Kokuyo acquires controlling stake in Thien Long, accelerates ASEAN expansion
Leading Japanese stationery group Kokuyo has announced plans to acquire a 65.01% controlling stake in Vietnam’s Thiên Long Group (TLG), in a deal valued at USD 177 million. The acquisition will be executed in two phases: first, Kokuyo will acquire 100% of Thiên Long An Thịnh (TLAT), the entity currently holding 46.82% of TLG shares; then it will proceed with a public offer to acquire an additional 18.19%. The transaction will be entirely financed through Kokuyo’s internal capital and is expected to complete between August and November 2026, pending regulatory approval.
For Kokuyo, this deal provides immediate access to Thiên Long’s strong manufacturing capabilities, solid market presence, and extensive distribution network across ASEAN. For Thiên Long, the acquisition underscores the rising attractiveness of Vietnamese brands with operational stability and export potential. The synergy between Kokuyo’s branding and product strength and Thiên Long’s operational scale creates a powerful platform for deeper market penetration in Southeast Asia.
This marks a pivotal moment, affirming the value of Vietnamese consumer brands in the eyes of global investors. For Kokuyo, it represents a fast-track opportunity to establish a robust foundation toward its goal of becoming Asia’s leading stationery brand. For Vietnam, the deal signals deeper integration into global consumer supply chains and demonstrates that international investors are willing to pay a premium for businesses with stable market share, strong production capabilities, and export potential across ASEAN.
Be Group targets 2028 IPO to accelerate super app expansion
Vietnamese tech and ride-hailing platform Be Group has announced its plan to go public in early 2028. Backed by VPBank Securities and Deutsche Bank, the IPO is expected to provide Be with the capital needed to expand operations, boost marketing efforts, and recruit more drivers - aiming to grow its fleet to around 600,000 drivers by 2026. This move comes amid a rising IPO wave in Vietnam, with Dragon Capital forecasting over USD 40 billion in IPO value between 2026 and 2028.
Founded in 2018, Be has evolved into a multi-service "super app," offering not just ride-hailing but also food delivery, insurance, financial services, and home-related solutions. While ride-hailing still accounts for about 50% of its activity, Be’s long-term strategy focuses on service diversification to mitigate risks and appeal to investors. The company is targeting USD 1 billion in gross merchandise value (GMV) and over 30% revenue growth in the 2025–2026 period. Despite fierce competition from GSM (40% market share) and Grab (32-55%), Vietnam’s ride-hailing market is projected to grow from USD 1.05 billion in 2025 to USD 2.56 billion by 2030.
Be’s IPO plan signals bold ambitions in a landscape currently dominated by Grab and GSM. Although its ride-hailing market share remains modest, Be’s super app strategy - centered on financial services, delivery, and home care - is gaining traction with investors. This approach not only reduces risk but also builds additional revenue streams in a market expected to reach USD 2.56 billion by 2030. If successful, the IPO will equip Be with greater resources to ramp up marketing campaigns and sharpen its competitive edge in Vietnam’s dynamic ride-hailing space.
Vietnam’s AI surge: Over 40 startups secure private funding
Vietnam is experiencing a strong wave of growth in artificial intelligence and digital transformation, with over 40 AI startups successfully raising a combined total of USD 123 million from private investors, according to the Ministry of Industry and Trade. This capital is helping accelerate AI adoption in key sectors such as manufacturing and commerce, where 90% of manufacturing businesses have already implemented digital solutions. Consumer trust in AI is also high, with 81% engaging with AI daily and 96% expressing trust in AI tools.
This momentum is driven by Vietnam’s “dual transformation” strategy, which combines digital innovation with green development. In e-commerce, retail revenue is projected to surpass USD 25 billion, while smart manufacturing has recorded its highest growth rate in five years, with the industrial production index (IIP) rising 8.4%. Policy priorities for 2026 include integrating AI, IoT, and big data, building a sustainable cross-border e-commerce framework, and supporting SMEs in digital transformation.
Vietnam’s AI and digital tech boom is not just hype; it’s backed by tangible investment and consumer confidence. The dual transformation strategy is connecting tech-driven growth with long-term sustainability. Bringing small businesses and traditional craft villages onto digital platforms is a critical step to ensuring inclusive transformation from the grassroots level. The 8.4% growth in smart manufacturing, as shown by the IIP, highlights the real-world value of digital solutions and affirms the central role of technology in enhancing national competitiveness.
