appraisal experience, and strict financial discipline standards, private venture capital funds also act as an investment filter, significantly reducing risks for the government and local authorities, and identifying priority areas for resource allocation. Furthermore, private funds can support businesses in expanding into international markets.
Mr. Nam proposed the need for a mechanism that allows the private sector to play a leading role, share data, and cooperate closely with the public sector. In addition, he suggested establishing a "one-stop shop" mechanism for investment implementation, helping investors handle the entire process at a single point of contact.
During the more than 40-minute panel discussion on promoting tripartite investment cooperation: international financial institutions - state-owned venture capital - private venture capital for innovative startups in Vietnam, issues related to risk mitigation in investment and tripartite cooperation were also the most discussed topics among domestic and international experts.
Based on experience from implementation in many countries around the world, Paulo Andrez, Honorary Chairman of EBAN (European Angel Investor Network), suggests that governments and the private sector should participate. The government would be the initial investor, and then private investors could be allowed to buy back that portion. This is a way to minimize risk for both investors and startups.
Furthermore, according to him, governments can use their tools to help startup projects, such as providing assessments, testing frameworks, and certifications so that startups can easily expand internationally. This would allow them to attract international investment without requiring significant upfront investment, thereby minimizing risk.
Sharing the same view, Mr. Nguyen Xuan Giao, Investment Director of the Vietnam-Oman Investment Fund, believes that the startup phase of a typical business lasts about 8-10 years, so determining the right time to invest is crucial for investment funds.
"Therefore, the government can play the role of first-mover to mitigate risks and create opportunities for other investors. Once credibility is established, investment funds will participate," he said.
Vietnam's startup ecosystem has made significant progress. The country currently has over 4,000 startups, 200 supporting intermediary organizations, two tech unicorns, and more than 20 businesses with the potential to become unicorns. Vietnam's innovation index ranks 44th out of 132 countries. Its startup ecosystem index ranks 55th. The growth rate of the startup ecosystem is the third highest in ASEAN.
Source: https://www.vietnamplus.vn/lam-gi-de-thuc-day-he-sinh-thai-khoi-nghiep-doi-moi-sang-tao-tai-viet-nam-post1082888.vnp
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