Vietnam to Establish National AI Development Fund
Vietnam plans to establish a National AI Development Fund for the 2026 to 2027 period to support AI research, innovation, and real-world applications across both public and private sectors. The fund is expected to provide financial resources for initiatives that advance the development and deployment of AI technologies nationwide. The move signals a stronger push by the country to institutionalize its AI ecosystem and expand support for emerging technologies.
The fund is part of a broader AI governance framework that Vietnam is preparing to implement. It will be linked to the country’s upcoming national AI strategy and regulatory framework, which will introduce standards for high risk AI systems as well as an AI ethics framework. Together, these measures are designed to create a coordinated policy environment for AI research, development, and commercialization.
In parallel with funding and regulation, the plan also focuses on building a National AI Database, located at the National Data Center, integrating datasets from ministries, local governments, and various state agencies to support AI development. By consolidating and sharing these resources, the initiative aims to strengthen the data ecosystem required for advanced AI research and practical deployment.
The strategy also includes the development of collaborative innovation clusters. These clusters will combine physical hubs with digital networks that connect universities, research institutions, startups, and enterprises. The goal is to accelerate experimentation, encourage collaboration among stakeholders, and support the commercialization of AI technologies across different sectors.
Taken together, the creation of the National AI Development Fund, along with the supporting regulatory framework, data infrastructure, and collaborative clusters, reflects a coordinated effort to advance Vietnam’s AI capabilities. The initiative is intended to move the country beyond early stage experimentation toward more scalable AI deployment while strengthening collaboration between government agencies, academic institutions, and technology companies within the broader digital economy.
HCMC Approves Plan to Establish $19 Million Venture Capital Fund
Ho Chi Minh City has approved a plan to establish the Ho Chi Minh City Venture Investment Fund JSC, a venture capital fund with an initial charter capital of VND500 billion, equivalent to about $19 million, aimed at supporting startups and innovation activities in the city. The move signals a stronger policy push by the city to develop a more mature startup financing ecosystem.
The fund will operate under a public–private partnership (PPP) model. Of the total initial capital, 40%, or VND200 billion, will come from state funding, while the remaining 60%, equivalent to VND300 billion, will be contributed by private investors. Public capital will serve as seed funding designed to attract additional private investment, addressing the shortage of large, professionally managed domestic venture funds.
Major corporations are expected to take part as founding shareholders. Potential participants include SOVICO, Vingroup, VinaCapital, Becamex, VNG, CT Group, Hoa Sen Group, Lotte Ventures Vietnam, and FPT, reflecting broad interest from both domestic and international business groups.
The fund also sets a long-term capital expansion plan. Its total capital is projected to gradually increase to VND5 trillion, or approximately $191 million, by 2035, allowing it to scale its investment activities over time.
Between 2026 and 2035, the fund aims to invest in between 50 and 150 innovative startups. In addition to financial investment, it plans to support the commercialization of at least 50 technologies or products and contribute to the development of 5 technology companies capable of reaching IPO or M&A milestones. If implemented effectively, the initiative could accelerate startup growth and the commercialization of new technologies.
Investment priorities will focus on strategic technology sectors. These include AI, big data, blockchain, semiconductors, biotechnology, new materials, renewable energy, robotics, and automation. More broadly, the initiative reflects a shift toward public–private collaboration as a catalyst for innovation and digital economic growth in Vietnam, while also supporting the development of globally competitive technology companies.
Vietnam’s IPO Revival Rekindles Exit Hopes for Venture Investors
Vietnam’s IPO market showed signs of revival in 2025, with several major listings helping to reignite activity in the country’s capital markets. Companies including Vinpearl JSC, VPBank Securities, and Techcom Securities collectively raised about $1.5 billion through public offerings, signaling renewed momentum for IPO activity after a quieter period.
The recovery has strengthened expectations for a robust pipeline of upcoming listings. Potential candidates expected to pursue IPOs in the coming years include companies such as F88, TH True Milk, Highlands Coffee, and Viettel IDC. Market forecasts suggest that total IPO value in Vietnam could reach as much as $47 billion over the next three years, indicating growing investor interest in the country’s public equity market.