Vietnam’s climate tech startups raise USD 98M amid growth challenges
The year 2024 marked a breakthrough for Vietnam’s climate tech sector, as startups in the field raised a record USD 98.4 million across 55 deals - five times the total in 2023. The majority of this capital came from venture capital (VC) funds, with VC alone contributing USD 88.75 million. Climate tech deals accounted for 22.3% of total VC funding in Vietnam, nearly double the global average. However, this growth is heavily skewed by a single transaction: 70% of the 2024 funding came from Techcoop’s USD 70 million Series A round. This concentration continues in 2025, with Dat Bike accounting for USD 22 million out of the USD 24 million raised as of October.
Despite rising investor interest, the climate tech sector still faces major structural barriers. In 2024, only 11.1% of startups advanced beyond the seed stage - far below the 32.2% average for the broader tech ecosystem. Key challenges include high upfront capital requirements, unclear growth trajectories, and regulatory obstacles, especially around ESG standards.
Nevertheless, the number of impact investors in climate tech is growing rapidly. In 2024, Vietnam counted 10 such investors, up from just one in 2020, with notable names including Touchstone Partners and Beacon Fund. Raising USD 98.4 million highlights Vietnam’s urgent effort to mitigate climate risks that could cost the country up to 14.5% of GDP by 2050.
Still, the ecosystem remains fragile due to its heavy dependence on mega-deals like Techcoop and the low post-seed survival rate. For long-term sustainability, the sector needs access to long-term capital aligned with its high CapEx nature, along with stronger startup discipline. Encouragingly, the involvement of private credit and impact investors signals a potential shift toward a more resilient ecosystem in the near future.
Asahi Life acquires MVI Life, reinforcing Japan’s confidence in Vietnam’s insurance market
Manulife Financial Corporation has announced the sale of MVI Life - formerly known as Aviva Vietnam and acquired by Manulife in 2021 - to Japan’s Asahi Mutual Life Insurance Company. The transaction reflects Manulife’s strategic refocus on its core operations in Vietnam, where it currently serves nearly 1.5 million customers. MVI Life, which has been operating independently, reported approximately USD 93 million in premiums and USD 134 million in net assets in 2024.
As one of Japan’s top 10 life insurers, Asahi Life sees Vietnam as a key growth market and aims to expand by leveraging its eight years of operational experience in the country. The acquisition provides Asahi with a strong foundation to accelerate growth in one of Southeast Asia’s fastest-growing insurance markets, while Manulife sharpens its operational focus and strengthens its strategic partnership with VietinBank. Both parties have committed to a smooth transition, with all existing insurance policies at MVI Life remaining in effect, pending regulatory approval.
This deal marks a strategic move by Manulife to consolidate efforts in its core Vietnamese market, while also signaling Japan’s long-term interest in Vietnam’s insurance sector. It also contributes to broader market restructuring, reflecting a push for stable growth and strategic optimization in one of the region’s most dynamic insurance landscapes.
Hanoi launches venture capital fund to boost tech startup ecosystem
On December 22, Hanoi will officially launch its City Venture Capital Fund to provide stronger support for the city’s startup and innovation ecosystem. The fund will operate under a public-private partnership (PPP) model, combining state budget capital with private investment. The state’s capital contribution will be capped at 49%, with the city planning to contribute up to VND 600 billion (approximately USD 25 million), and inviting up to six private investors to join. This structure aligns with international standards and reflects a market-oriented approach to public financial management.
Several major corporations have shown strong interest, including CMC Group, VinaCapital, and Elcom Group. VinaCapital, which manages over USD 4 billion in assets, called Hanoi’s fund model a “rare opportunity” and pledged operational support. Elcom committed to contributing no less than 5% of the fund, signaling its long-term vision for the digital economy. Meanwhile, CMC expressed readiness to participate in both technological development and fund management.
The launch of Hanoi’s City Venture Capital Fund is seen as a key institutional step that reinforces the city’s strategic commitment to high-tech and innovation. Rather than playing a dominant role, the city has chosen a globally aligned PPP model with a minority state stake - demonstrating a disciplined, transparent, and market-driven public finance mindset. This initiative plays a pivotal role in accelerating digital transformation and ensuring sustainable capital for the capital city’s startup ecosystem.
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.