A Breakout Quarter Signals Vietnam’s Tech Ambition Rising

Vietnam’s First Tech Unicorn Sees 38% Jump In Q4 2025 Report

Vietnam’s first tech unicorn, VNG, reported a strong financial performance in Q4 2025, with net revenue reaching VND 3.194 trillion (US$122.7 million), up 34% year-on-year. Adjusted operating profit rose 38% to VND 139 billion (US$5.3 million).

Growth was driven by broad-based momentum across VNG’s core businesses, particularly online gaming, the Zalo ecosystem, and fintech, while the company maintained its focus on AI development and international expansion. Online gaming gross bookings increased 38% year-on-year to VND 2.242 trillion, with 17% generated from international markets. Overseas markets overall contributed around 20% of total revenue during the quarter, reinforcing VNG’s international growth strategy.

Within the Zalo ecosystem, the platform reached 79.6 million monthly active users and processed over 2.1 billion messages daily. This performance was supported by a growing mini-app and official account ecosystem, strengthening user engagement and digital service integration.

Fintech and AI continued to emerge as key growth pillars. ZaloPay’s total payment volume rose 83% year-on-year, driven by core payment services and expanded financial offerings. Meanwhile, GreenNode and VNG Cloud merged under the GreenNode brand, consolidating VNG’s push into AI Cloud and GPU-as-a-Service solutions for enterprises across Southeast Asia.
VNG’s Q4 2025 results highlight the company’s ability to balance operational efficiency with long-term investment, even amid market volatility. With solid profit growth, rising international revenue, and increasing focus on AI and cloud infrastructure, VNG is reinforcing its position as Vietnam’s leading tech champion while laying foundations for future regional expansion.

Fintech Ekko Raises $4.2m To Improve Employee Retention And Financial Well-Being

Vietnamese fintech startup Ekko has raised US$4.2 million in a seed funding round comprising both equity and debt, aiming to expand its employee financial health platform for workers across Vietnam. The round was backed by Impact Square, Fondation Botnar, Sagana, and several Vietnamese high-net-worth individuals, reflecting strong confidence in Ekko’s impact-oriented model.

Ekko operates an earned wage access platform built around financial education, liquidity access, and savings tools. The platform is designed to help workers manage short-term financial needs and reduce financial stress.

Beyond traditional earned wage access services, Ekko has developed a SaaS employer-paid model in which companies cover service fees so employees can access their earned wages at no cost. This model is gaining traction, with roughly half of Ekko’s revenue now generated from employer-paid services.

By the end of 2025, Ekko had supported more than 100,000 employees across Vietnam. With the new funding, the company plans to expand nationwide, onboard additional employer partners, and further strengthen its platform across sectors such as manufacturing, retail, logistics, and services.
Ekko’s seed fundraising round highlights increasing investor interest in fintech solutions that address employee financial wellbeing. By combining financial education with earned wage access and employer-focused tools, Ekko is positioned to help both workers and employers improve financial stability and workforce resilience, especially in labor-intensive sectors across Vietnam.

Foundational Framework For Sustainable Development For Startup Founders

Vietnam is entering what many describe as a regulatory reset. At the Genesia Orbit Workshop on the topic “Legal Mindset for Startup Growth,” Nguyen Doanh, Founder of StartupLAW, highlighted that a wave of new laws and stricter enforcement is rapidly eliminating legal grey zones. Compliance, he emphasized, is now enforced in real time rather than years later.

In this context, legal discipline is becoming a core startup capability. While many founders still treat legal matters as paperwork, a legal mindset should be embedded in a company’s operating foundation from day one, shaping ownership structures, governance frameworks, and key decision-making processes. Legal thinking is no longer an afterthought but a structural component of how a startup is built and scaled.

Early legal mistakes can create long-term structural risk. Informal equity promises, unclear cap tables, and the absence of proper vesting arrangements remain common issues, often rendering startups uninvestable regardless of their business potential. These weaknesses may not be visible at the beginning, but they tend to surface during due diligence, undermining investor confidence.

Investing in legal foundations early ultimately saves time and capital. Fixing legal and accounting issues at a later stage is significantly more costly and can delay or even derail fundraising opportunities. In today’s environment, investability increasingly depends on legal readiness. Clear governance, strong compliance, and a clean cap table are now as important as product development or growth metrics, especially when attracting professional and foreign investors.

