In 2016, Vietnam was entering a new chapter of economic growth. Its young population, expanding middle class, rising digital adoption, and increasingly open business environment were attracting international investors and entrepreneurs. For local businesses, it was also a time of opportunity: new consumer habits were emerging, startups were finding room to experiment, and homegrown brands were beginning to look beyond the domestic market.
Over the years, Vietcetera has documented many of these developments through the people and businesses shaping them. Some stories captured the early promise of an emerging market. Others followed entrepreneurs trying to solve longstanding problems, or brands seeking to turn Vietnamese ingredients and culture into something with global appeal.
A decade later, the landscape looks different. Some of those ambitions have become reality. Others have taken unexpected turns. International brands have entered and exited, startups have faced the realities of scaling, and businesses founded in Vietnam have begun making their presence felt overseas.
Looking back at ten of Vietcetera’s most-read business stories, we revisit what made them resonate with readers at the time, and ask a new question: where do these businesses, ideas, and ambitions stand today?
1. Zalo: How Vietnam Built a Digital Platform of Its Own
Originally published: Zalo’s Momentum Shakes Up Vietnam's Social Media Landscape
When Vietcetera examined Zalo’s growing influence in 2021, the Vietnamese messaging app was already challenging the dominance of global platforms. Decision Lab’s Q4 2021 survey placed Zalo second only to Facebook in popularity among Vietnamese internet users.
That position has since become even more significant. By September 2026, Zalo reported 82.6 million monthly active users and 2.2 billion messages sent daily, reinforcing its place in everyday communication across the country. Its services have also expanded beyond messaging, connecting businesses, public institutions, and consumers through Official Accounts, Mini Apps, and increasingly, AI-powered features.
Zalo’s growth reflects a broader pattern in digital markets. While global platforms remain influential, local services can develop a distinct position by understanding how people communicate, transact, and access services in their own countries. Japan has LINE, South Korea has KakaoTalk, and China has WeChat. Vietnam’s experience suggests that it, too, has developed a digital ecosystem with a platform deeply embedded in daily life.
The question now is how far Zalo can evolve from a messaging service into a broader digital infrastructure, particularly as AI reshapes how people interact with technology.
2. BAEMIN: When Being Loved by Consumers Wasn’t Enough to Stay
Originally published: A Brand’s Story: BAEMIN Builds a Culture of Conversationalists
Few international brands entering Vietnam made as distinctive a cultural impression as BAEMIN. The South Korean food delivery platform arrived in 2019 and quickly developed a recognizable identity through playful Vietnamese copywriting, locally inspired campaigns, and its memorable Mèo Mập mascot.
Vietcetera’s original story explored how BAEMIN was building a culture of conversationalists, both within the company and in its relationship with Vietnamese consumers. It was an example of how a foreign business could adapt its brand personality to a local audience rather than simply transplanting an existing model.
But brand recognition and consumer affection did not guarantee commercial sustainability. BAEMIN announced its departure from Vietnam in November 2023, officially ending operations on December 8 that year, citing difficult global economic conditions and intense local competition.
It was not the last international food delivery player to leave. Gojek followed in September 2024, withdrawing its GoFood and other services from Vietnam. Local player Loship also ceased operations by the end of that year.
The exits did not mean that Vietnam’s food delivery market had run out of potential. Quite the opposite. Its market size grew from $ 1.4 billion in 2023 to $ 1.8 billion in 2024, making it the fastest-growing food delivery market in Southeast Asia that year. Yet GrabFood and ShopeeFood together controlled approximately 96% of the market in 2024.
The lesson is more complicated than a foreign brand failing to understand local consumers. Vietnam remains an attractive market, but competition, operating costs, logistics, and the economics of customer acquisition make it increasingly difficult to turn growth into sustainable business.
3. Homebase: Can Technology Make Homeownership More Accessible?
Originally published: Vietnamese Innovator: Proptech Startup Homebase Seeks To Shake Up Real Estate Buying In Vietnam
When Homebase was introduced to Vietcetera readers in 2019, it was attempting to address a problem familiar to many young Vietnamese: the widening gap between property prices and the ability to afford a home.
Co-founded by Phillip An and JunYuan Tan, the proptech startup proposed an alternative to conventional home financing. Through a co-investment model, buyers could contribute what they could afford, move into a property, and gradually purchase the remaining ownership stake.
The idea attracted significant investor interest. Homebase joined Y Combinator in 2021, becoming the first Vietnamese startup accepted into the accelerator, and announced a US$30 million funding round.
Where is it now? Homebase continues to operate, having expanded its offering beyond homebuying into property equity and financing solutions. According to its own company figures, it serves more than 20,000 customers across over 20 cities and provinces in Vietnam.
Its evolution reflects a wider shift in Vietnam’s startup ecosystem. Rather than focusing exclusively on digital convenience, a new generation of companies is trying to tackle structural problems in traditional industries, from housing and finance to healthcare and education.
Whether these models can make essential services genuinely more accessible at scale remains an open question. But the problem Homebase set out to solve has only become more pressing as housing affordability continues to challenge younger generations.
