The Vietnamese landscape is experiencing a transformative wave of investment interest, particularly in the technology sector. One of the key players in this movement is Gobi Partners, a venture capital firm with roots in Malaysia and Hong Kong, which is keen on expanding its footprint in Vietnam. This push aligns with Hanoi’s strategic intent to inject more capital into burgeoning tech industries, thus nurturing innovation and stimulating economic growth.
Recently, a delegation from Gobi Partners, spearheaded by co-founder and chairman Thomas G. Tsao, convened in Hanoi with Vietnamese Deputy Minister of Science and Technology Vu Hai Quan. Their discussions spanned a myriad of vital topics including startup incubation, semiconductors, artificial intelligence, big data, renewable energy, and regulatory frameworks for advancements in robotics and unmanned aerial vehicles. Notably, they also explored the establishment of a joint startup incubator — a potential hub for nurturing emerging tech talents in Vietnam.
Central to this initiative is Vietnam’s national venture capital fund, instituted under the newly enacted Decree 264/2025/NĐ-CP. This decree, released in October 2025, allocates an initial capital of VND500 billion (approximately $19.1 million) sourced from the national budget, with an ambitious target to boost this to at least VND2 trillion within five years. The fund aims to blend public resources with private contributions, creating a robust financial framework that fosters innovation and supports local startups.
The decree not only establishes a formalized structure for national and local venture capital funds but also paves the way for state co-investment alongside private entities. This move is particularly significant as it signals the government’s proactive approach to enhance venture financing infrastructure, especially at a time when private capital sources have been increasingly selective.
According to Tsao, Gobi Partners is eager to facilitate connections for the companies within its portfolio to tap into the Vietnamese market, especially in high-tech sectors. Vietnam’s aspiration to craft a more cohesive innovation ecosystem aligns closely with Gobi’s strategic objectives, making this partnership mutually beneficial. By leveraging Gobi’s extensive network, Vietnam could attract significant foreign venture capital, crucial for financing innovation-heavy industries.
Despite the promising outlook, it’s worth noting that Vietnam’s venture capital environment is currently under strain. A report from VinVentures, the investment arm of the major conglomerate Vingroup, indicated that in 2025, the country witnessed over 41 venture deals totaling $215 million — a stark 30% decline from the peak reached in 2021. Reflecting this trend, funding has increasingly become concentrated in a smaller number of larger transactions, with the top 10 deals making up a staggering 72% of the total capital raised.
This concentration of funding underscores a cautious approach among investors at present. However, the establishment of a government-backed national VC fund is a clear declaration of intent to revitalize startup financing. It not only aims to address the current gaps in private sector investment but also seeks to institutionalize venture capital in Vietnam, reducing reliance on fragmented private funding mechanisms.
For firms like Gobi Partners, this newly created fund represents a promising avenue to engage with Vietnam’s next wave of startups, particularly in deep-tech and industrial innovation. In aligning with state priorities focusing on sectors deemed crucial for national growth, Gobi stands poised to play a significant role in the future of Vietnam’s entrepreneurial ecosystem.