The Global Innovation Index 2026, recently released by the World Intellectual Property Organisation (WIPO), ranked Viet Nam 43rd out of 139 countries and economies, up one place from 2025.

StartupBlink’s Global Startup Ecosystem Index 2026 report recorded a significant breakthrough for Viet Nam in 2025, with the country climbing five places to 50th globally — its highest ranking since the index was first launched. In terms of investment, venture capital funding in Viet Nam reached 509 million USD across 103 deals in 2025, up 28% from 2024.

According to the Authority of Startups and Technology Enterprises under the Ministry of Science and Technology, Viet Nam’s innovation startup ecosystem has made clear progress in scale, quality and standing both regionally and globally. The ecosystem’s network of stakeholders has gradually taken shape and become relatively comprehensive. Numerous innovation startup support programmes have been implemented at both central and local levels, helping promote research, technology commercialisation, investment connections and the development of innovative startups.

Building on this foundation, the priority in the coming period is to develop the ecosystem in greater depth, with a stronger focus on quality and tangible results. The Law on Science, Technology and Innovation, the National Strategy for Innovation Startups, Decree No. 264/2025/ND-CP on the national venture capital fund and local venture capital funds, and the National Innovation Startup Programme for 2026–2035 are among the key foundations for achieving this goal.

Experts say the National Strategy for Innovation Startups represents the Government’s declaration of its commitment to building and developing a startup nation. The strategy marks a shift towards making innovation entrepreneurship an activity involving a broad cross-section of the population and organisations, rather than a specific group, while emphasising the use and application of technology in starting businesses.

The strategy underscores a nationwide entrepreneurial spirit, whereby every citizen can aspire to launch a business and pursue innovation across all fields on the basis of science, technology, innovation and digital transformation.

Expanding startup opportunities to every individual requires appropriate mechanisms for new business models, including the “one-person enterprise”. Nguyen Hoang Long, Chairman of the Board of Members of Tree Otek Company Limited, said that for this model to become a new driver of economic growth, the State should study and pilot it and establish a legal framework for its operation, as the current framework is designed for businesses with multiple members. Taxation and accounting procedures should also be simplified to facilitate the model’s development.

Many startups believe that the depth of an innovation-driven startup nation lies in its ability to nurture ideas and provide opportunities for them to mature. The State should therefore introduce policies to unlock funding, develop the venture capital market, and establish investment funds at national and local levels, as well as funds operated by businesses and universities.

The Ministry of Science and Technology has also acknowledged that Viet Nam has yet to attract sufficient venture capital for innovation startups. Drawing on international experience, Edward Lim, a startup expert at the National University of Singapore (NUS), recommended that Viet Nam use public funding as an important catalyst to reduce risks for startups in their early stages, with funding tied to clearly defined milestones.

Pham Duc Nghiem, Deputy Director of the Authority of Startups and Technology Enterprises under the Ministry of Science and Technology, said the authority was studying and proposing improvements to the legal provisions governing the national venture capital fund and local venture capital funds. The aim is to make it easier for businesses to access resources, develop products, commercialise technologies and expand their markets.

These investment institutions are expected to operate professionally and transparently, with appropriate risk-sharing mechanisms. Priority will be given to innovative startups with technological foundations, clear business models, growth potential and the capacity to participate in domestic and international value chains. The ministry will continue to coordinate with and provide guidance to local authorities on establishing local venture capital funds suited to their conditions, strengths and available resources.

Notably, the Ministry of Science and Technology is working to establish the national venture capital fund, which is expected to begin operations in late December 2026. As a source of seed capital, the fund aims to mobilise domestic and foreign private investment in innovative startups. The ministry is also working with the Ministry of Finance to draft a decree governing the organisation of a dedicated securities market for innovative startups, thereby opening up an additional channel for businesses to raise capital.