The government directly supports innovative startups through venture capital funds.

On the morning of December 13, 2025, in Hanoi, within the framework of the National Innovation and Startup Festival 2025, the National Policy Forum on International Cooperation for Investment in Innovation Startups took place with the participation of leaders from the Ministry of Science and Technology, localities, international organizations, investment funds, businesses, and the startup community both domestically and internationally.

Deputy Minister of Science and Technology Hoang Minh delivered the concluding remarks at the Forum.

The state plays a proactive role, while the private sector leads in investing in innovation.

The forum was organized to discuss the effective implementation of Decree No. 264/2025/ND-CP on national and local venture capital funds; to update venture capital trends, expand international cooperation, and propose public-private partnership models suitable to Vietnam's context.

This forum also serves as a platform for sharing international experiences on tripartite investment cooperation models, thereby promoting resource mobilization, attracting technology, and addressing development challenges in the context of dual transformation and sustainable development.

Speaking at the Forum, Deputy Minister of Science and Technology Hoang Minh emphasized that innovation has become the foundation for the development of science and technology in most countries. If Vietnam wants to achieve double-digit growth, it has no other choice but to rely on science, technology, and innovation.

According to Deputy Minister of Science and Technology Hoang Minh, in the context of declining global venture capital flows, the establishment of national and local venture capital funds under Decree No. 264/2025/ND-CP is of particular importance. This is the first time Vietnam has established venture capital funds at the national and local levels, allowing for long-term investments, investments in other funds, and even investments abroad to gain early access to new technologies.

"This conveys a strong message from the Government : the State not only provides support through policies, but also directly participates in the innovative startup ecosystem through co-investment mechanisms with the private sector, accepting a higher level of risk to focus on innovation, core technologies, and green technologies," Deputy Minister Hoang Minh affirmed.

Mr. Truong Viet Dung, Vice Chairman of the Hanoi People's Committee, delivered the opening remarks at the Forum.

Hanoi is taking the lead in perfecting the institutional framework and piloting the venture capital fund model.

In his opening remarks at the Forum, Mr. Truong Viet Dung, Vice Chairman of the Hanoi People's Committee, stated that in the process of perfecting the institutional framework for innovation, Hanoi has been entrusted by the Party and the State with the pioneering mission of leading, experimenting, and guiding groundbreaking innovation mechanisms.

Based on the amended Capital City Law, the city has issued six resolutions covering all components of the innovation ecosystem, from controlled testing mechanisms (sandboxes) for new technologies; science and technology policies based on ordering and contracting out services to the final product; policies supporting the innovation ecosystem with support up to 70% of the cost of hiring experts and consultants; to the establishment of the Hanoi Technology Exchange to support testing, promotion, valuation, and intellectual property protection costs.

In particular, Hanoi is establishing the Hanoi Venture Capital Fund with a maximum size of 1,200 billion VND, in which the State budget will participate up to 49%, acting as "seed capital" to connect policies, capital markets and the startup community.

Within the framework of Decree No. 264/2025/ND-CP issued by the Government on October 14, 2025, Hanoi is a pioneering locality in piloting the venture capital fund model, gradually accumulating experience to standardize and replicate it nationwide. Although the documents were issued at different levels, they all agree on core principles: the State does not replace the market but plays a facilitating role; public-private partnerships with private sector leadership; and accepting a higher portfolio risk to focus on innovation, core technologies, and green technologies.

The forum also brought together many international and domestic speakers, offering diverse perspectives on venture capital trends and investment partnerships.

Mr. David Lewis, Chairman and CEO of Energy Capital Vietnam, analyzed the trend of restructuring global capital flows associated with the digital economy, deep technologies, energy, and smart supply chains, while emphasizing the leading role of the private sector in cross-border investment cooperation models.

Mr. Samuel Ang, Senior Expert of the Asian Development Bank (ADB), presented a paper at the Forum.

Mr. Samuel Ang, Senior Expert at the Asian Development Bank (ADB), shared his experience in operating co-investment mechanisms such as matching funds and fund-of-funds, thereby effectively mobilizing private capital and sharing risks in large-scale investment programs.

Meanwhile, Juhern Kim, Chief Representative of the Global Green Growth Institute (GGGI) in Vietnam, focused on venture capital models linked to green growth and the circular economy, sharing experiences on coordinating state capital, international capital, and the private sector from South Korea and other Asian countries.

Representing the private sector, Mr. Le Thanh Nam, Investment Director of Touchstone Partners, clarified the readiness of private venture capital funds to co-invest with national and local funds, from technology and business model assessment to supporting market expansion for startups.

Speakers at the panel discussion themed "Promoting tripartite cooperation: International financial institutions - State-owned venture capital - Private venture capital for innovative startups in Vietnam".

At the discussion session themed "Promoting tripartite cooperation: International financial institutions – State-owned venture capital – Private venture capital for innovative startups in Vietnam," speakers continued to exchange ideas on mechanisms, models, share practical experiences, and propose solutions to strengthen connections between investment entities.

Concluding the Forum, Deputy Minister Hoang Minh stated that although Vietnam's startup ecosystem has made remarkable progress with over 4,000 startups, 200 intermediary organizations, and 2 technology unicorns, the scale of businesses and investment capital flows remain modest.

The Ministry of Science and Technology will incorporate international opinions and experiences from the Forum, continue to improve institutional frameworks and policy tools, thereby promoting the sustainable development of Vietnam's innovation and startup ecosystem and its deep integration with the region and the world.

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Center for Science and Technology Communication

Source: https://mst.gov.vn/nha-nuoc-truc-tiep-dong-hanh-cung-khoi-nghiep-sang-tao-thong-qua-quy-dau-tu-mao-hiem-197251213134111102.htm