4. Pizza 4P’s: From a Saigon Restaurant to Brooklyn
Originally published: Pizza 4P’s’ Yosuke Masuko On The Question, “What is Happiness?”
When Yosuke Masuko first opened Pizza 4P’s in Ho Chi Minh City in 2011, his ambition was rooted in a simple idea: creating happiness through food and human connection.
Vietcetera’s original interview explored the personal experiences behind this philosophy, which eventually became the brand’s vision, “Make the World Smile for Peace.”
More than a decade later, that small restaurant has grown into an international business with over 40 locations across Vietnam, Cambodia, India, Indonesia, and Japan.
In July 2026, Pizza 4P’s opened its first US location in Brooklyn, New York, marking a new chapter for a brand that began in Vietnam. The restaurant brings its signature house-made cheese, Japanese-inspired hospitality, and emphasis on meaningful connections to one of the world’s most competitive food markets.
There is an interesting distinction in Pizza 4P’s story: it is not a Vietnamese-founded business in the conventional sense. Its founder is Japanese, and its culinary identity combines Italian pizza-making with Japanese hospitality. Yet Vietnam was where the brand took shape, found its audience, and built the foundation for international expansion.
Its journey says something about Vietnam’s changing role in the global business landscape. The country is not simply a destination for international brands. It can also be a place where internationally minded businesses are built before taking their next steps abroad.
5. Vietnamese Billionaires: Who Made the List, and Who Stayed?
Originally published: Six Vietnamese Billionaires On Forbes 2021 World’s Richest List
In 2021, Vietcetera profiled six Vietnamese billionaires on Forbes’ annual list of the world’s richest people: Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, Tran Ba Duong, and Nguyen Dang Quang.
Their fortunes were built across industries that had become central to Vietnam’s economic transformation, including real estate, aviation, steel, banking, automotive manufacturing, and consumer goods.
Five years later, Vietnam had eight representatives on Forbes’ 2026 World’s Billionaires list, including three newcomers: Pham Thu Huong and Pham Thuy Hang of Vingroup, and Ngo Chi Dung of VPBank. Five names from the original 2021 list remained: Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, and Nguyen Dang Quang. Tran Ba Duong was no longer on the 2026 list.
The changing list offers a snapshot of the private sector’s growth and the concentration of wealth in some of Vietnam’s largest business groups. It also reflects the increasing visibility of Vietnamese entrepreneurs in global wealth rankings.
Yet billionaire rankings tell only part of the story. The more interesting question is what kinds of industries and businesses have created these fortunes, and how their influence may shape Vietnam’s next stage of economic development.
6. Five Startups to Watch: What Happened to the Next Generation of Vietnamese Businesses?
Originally published: 5 Vietnamese Startups To Watch This Year, According To Venture Capitalists
In 2023, Vietcetera highlighted five Vietnamese startups that venture capitalists believed were worth watching: MindX, M Village, Fundiin, SoBanHang, and Clevai.
Their business models reflected some of the most promising areas of Vietnam’s emerging digital economy at the time: technology education, co-living, buy-now-pay-later services, digital tools for small businesses, and AI-powered learning.
The timing was significant. The global startup ecosystem was moving away from the era of cheap capital and rapid expansion, placing greater pressure on young companies to demonstrate sustainable growth and viable business models.
Interestingly, these five names continued to attract attention. In 2025, they were included in a separate list of notable Vietnamese tech startups compiled by US-based technology education organization Nucamp.
That does not mean their journeys have been identical, or that every early promise has been fulfilled. Each operates in a different sector, faces different market conditions, and has had to navigate the challenges of scaling in Vietnam.
Together, however, they represent a generation of entrepreneurs looking beyond conventional business models to address everyday problems through technology. Their stories also raise a question that has become increasingly relevant: Can Vietnam’s startup ecosystem move from producing promising early-stage companies to building businesses that can endure?
7. Sông Cái: Bringing Vietnamese Botanicals Into a Global Spirit
Originally published: Sông Cái Dry Gin — An Artisanal Brand Infused With Vietnamese Culture
When Daniel Nguyen founded Sông Cái Distillery in 2019, he wanted to create more than another premium gin brand. A Vietnamese American returning to his ancestral homeland, Nguyen saw an opportunity to build a business around Vietnam’s rich botanical diversity while creating greater value for local farmers and foraging communities.
The distillery’s approach was distinctive: using ingredients sourced from different regions of Vietnam to create spirits that reflect the country’s landscapes, traditions, and cultural diversity.
Sông Cái also offers a different perspective on the relationship between Vietnam and its diaspora. Rather than simply bringing international capital or expertise into the country, Nguyen sought to connect his experience abroad with local agricultural knowledge and communities.
The business has not been without challenges. A 2024 Stanford Graduate School of Business case study on Sông Cái examined the regulatory uncertainty and operational difficulties faced by the distillery, offering a closer look at the realities of building an artisanal spirits business in Vietnam
Today, the brand continues to position itself as a Vietnamese-owned distillery working with local farming and foraging partners. Its ambitions have also expanded beyond gin to explore traditional Vietnamese spirits and fermentation.