The reopening of the IPO window is also improving exit prospects for venture capital investors. Public listings provide an important liquidity pathway for early investors seeking to realize returns. At the same time, other exit routes are becoming more visible, including secondary share sales and strategic acquisitions.
Secondary transactions have already begun to gain traction in the market. Some early investors in Coolmate recently exited partially or fully through secondary share sales following the company’s Series C funding round, highlighting how secondary markets can provide liquidity even before a company pursues a public listing.
In parallel, Vietnam is preparing to launch a dedicated trading platform designed specifically for startups. The platform is expected to enable earlier stage companies to access domestic public capital, creating an additional pathway for growth financing and investor exits.
The gradual reopening of the IPO market reflects improving liquidity conditions for venture investors in Vietnam. While public listings remain an important channel, capital circulation in the ecosystem is increasingly supported by multiple mechanisms, including secondary transactions and strategic M&A. This suggests the ecosystem is entering a more mature, disciplined phase, where capital flows toward companies with strong governance, sustainable growth, and clear market leadership rather than rapid valuation expansion.
Discipline in Growth: Startups Urged to Focus on Fundamentals
“Startups should prioritize controlled and disciplined growth, focusing on operational efficiency rather than pursuing rapid expansion at all costs,” said Nguyen Anh Cuong (Founder & CEO Fundiin) during his sharing at the Genesia Orbit Workshop.
He stressed that discipline should serve as the foundation of sustainable growth, encouraging founders to focus on building strong operational fundamentals instead of chasing scale too quickly. His remarks reflect a broader shift within the startup ecosystem, where both investors and founders are increasingly prioritizing execution and long-term sustainability over capital-driven expansion.
A key element of this approach is the identification of a clear North Star Metric. According to Cuong, startups should define and consistently track a metric that captures the real value delivered to users while aligning internal teams toward long-term business impact. Establishing such a metric helps companies maintain strategic focus and ensures that growth efforts remain tied to meaningful outcomes rather than short-term performance indicators.
Equally important is the discipline in managing unit economics and operational efficiency. Sustainable scaling, Cuong noted, requires startups to maintain strong unit economics, enforce cost discipline, and rely on data-driven decision-making. Building these operational fundamentals allows companies to grow on a solid business foundation, strengthening their resilience and long-term competitiveness as the startup ecosystem continues to mature.
In a funding environment that has become more selective, the emphasis on execution becomes even more critical. Startups are increasingly encouraged to concentrate on operational performance, clear pathways to profitability, and resilient business models instead of chasing valuation-driven growth. For founders, developing strong fundamentals, including well-defined metrics, efficient operations, and sustainable unit economics, has become essential for long-term success.
The insights were shared as part of the Genesia Orbit Workshop, with Diễn Đàn Doanh Nghiệp (Business Forum Magazine) featuring and publishing highlights from the discussion.
Holistic Entrepreneurship Is a Journey of Commitment Without Compromise
“All-in means pouring your full dedication and time into a startup, leaving no fallback, and carrying a deep sense of responsibility to build it successfully for the team, customers, and investors,” said Hoang Thi Kim Dung, Country Director of Genesia Ventures Vietnam.
However, Dung noted that for women founders, committing to an “all-in” journey can be significantly more challenging. Social expectations often place additional pressure on women, making the entrepreneurial path not only a pursuit of ambition but also a continuous effort to balance professional goals with personal happiness. In this context, the concept of going “all-in” is increasingly understood not as extreme sacrifice, but as a more sustainable and human-centered approach to building a business where ambition, resilience, and fulfillment can coexist.
To sustain such commitment, Dung highlighted the importance of adopting what she described as a “subtraction mindset.” This approach involves deliberately removing meetings that do not lead to decisions or are not tied to the company’s growth goals. It also means distancing from relationships and activities that drain energy without creating value, as well as letting go of unrealistic social expectations that can distract founders from their priorities.
Equally important is the presence of a strong support system. According to Dung, partners, family members, and a reliable team play a crucial role in enabling founders to stay fully committed to their ventures. With such support, being “all-in” becomes a matter of timely and effective allocation of resources rather than the burden of carrying every responsibility alone.
The insights were shared in discussions within the startup ecosystem and were later featured by VnEconomy in its publication.
