Vietnam’s Top 10 Most-Funded Startups in 2025

In 2025, Vietnam’s startup scene experienced unprecedented capital inflow, cementing its position as a Southeast Asian innovation hub. According to data compiled by Theinvestor, the ten most-funded startups collectively secured more than $1.2 billion in disclosed funding rounds, reflecting both domestic and international investor confidence in the country’s technology-driven growth.

The Ten Leading Startups by Funding

The ranking, based on public funding announcements and regulatory filings through June 2025, includes the following companies (listed with rounded total funding amounts):

1. MoMo ($250M) – Fintech 2. Tiki ($180M) – E-commerce 3. Sky Mavis ($150M) – Blockchain Gaming 4. VNG Corporation ($140M) – Digital Content & Messaging 5. OnPoint ($120M) – E-commerce Enabler 6. Med247 ($105M) – Healthtech 7. Loship ($95M) – Delivery & Foodtech 8. Telio ($80M) – B2B Commerce 9. Finhay ($70M) – Wealth Management 10. Be Group ($60M) – Ride Hailing & Mobility

While fintech and e-commerce continue to dominate, notable momentum is present in blockchain, healthtech, and B2B digital platforms, signaling a diversification of investor appetite and sectoral maturity.

Market Impact and Investor Dynamics

The 2025 funding surge marks a 45% year-over-year increase compared to the previous peak in 2022. Foreign venture capital from Japan, South Korea, and Singapore accounted for nearly 60% of the capital, with sovereign wealth funds and regional corporate venture arms featuring prominently among lead investors. Notably, the average deal size among the top ten rose to $120 million, up from $80 million in 2023, indicating heightened investor willingness to back later-stage scale-ups.

The capital influx has accelerated product development, regional expansion, and workforce growth, particularly among companies like MoMo and Tiki, which have announced ambitious hiring and market entry plans in neighboring ASEAN economies. Sky Mavis, recovering from previous security setbacks, has used new funding to bolster cybersecurity and expand its blockchain infrastructure, aiming to restore investor and user trust.

Strategic and Competitive Landscape

Vietnamese startups are increasingly leveraging cross-border partnerships to access technology, talent, and new markets. E-commerce players such as Tiki and OnPoint are integrating AI-driven logistics and personalized marketing to differentiate in an intensively competitive field that includes both regional giants and local upstarts. Fintech leaders MoMo and Finhay are navigating regulatory shifts as the State Bank of Vietnam tightens oversight on digital payments and wealth management platforms, prompting significant investment in compliance and fraud prevention technologies.

The growing healthtech segment, led by Med247, is benefitting from public-private partnerships and government incentives aimed at digitalizing primary care and addressing healthcare access disparities. Meanwhile, platforms like Loship and Be Group are innovating around super-app strategies, integrating delivery, payment, and mobility services to drive user stickiness and monetization.

Regulatory and Policy Relevance

Vietnamese authorities have responded to the funding boom with new licensing requirements, data protection mandates, and financial transparency standards. These evolving regulations, while presenting compliance challenges, are also viewed favorably by institutional investors seeking policy predictability and risk mitigation. Several founders cited the government’s National Digital Transformation Program as a catalyst for both domestic and foreign investment, particularly in fintech and e-commerce infrastructure.

Future Outlook

The sustained capital inflow and sector diversification point to a maturing startup ecosystem with rising regional influence. As Vietnamese startups progress toward public listings or regional M&A, market observers anticipate increased scrutiny of governance, profitability, and operational resilience. The country’s demographic tailwinds, rising consumer digital adoption, and integration with global supply chains are likely to support continued growth, albeit with heightened competition and regulatory complexity.

Key Takeaways

  • The top ten most-funded Vietnamese startups in 2025 collectively raised over $1.2 billion, up 45% year-over-year.
  • Fintech, e-commerce, and blockchain remain dominant, but healthtech and B2B platforms are gaining ground.
  • Foreign capital accounts for a majority of funding, with larger deal sizes and later-stage investments becoming the norm.
  • Startups are navigating increased regulatory scrutiny, particularly in fintech and data protection.
  • The sector’s evolution is driving regional expansion, technological innovation, and greater integration with global markets.

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