Vietnam Shifting Path from Startup Nation to Innovation Hub

Fundwise and VNU Incubator (VISI) are not merely supporting the startup ecosystem in Vietnam. They are redefining the very architecture of entrepreneurship in the country.

VISI, rooted in Vietnam National University, Hanoi, sparks innovation at its origin. It takes raw ambition from students and researchers and molds it into enterprise. Through ten weeks of rigorous training, seasoned mentorship, legal and financial frameworks, and real capital for market testing, VISI transforms fragile ideas into ventures with weight. By Demo Day, scrappy concepts stand as credible businesses, ready for the next leap.

That is where Fundwise enters. With a decade of fundraising expertise across Southeast Asia, it sharpens business models into investor-ready narratives. It crafts pitch decks that command attention. It forges connections with capital that matter. It converts promise into measurable traction.

Together, VISI and Fundwise build a seamless continuum. One cultivates imagination. The other amplifies it into investable opportunity. The outcome? A startup ecosystem in Vietnam that is no longer simply expanding, it is maturing, accelerating, and asserting itself on the global stage.

In an exclusive conversation with The Interview World, Jay Tran, Founder & CEO of Fundwise and Managing Director & CEO of VNU Incubator & Startup Incubator, delves deep into this transformation. He reflects on the current state of Vietnam’s startup landscape, explains how Fundwise and VISI fuel innovation, and highlights the Vietnamese government’s role in fostering an enabling environment. He also examines the evolving funding landscape, envisions the trajectory of Vietnam’s ecosystem over the next decade, and leaves young entrepreneurs with a powerful message.

Here are the key takeaways from his compelling exchange.

Q: How would you describe the current state of the startup ecosystem in Vietnam compared to five years ago?

A: Five years ago, Vietnam’s startup ecosystem was nascent, fragile, and consumer-centric. Today, it stands transformed, bigger, bolder, and more sophisticated. The country now boasts more than 5,000 startups, including four unicorns and dozens with valuations north of $100 million. Investment momentum peaked in 2021 at $1.2 billion. Yet, even as overall inflows slowed, mid- and late-stage funding held firm, underscoring deeper market fundamentals.

Vietnam’s global standing tells the story. It now ranks 55th worldwide and 5th in Southeast Asia in StartupBlink’s index, with Ho Chi Minh City, Hanoi, and Da Nang climbing rapidly. The supporting infrastructure has expanded in lockstep: more than 1,400 ecosystem organizations, nearly 80 incubators, 35 accelerators, and over 200 venture funds actively nurture innovation.

Policy has kept pace. Initiatives such as Project 844 and recent national resolutions have carved clearer pathways for R&D, AI, semiconductors, and digital transformation. Meanwhile, the digital economy has already surged to $36 billion and is projected to command nearly 30% of GDP in the coming years.

Vietnam has, in short, moved beyond imitation and experimentation. It now operates with resilience, professionalism, and unmistakable global ambition.

Q: Can you share how Fundwise and VNU Incubator are contributing to nurturing innovation and entrepreneurship in Vietnam?

A: At VNU Incubator (VISI), we turn ideas into enterprises. We scout ambitious teams of students, alumni, and researchers. Then, we immerse them in founder-first mentoring, rigorous validation sprints, and high-stakes Demo Days. To accelerate market entry, we also run corporate challenge tracks with international partners, including programs across China and ASEAN, so founders engage with real customers early.

Fundwise amplifies this momentum by making startups truly fundable. We sharpen investor readiness through workshops, valuation models, and bulletproof data rooms. We craft compelling pitch narratives and orchestrate cross-border investor introductions. In doing so, we help founders convert traction into term sheets, with discipline, speed, and complete transparency.

Q: How supportive has the Vietnamese government been in creating an enabling environment for startups?

A: The Vietnamese government has shifted from rhetoric to action in building a startup-friendly economy. Since Politburo Decree 57 (2024) put science, technology, and innovation at the core of national development, cities such as Ho Chi Minh City have embedded startup strategies into their urban plans.

Momentum has accelerated through follow-up reforms. Decree 19/2025 introduced fast-track licensing. Resolution 198/2025 unlocked land and infrastructure incentives. Decree 97/2025 extended preferential policies to the National Innovation Center. Together, these measures cut red tape and reduced operating costs for entrepreneurs.

The state has also pledged up to 3% of GDP for science, technology, and innovation. At the same time, it is encouraging national, local, and university-based venture funds to expand the pool of early-stage capital. On the regulatory front, fintech sandboxes now allow controlled testing of payments, lending, and blockchain solutions.

