Startup arena gains long-term view

Vietnam’s startup ecosystem is entering a transition phase, shifting from rapid growth towards capital efficiency and long-term scalability.

- By Bich Ngoc

According to Le Hoang Uyen Vy, chairperson of Vietnam Private Capital Agency and general partner of Do Venture, investors are placing greater emphasis on business models that demonstrate strong operational capabilities and clear paths to profitability, rather than focusing solely on rapid user growth.

“One trend is the growing role of Japanese partners within Vietnam’s startup ecosystem. Beyond acting as investors, Japanese corporations and financial institutions are increasingly becoming comprehensive ecosystem partners, contributing to technology transfer, management support, talent development, and market expansion. This reflects a broader shift from purely financial investment towards long-term strategic collaboration,” Vy said at the INNO Vietnam-Japan Meetup last week in Ho Chi Minh City.

The funding structure of Vietnamese startups is becoming significantly more diversified. In addition to traditional venture capital funds, capital from corporate venture capital investors and financial institutions is playing an increasingly important role.