Sông Cái represents another way Vietnamese businesses are beginning to create value from local resources. Rather than exporting raw agricultural ingredients, it turns them into products with a distinct identity and a story that can travel internationally.
8. Marou: From Vietnamese Cacao to an International Chocolate Brand
Originally published: Bringing Vietnamese Chocolate To The World: Vincent Mourou And Thao Nguyen On Ten Years Of Marou, Faiseurs De Chocolat
Marou began with a simple observation by founders Vincent Mourou and Samuel Maruta: Vietnam produced cacao, but much of its value was captured further along the global supply chain.
In 2011, the two entrepreneurs set out to change that by producing chocolate in Vietnam, working directly with local cacao farmers, and building a bean-to-bar brand that highlighted the origins of its ingredients.
A decade later, Marou had grown into one of Vietnam’s best-known artisanal chocolate brands, with its Maison Marou stores becoming destinations in their own right.
In July 2026, the brand opened its first international retail boutique at Singapore’s Changi Airport Terminal 1. It has also expressed ambitions to expand into Hong Kong and Paris.
Marou’s journey illustrates a broader shift in how Vietnamese agricultural products can participate in the global economy. The opportunity is no longer limited to growing and exporting raw materials. Processing, product development, branding, and storytelling can all help capture more value within the country.
Alongside Sông Cái, Marou demonstrates how local ingredients can become the foundation for internationally recognizable products, rather than remaining anonymous commodities in global supply chains.
9. Social Commerce: When Shopping Became Part of the Social Media Experience
Originally published: Vietnamese Consumers Turn To Social Media For Faster, More Flexible Shopping Experience
In 2022, Vietcetera examined how Vietnamese consumers were increasingly using social media to discover and purchase products.
At the time, Facebook and Zalo were major shopping channels, while Instagram and TikTok were gaining ground. The appeal was straightforward: consumers could discover products, communicate with sellers, read reviews, and make purchases without leaving the platforms they already used every day.
Since then, social commerce has evolved considerably. TikTok Shop has turned product discovery into an entertainment-driven experience, with livestreams, short-form videos, creators, and affiliate marketing becoming increasingly important to online retail.
In 2025, TikTok Shop accounted for approximately 31% of Vietnam’s retail e-commerce market, behind Shopee’s 41%, according to Euromonitor International.
The shift is significant because it changes not only where people shop, but also how businesses reach them. A product can now gain traction through a creator’s recommendation or a viral video before consumers even consider searching for it on a traditional marketplace.
Vietnam’s digital economy has moved beyond simply putting physical stores online. It is increasingly built around the convergence of content, community, entertainment, and commerce.
10. Made in Vietnam: A New Generation of Consumers and Homegrown Brands
Originally published: Vietnamese Consumers Increasingly Favor Made-In-Vietnam Goods
In December 2022, Vietcetera reported on a growing preference for locally made products among Vietnamese consumers. According to the Ministry of Industry and Trade’s steering committee for the “Vietnamese people prioritize Vietnamese goods” campaign, more than 90% of surveyed consumers said they prioritized Vietnamese products when making purchasing decisions.
The finding reflected a longer-running change in consumer attitudes. Domestic products were increasingly being considered not only because they were affordable or accessible, but also because of improvements in quality, design, and product variety.
This shift has created opportunities for local businesses to build stronger identities and compete in categories that were once dominated by international brands.
The broader e-commerce boom has accelerated this development. Vietnam’s online retail market continued to expand in 2025, with sales across four major platforms reaching approximately VND429.7 trillion, or US$16.35 billion, according to Metric data.
Yet the real question goes beyond whether consumers are willing to buy Vietnamese products. It is whether local brands can consistently earn their trust, maintain quality, develop distinctive identities, and compete beyond their home market.
From food and fashion to cosmetics and technology, the next chapter of Made in Vietnam may depend less on where a product is manufactured and more on the value, reputation, and identity behind its name.
A Decade of Ambition, With No Single Definition of Success
Looking back, these ten stories do not tell a simple tale of uninterrupted growth. They reveal a business landscape that has become more ambitious, more connected, and considerably more competitive.
Zalo shows how a homegrown platform can become part of a country’s digital infrastructure. BAEMIN and Gojek demonstrate that even a rapidly growing consumer market can be unforgiving to businesses unable to establish sustainable positions. Homebase and the startups of its generation reflect the continuing appetite for innovation, alongside the difficult work of turning promising ideas into enduring companies.
Meanwhile, Marou and Sông Cái show how Vietnamese ingredients, agricultural resources, and cultural knowledge can become the foundations of differentiated products. Pizza 4P’s offers another possibility: a business that found its footing in Vietnam before taking its ambitions to the other side of the world.
Ten years ago, many of these stories were about potential. Today, some have become proof of what Vietnamese businesses can achieve, while others serve as reminders of the challenges that remain.
Perhaps the most telling change is not simply that Vietnam has more billionaires, bigger digital platforms, or brands opening overseas. It is that the country’s business ambitions have grown beyond participating in a rapidly expanding market. Increasingly, they are about building something that can last, compete, and matter beyond it.