In Vietnam's next growth phase, legal thinking is not a cost; it’s a competitive advantage. As regulation tightens, startups that combine ambition with discipline will survive and scale, while those relying on shortcuts will be filtered out. For founders, legal maturity is no longer optional - it’s foundational to trust, capital access, and long-term success. Establishing a legal framework early is critical for building sustainable businesses. Far from being an administrative burden, legal structures shape governance, manage risk, and create investor confidence, together forming a sustainable platform for growth.

DBJ And SSIA Launch Japan Vietnam Capital Fund

The Development Bank of Japan (DBJ) and SSI Asset Management (SSIAM) have jointly launched the Japan Vietnam Capital Fund, a new Vietnam-focused investment vehicle targeting an initial size of approximately US$90 million. The launch follows the full deployment of their previous private equity fund and marks SSIAM reaching US$1 billion in assets under management (AUM), reflecting its growing credibility and execution capability with both domestic and international investors.

The fund will primarily invest in listed Vietnamese companies, while also making selective allocations to private enterprises that demonstrate strong transparency and sufficient scale. Typical investment tickets are expected to range from US$20-30 million, with flexibility for larger deals depending on market conditions.

Designed with an eight-year investment horizon, the fund adopts DBJ’s patient capital strategy. Exits will be driven by market conditions rather than fixed timelines, with partial exits expected to remain a key strategy.

SSIAM executives noted that 2026 represents a turning point for Vietnam’s capital markets. IPO activity is reopening, regulatory clarity is improving, and potential listings of FDI enterprises are attracting strong investor interest. In addition, Vietnam’s reclassification to Secondary Emerging Market by FTSE Russell signals higher standards of transparency and market practices.

The Japan Vietnam Capital Fund underscores continued confidence from Japanese and regional institutional investors in Vietnam’s capital markets. With a long-term horizon, focus on high-quality listed companies, and disciplined governance standards, the fund is positioned to support Vietnam’s next phase of market development and capital market maturation.

Vietnamese Healthcare Firms Return To Fundraising As Investor Momentum Builds

Vietnamese healthcare firms are returning to the fundraising market as investor momentum strengthens across the sector. Renewed interest is evident among several major players, including GIC-backed Nhi Dong 315, Gene Solutions, and Buymed, all of which are reportedly raising capital at the moment.

Private equity activity also remains robust. Vietnam Investment Group has invested in Nam Saigon Hospital, which has operated a hospital in Ho Chi Minh City since 2018. Meanwhile, strategic M&A and exits continue to shape the sector. Recent transactions include DKSH’s acquisition of Biomedic and Nissha’s acquisition of a 60% stake in USM Healthcare, providing an exit for Eastbridge Partners. Other exits have included Nhi Dong 315 through Thien Viet Securities and Tam Tri Medical through VinaCapital.

Investors are increasingly doubling down on healthcare opportunities. After achieving a 1.4x MOIC from its investment in Tam Tri Medical, VinaCapital is exploring additional private hospital deals while continuing to expand Thu Cuc Hospital. Rising investor appetite is underpinned by both demographic strength and accelerating industry modernization.

These trends are supported by strong sector tailwinds, driven by an aging population, rising incomes, and continued upgrades to Vietnam’s healthcare infrastructure. However, dealmaking remains complex due to regulatory requirements and challenges related to land use and real estate ownership.

Regionally, private equity interest in healthcare remains resilient. In Southeast Asia, healthcare deal value reached approximately US$1 billion by the end of November 2025, with annualized 2025 value potentially hitting US$3 billion. Across the broader Asia-Pacific region, buyout activity totaled US$22 billion across 72 transactions.

Vietnam’s healthcare sector is experiencing an exciting resurgence in fundraising and consolidation activity, supported by favorable demographic trends and strong private equity momentum. As investor confidence and appetite grow, the sector offers compelling opportunities for strategic partnerships and value creation. Nevertheless, thoughtful deal structuring and navigation of regulatory and land-use complexities will remain critical to unlocking the sector’s full potential.

Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.