Crucially, Vietnam continues to sustain long-term programs. Project 844 and Decision 1665 still provide structured support, mentorship, and direct funding to founders. Meanwhile, the country’s Net Zero pledge for 2050, anchored by 2030 milestones, is channelling investment and policy into green energy and climate-tech ventures. These commitments not only create market demand but also build strong regulatory incentives for sustainable innovation.

Taken together, these reforms signal a decisive turn. Vietnam is no longer experimenting with symbolic initiatives; it is implementing layered, substantive policies that expand access to capital, dismantle barriers, and position the nation as a rising regional hub for entrepreneurship and innovation.

Q: Access to capital is often a bottleneck. How do you see the funding landscape evolving for Vietnamese startups?

A: Vietnam’s venture capital story has moved through cycles of record highs, correction, and renewal. In 2021, VC funding surged to $1.4 billion, a new benchmark. By 2023, funding dropped 17% to $529 million. Yet, even this contraction outperformed the global VC slump of nearly 35% during the same period.

The real inflection arrived in 2024. AI funding skyrocketed eightfold, from $10 million to $80 million. AgriTech expanded ninefold. GreenTech deal activity more than doubled. Together, these shifts underscored a decisive pivot toward high-impact, future-defining sectors.

Deal momentum strengthened as well. Early-stage activity (<$0.5M) climbed sharply, while mid-sized transactions ($100M–$300M) expanded 2.7×, a clear sign of rising conviction in scalable startups. Investor participation widened too. Nearly 150 VC firms were active in 2024, the most since 2021, with Singapore, Japan, and Vietnam taking the lead.

Taken together, the message is clear. Despite short-term volatility, Vietnam’s venture funding ecosystem is maturing. It is now more diversified, increasingly sector-driven, and structurally resilient. More importantly, capital is flowing with greater intent, targeting strategic, high-growth domains that will define the country’s next phase of innovation.

Q: Where do you see Vietnam’s startup ecosystem in the next decade, and what role will Fundwise and VNU Incubator play in that journey?

A: Over the next decade, Vietnam’s startup ecosystem will evolve from a fast-rising regional contender into a recognized hub of applied innovation in Asia. This transformation will rest on three pillars: a young, tech-savvy population; rapidly advancing digital infrastructure; and bold policy commitments, from Net Zero targets to national investments in science and innovation. These strengths will propel Vietnam to the forefront of AI-driven solutions, climate technologies, SME-focused fintech, and globally competitive SaaS products.

The landscape will also grow more dynamic. Expect to see a surge of university spin-outs, stronger inflows of cross-border capital, and an expanding cohort of Vietnamese startups scaling well beyond ASEAN into global markets.

In this journey, institutions and enablers will play decisive roles. The VNU Incubator (VISI) will act as a pipeline builder, spotting promising student and researcher-led projects, converting scientific research into venture-ready companies, and linking them with corporate and international partners. At the same time, Fundwise will serve as the capital catalyst. It will prepare founders for investment through rigorous financial modeling, precise valuation, and compelling storytelling, while mobilizing both domestic and global investors.

Together, VISI and Fundwise will form the critical bridge, from ideas to markets, and from traction to term sheets. Their combined efforts will ensure that Vietnamese founders not only launch strong but also scale sustainably, positioning Vietnam as a genuine innovation powerhouse on the global stage.

Q: What advice would you give to young entrepreneurs in Vietnam who are just beginning their startup journeys?

A: My advice to young entrepreneurs in Vietnam is straightforward, though forged through hard lessons. Begin with the problem, not the pitch. Engage your customers every single week. Test fast, fail faster, and never hesitate to charge early. Pricing is not an afterthought; it defines your product–market fit.

From day one, keep your cap table and finances immaculate. Messy structures will choke your ability to raise capital later. Focus relentlessly on unit economics. Aim to be default-alive, not a startup chasing vanity metrics that impress no one.

Equally critical, choose the right co-founder. Find someone who shares your values, balances your skills, and shoulders the journey with you. Then, surround yourself with two or three seasoned operator-mentors, leaders who have already built and scaled companies. Their scars will become your shortcuts, saving you years of avoidable mistakes.

Think beyond Vietnam from the start. Frame your story in both Vietnamese and English, because your true market lies in ASEAN and far beyond.

And above all, guard your energy and mental health. This path is not a sprint; it is a marathon that demands stamina, resilience, and clarity.