Vietnam’s Venture Capital Landscape in 2025: An Insightful Overview

By Hai Yen, Thai Ha
Thu, February 19, 2026 | 8:07 am GMT+7

Vietnam’s venture capital market exhibited ongoing correction in 2025, yet a discernible trend emerged as capital increasingly became concentrated. According to data from VinVentures, the investment arm of Vingroup, the 10 largest venture deals accounted for a striking 72% of total funding during the year.

Market Dynamics

In its report, titled “Vietnam Technology and Venture Capital Outlook 2025: Reshaping Growth for a New Era,” VinVentures indicated that the overall market saw around 41 deals, totaling approximately $215 million disbursed. This figure represents a considerable 30% drop from the 2021 zenith, a period characterized by an influx of venture capital fueled by global liquidity.

Despite a prolonged funding winter, it’s noteworthy that the top 10 transactions alone attracted a combined amount of $154 million. This surge in funding, concentrated in later-stage rounds valued between $5 million and $10 million, signifies not just survival but also a shift in investor sentiment towards more mature startups.

Sector Preferences and Strategic Shifts

The allocation of capital has notably shifted towards sectors that exhibit resilience and predictability. This reflects a trend towards a more private-equity-style investment approach, favoring industries such as education technology, climate tech, retail, and e-commerce platforms. These sectors are perceived to have the potential for stable returns in an increasingly uncertain market.

Top-Funded Startups of 2025

1. Coolmate
   Operating in the direct-to-consumer (D2C) fashion e-commerce space, Coolmate raised an impressive $22.34 million in its Series B+ funding round. The startup focuses on providing high-quality men’s fashion, capturing a significant market niche.

2. Manabie
   Specializing in educational technology (B2B2C), Manabie developed a Learning Management System (LMS) platform targeted at schools and educational centers. The startup secured $22.26 million in its Series A round, indicating strong investor confidence.

3. Dat Bike
   Operating within the electric mobility sector, Dat Bike strives to produce 100,000 units of its domestic e-motorbike brand annually. The company acquired $22 million in its Series B+ round, showcasing the demand for sustainable transportation solutions.

4. CME Solar
   Focused on greentech energy (B2B), CME Solar provides solar power solutions for manufacturing entities under the Power Purchase Agreement (PPA) model. The firm raised $20 million in its Pre-Series A round, marking a significant investment in renewable energy.

5. OKXE Vietnam
   This platform specializes in the used motorbike market combined with financial services. With over 8.2 million downloads and a connection to more than 2,130 dealers, OKXE raised $14.5 million in its Series A round, reflecting the growing interest in affordable transportation.

6. Orochi Network
   Developing blockchain infrastructure, Orochi Network focuses on B2B operations, providing oracle service fee collection and data verification solutions. The startup raised $12 million in its Seed round, emphasizing the increasing relevance of blockchain technology.

7. Ephyra/GameBeast
   Engaged in game IP development, Ephyra has garnered millions of game downloads on mobile platforms, generating revenue from in-app purchases and advertising. It successfully raised $10.5 million in its Series A round, highlighting the burgeoning gaming industry.

8. AI Hay
   This artificial intelligence-based search platform has optimized AI search functionalities for Vietnamese users and achieved over 10 million app downloads. The startup raised $10 million in its Series A round, demonstrating a robust market demand for tech innovations.

9. Galaxy Education
   Operating in online education, Galaxy Education adopts a B2C model and combines it with a multi-brand ecosystem. The startup raised $10 million in its Pre-Series A round, aiming to reshape the education sector.

10. Kyna English
    Offering online English language training, Kyna English features an AI-integrated platform that tailors learning to individual needs. The startup raised $10 million in its Series B+ round, further emphasizing the digital education trend.

Vingroup’s Strategic Move

In October 2024, Vingroup, Vietnam’s largest private conglomerate by market capitalization, launched VinVentures, a venture capital fund dedicated to investing in high-impact technology startups. This move signifies a commitment to fostering innovation and supporting the growth of the Vietnamese startup ecosystem.

Visual Illustration

Source: Moneycontrol.

Source: VinVentures.

Through this structured landscape, we can glean insights into the evolving dynamics of Vietnam’s venture capital environment, shaping the future of numerous industries within the nation.