In its report titled “Vietnam Technology and Venture Capital Outlook 2025: Reshaping Growth for a New Era,” VinVentures said the overall market recorded around 41 deals in 2025, with total disbursed capital estimated at $215 million, down about 30% from the 2021 peak, when venture investment surged amid abundant global liquidity.

Notably, the top 10 transactions attracted a combined $154 million despite a prolonged funding winter. The data shows that funding was increasingly concentrated in later-stage rounds, typically valued at $5 million to $10 million.

Capital allocation has also shifted toward sectors perceived as offering greater resilience and predictability, reflecting a more private-equity-style investment approach. These include education technology, climate technology, retail, and e-commerce platforms.

The top 10 funded startups comprise of Coolmate, Manabie, Dat Bike, CME Solar, OKXE Vietnam, Orochi Network, Ephyra/GameBeast, AI Hay, Galaxy Education, and Kyna English.

1. Coomate is engaged in D2C fashion e-commerce, featuring the direct-to-consumer men's fashion model. The company raised $22.34 million in its Series B+ funding round.

2. Manabie involves edtech (B2B2C), with a Learning Management System (LMS) platform for schools and centers. The startup raised $22.26 million in its Series A round.

3. Dat Bike operates in the electric mobility field. It is a domestic e-motorbike brand, aiming to produce 100,000 units a year. The firm raised $22 million in its Series B+ round.

4. CME Solar's business field is greentech energy (B2B). It provides solar power solutions for manufacturing businesses under the PPA (power purchase agreement) model. The company raised $20 million in its Pre-Series A round.

5. OKXE Vietnam is a used motorbike platform with financial services. To date, the app has been downloaded more than 8.2 million times, connected with over 2,130 dealers, and has approximately 1.5 million regular users. It raised $14.5 million in its Series A round.

6. Orochi Network develops blockchain infrastructure. It features B2B, oracle service fee collection and data verification. The startup currently provides solutions for over 40 global blockchain platforms. It raised $12 million in its Seed round.

7. Ephyra/GameBeast involves game IP development, with revenue from in-app purchases and advertising. Ephyra has recorded millions of game downloads on mobile platforms. It raised $10.5 million in its Series A round.

8. AI Hay is an Artificial Intelligence-based search platform, optimizing AI search for Vietnamese. It has had over 10 million app downloads. The startup raised $10 million in its Series A round.

9. Galaxy Education is engaged in online education, with B2C combined with a multi-brand ecosystem as its business model. Revenue comes from tuition fees and copyrighted content. It raised $10 million in its Pre-Series A round.

10. Kyna English offers online English language training service, with B2C (long-term online courses) as its business model. AI-integrated platform supports personalized learning content. Revenue comes from tuition fees and long-term training programs for children and working professionals. It raised $10 million in its Series B+ round.

In October 2024, Vingroup - Vietnam's largest private conglomerate by market capitalization, launched venture capital fund VinVentures which is dedicated to investing in high-impact technology startups.