Ask any Southeast Asian investor where the next unicorn might come from. You’ll still hear the usual suspects: Singapore, Indonesia and maybe Malaysia. But if you’ve been paying closer attention lately, Vietnam’s name keeps popping up not just as an afterthought. Hanoi and Ho Chi Minh City are quickly charging forward as a SEA unicorn hub.
Vietnam’s transformation into a tech-forward economy hasn’t been an overnight success, nor was it purely accidental. It’s a story of momentum, brought together by a mix of young talent, and the state supports a hunger for digital change. Walk down a street in Ho Chi Minh City and you’ll spot someone building an app, riding for a local tech-enabled delivery startup, or pitching a new idea over the famous Vietnamese coffee.
One reason Vietnam is punching above its weight is the country’s dense concentration of STEM talent. Over 400,000 IT engineers graduate each year; they’re not just skilled, they’re eager to change the state of their country. They build, test and launch products quickly. Foreign founders and VCs who’ve worked with Vietnamese developers tend to say the same thing: these teams deliver.
Then there’s digital adoption. Vietnam’s internet economy crossed US$21 billion in 2023, with more than 70 percent of the population now online. Cashless payments are common in cities. Even in rural areas, digital literacy is rising. For startups, this isn’t just promising, it’s fertile ground.
From fintech to edtech: Vietnam’s next wave of standout startups
The rebound in startup funding during 2024 and 2025 was another turning point. After a cautious 2023, Vietnam’s startup scene came back more focused. Fintech is heating up again, this time with more inclusive models. AI infrastructure is attracting attention. Edtech, once dismissed as a pandemic-era blip, is now re-emerging with global aspirations.
Consider GIMO, a startup addressing the financial stress faced by many workers by letting them access part of their wages before payday. It’s a model that’s gaining traction across emerging markets. Bizzi, on the other hand, is automating the often painful process of managing invoices, a lifeline for businesses drowning in admin. They’re not chasing headlines but solving real operational distress that most founders know all too well.
Be Group has earned comparisons to Grab, but it’s playing a different game. Instead of trying to outdo the regional giant, Be has doubled down on the basics (transport, delivery and now financial services) all tailored for the Vietnamese market. It’s building a tight ecosystem that works for local users, not trying to copy-paste a regional template. MindX, which began as a coding school in a narrow alley of Hanoi, is now scaling up with campuses and edtech tools that cater to global learners. Ecomobi is quietly becoming the behind-the-scenes engine for Southeast Asia’s influencer commerce, helping creators and brands monetise more effectively across platforms. These startups aren’t just replicating Silicon Valley models but adapting and localising them to fit Vietnam.
So, what’s fuelling this ecosystem?
First, the people. Over half the population is under 35. Many aren’t waiting for conventional job paths. They’re starting things. Second, the government has introduced sandboxes and policies designed to make life easier for startups. There’s still room for improvement, but the intent is there. One of the more surprising growth factors is the link with Singapore. Investors, accelerators, and founder networks are increasingly cross-border. It’s common now to see Vietnamese founders pitching in Singapore or Singaporean mentors working with Vietnamese teams. The influence flows both ways; it’s raising the bar.
Still, the road to unicorn status isn’t smooth. Access to later-stage funding is limited. The early-stage scene is active, but once a company grows, it often has to look overseas for Series B and beyond. Talent is abundant, but operational experience at scale is still developing. Some founders can build great products but hit roadblocks when it comes to managing teams, handling compliance, or preparing for international expansion.
Another hurdle is storytelling. Vietnamese startups often struggle to communicate their value on a global stage. They’re doing the work, but without the polish that attracts global attention. That’s not necessarily a weakness; there’s something refreshing about focusing on substance, but when seeking global investors, narrative plays a role.
Looking ahead, what’s likely to change?
Expect more Vietnamese startups to expand across Southeast Asia and beyond. The groundwork is being laid for stronger positions in AI tools, fintech infrastructure and even sustainable tech. With more cross-border capital and experience flowing in, unicorns won’t just be a goal; they’ll be a sign that the ecosystem is maturing. But maybe the real story isn’t just about unicorns. It’s about the many startups building behind the scenes, learning as they go, gradually shaping a more resilient tech landscape. The groundwork is being laid for stronger positions in AI tools, fintech infrastructure and even sustainable tech. With more cross-border capital and experience flowing in, unicorns won’t just be a goal, they’ll be a sign that the ecosystem is maturing.
What matters now is whether Vietnam can turn consistent momentum into scalable success. The building blocks are there: strong talent, digital fluency increasing access to capital, but the focus now needs to move beyond early excitement and toward building solid foundations and long-term viability.