Touchstone Partners Launches $10M Climate Fund To Back Green Innovation
Vietnamese VC firm Touchstone Partners has launched the Green Transition Fund, a $10 million climate-focused fund that will begin deploying capital next month. The fund targets startups working in sustainable agriculture, circular economy, waste management, and new energy technologies across Vietnam and Southeast Asia. This marks a continued push by Touchstone to support the climate-tech ecosystem, building on its existing portfolio of companies such as Selex Motors, Alterno, and Forte Biotech.
The fund adopts a blended finance model, working with international partners like Temasek Foundation, P4G, and the Global Green Growth Institute to de-risk investments and unlock catalytic capital. Between 2023 and 2025, Touchstone’s climate portfolio companies attracted over $3 million through such partnerships. The firm’s strategy is aligned with Vietnam’s national climate goals, particularly in agriculture - a sector responsible for 54% of Southeast Asia’s emissions, while also accounting for 30% of jobs and 31% of land use in the region.
Touchstone’s Green Transition Fund addresses a critical funding gap in Vietnam’s undercapitalized climate sector. By combining private investment with grant-backed risk sharing, the fund enables early-stage companies to scale capital-intensive solutions in waste and agricultural innovation. As Southeast Asia faces mounting climate risks, this fund reflects a strategic pivot toward climate resilience and low-carbon growth, positioning Vietnam as a key player in regional green innovation.
Vietnam’s Gene Solutions Targets $100M Pre-IPO Ahead Of 2026 Listing
Vietnamese biotech company Gene Solutions is aiming to raise $100 million ahead of a potential IPO in 2026, signaling strong confidence in the scalability of Vietnam’s health-tech sector. The fundraising will be split into two phases: up to $50 million in a pre-IPO round, and another $50 million at the time of listing, with the possibility of combining both. The company has appointed China International Capital Corp (CICC) as its financial adviser. It is considering a listing in either Hong Kong or Singapore, and is open to the possibility of a dual listing on both exchanges.
Gene Solutions is already profitable in Vietnam, offering prenatal and cancer screening services powered by Next-Generation Sequencing and AI. Capital from the raise will be used to fund expansion into other Asian markets. The move comes at a time when Asia’s IPO market is bouncing back, with Hong Kong raising $23 billion in the first nine months of 2025, a 226% year-on-year increase. The region’s genetic testing sector is also growing rapidly, driven by rising demand for personalized medicine and early cancer detection. Singapore-based peer MiRXES, cited by Mekong Capital, reached a market cap of HK$16.4 billion (~$2.11 billion) after listing in Hong Kong earlier this year, though Gene Solutions' current revenue is reportedly smaller.
Gene Solutions' $100 million fundraising and 2026 listing plans highlight the maturity and global scalability of Vietnam's biotech sector. Its profitability in Vietnam provides a strong foundation, setting it apart from growth-stage startups. By targeting Hong Kong or Singapore, the company leverages favorable biotech listing frameworks and Asia's IPO market recovery. A successful listing would secure capital for regional expansion and validate the Vietnamese health-tech ecosystem.
Vietnam's Amended High-Tech Law Targets R&D, Eases Investment Barriers
Vietnam is preparing to amend its High-Tech Law, with changes expected to be finalized by December 10. The goal is to modernize the legal framework that has been in place since 2008, removing outdated barriers and creating a clearer path for high-tech growth. The amendment introduces key mechanisms to encourage investment from domestic companies, startups, research institutions, and foreign-invested enterprises (FIEs), especially those transferring core technologies and working with local partners.
A major highlight of the amendment is the simplification of procedures, removing the need for high-tech enterprise certification and shifting to a self-assessment model to reduce bureaucracy. The law also introduces a tiered corporate income tax (CIT) incentive structure:
- Tier 1 firms with over 30% domestic equity involved in core tech transfer will receive the most favorable incentives: four years of tax exemption, a 50% reduction for nine years, and a 10% rate for 15 years.
- Tier 2 applies to other high-tech firms, including fully foreign-owned ones, offering two years of exemption and a 15% rate after four years of 50% reduction.
While the law’s direction is forward-thinking, prioritizing tech transfer over low-cost labor and promoting long-term R&D, it has faced criticism. Some argue the wording around tax incentives lacks clarity and commitment, creating uncertainty for investors. The stricter incentives for foreign firms could also hurt Vietnam’s ability to attract global capital, risking its $40–50 billion annual FDI targets through 2030. A clear and consistent transition plan will be crucial to maintain investor confidence while supporting Vietnam’s ambition to become a regional innovation hub.
ThinkZone Backs Sunny Days Piano In EdTech-Focused First Investment
Vietnamese venture capital firm ThinkZone has made its first investment from the newly launched Global Minds Fund I (GMFI) into Sunny Days Piano (SND), a Ho Chi Minh City-based piano education company. Though the investment amount remains undisclosed, the deal reflects rising local demand for scalable EdTech models. Founded in late 2020 and pivoting in 2022 to focus on adult learners, SND currently operates seven locations across HCMC and plans to expand its offerings to include internationally standardized programs for children.
The fund, launched in October 2025, is backed by experienced local limited partners (LPs) from traditional industries who are shifting their focus to tech-enabled startups. GMFI typically invests up to $1 million in early-stage companies from pre-seed to Series A. For SND, the funding marks a key step in validating its flexible learning model and proprietary operational technology while also positioning the company for broader reach in Vietnam’s growing consumer and upskilling market.
ThinkZone's first investment from its new Global Minds Fund I shows strong local demand for high-growth EdTech businesses with proven models. Sunny Days Piano's pivot to adult piano education across seven HCMC locations demonstrates product-market fit in Vietnam's expanding consumer and upskilling market. The investment will fund SND's expansion into children's education with internationally-standardized programs, validating ThinkZone's strategy of connecting local entrepreneurial expertise with tech-enabled startups.
Vietnam’s IPO Momentum Draws Strategic Japanese Investment
Vietnam’s IPO pipeline is becoming a key driver for strategic M&A activity, especially from Japanese investors. Between January and September 2025, there were 16 Japan-Vietnam M&A transactions, up from 14 in 2024 and 12 in 2023. Japanese interest spans high-growth sectors like renewable energy, AI, IT, healthcare, logistics, and food distribution, reflecting long-term commitment rather than short-term speculation. The current wave of IPOs, including notable listings such as Techcom Securities and VPBank Securities, signals a shift toward more structured, regulation-driven growth.
For strategic investors, IPO readiness represents more than just an exit; it indicates stronger business models and better governance. Companies preparing to list are being pushed to streamline operations, which in turn opens doors for minority recapitalizations, pre-IPO investments, and joint ventures. Dealmakers, especially those with a Japanese approach to value creation, are entering earlier in the process to help shape governance frameworks and scale operations sustainably.
Vietnam's robust IPO pipeline is acting as a powerful catalyst for strategic, long-term cross-border M&A, particularly from Japanese investors. The necessity for companies to professionalize their operations and governance in preparation for an IPO creates a clear, measurable entry point for strategic investors. This trend signals a fundamental shift in Vietnam's capital market, moving away from purely speculative ventures toward a more structured, operationally focused growth model. For dealmakers, the key is selectivity and a view toward sustained operational value creation rather than short-term arbitrage.
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.