Start an innovative Start-up in Vietnam: A brief guide to market entry

29Jan2026

B&Company

B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.

This article is written in English and automatic translation is used for other language versions. Please refer to the English version for accurate content. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher.

Vietnam is emerging as one of the most dynamic start-up destinations in Southeast Asia. Ranked 5th in ASEAN and 55th globally in the Global Startup Ecosystem Index 2025, Vietnam has become a key magnet for start-up capital from Singapore, Japan, and global venture capital funds, making it an increasingly attractive market for innovative start-ups seeking entry and expansion.[1]

According to the Statistics Department (Ministry of Finance), the country recorded over 1 million active enterprises in 2025, including more than 195,000 newly registered businesses, marking a 24.1% increase year-on-year. This rapid expansion reflects not only a vibrant entrepreneurial landscape but also a market increasingly open to new and innovative business models.

The policy framework and specific incentive mechanisms for innovative startups

In recent years, the Government has issued and updated many important policies to promote the startup ecosystem, notably the Law on Support for Small and Medium Enterprises (2017), Decree 38/2018/ND-CP on investment for innovative startup enterprises, along with new decrees related to tax exemptions, reductions, and preferential mechanisms for the National Innovation Center (NIC).

Incentive policies for businesses and investors

Type of promotion	Policy details
Corporate Income Tax (CIT)	Tax-free for 3 years from the establishment date for SMEs registering for the first time. Innovative startups and support organizations are exempted for 2 years head and reduce 50% in the next 4 years.
Personal Income Tax (PIT)	Tax exemption for individuals with income from the transfer of shares, capital contributions to innovative startups. Experts, scientists at startups are exempt from tax in 2 years head; reduce 50% in the next 4 years regarding salaries and wages.
Capital transfer	Enterprises are exempt from tax on income from the transfer of shares or capital contribution rights to innovative startup enterprises (not applicable to public/listed companies).
Science and Technology Fund	The enterprise is allowed to deduct up to 20% taxable income for establishing the Fund for Science, Technology, Innovation, and Digital Transformation Development.
Enterprises operating in units belonging to NIC	• Receive business registration results within one (01) working day. • Priority is given to completing industrial property rights establishment procedures ahead of schedule upon request. • Foreigners working as managers, executives, or specialists at NIC if Vietnamese labor does not yet meet the demand. • Provided free of charge with digital platforms and shared accounting software for micro-enterprises and business households.
Land support mechanisms and other financial resources	• Dedicated land fund in industrial zones and technology incubators for startups to rent at preferential rates. • Industrial park infrastructure investors who implement rent reductions for startups will be reimbursed by the State through land rent offsetting or budget reimbursement. • Investment projects in green production models and circular economy meeting international ESG standards can be supported with a 2% interest rate subsidy from the state budget on the commercial loan portion.

B&Company’s synthesis

Brief guide to the business registration process 2025

Formal market entry marks the first critical legal milestone for an innovative start-up in Vietnam, requiring careful consideration of both business type and ownership structure.

Choosing the optimal legal form

Choosing the appropriate legal entity not only determines compliance obligations but also directly influences liability exposure, fundraising potential, and long-term operational flexibility.[2]

List of Legal Forms in Vietnam

Criteria	Limited Company	Joint Stock Company	Business household
Owner	1 individual / organization or group of 2-50 members.	At least 3 shareholders, no maximum limit.	1 individual or household.
Responsibility	Limited to the scope of capital contribution.	Limited to the scope of capital contribution.	Unlimited with all personal assets.
Capital mobilization	Limitations (mainly through borrowing or adding members).	Very high through share issuance, public offering.	Very limited.
Suitable for	Small and medium-sized startup, close-knit team of associates.	Technology startup oriented towards IPO, raising capital on a large scale.	Small business, fixed location services.

Source: B&Company’s synthesis

Steps to register through the National Portal

For innovative start-ups entering the Vietnamese market, online submission via the National Business Registration Portal (https://dangkykinhdoanh.gov.vn/) is the official and most strongly recommended application method.[3] The procedures outlined below reflect the latest regulatory updates at the time of writing and may be subject to change. Start-ups are advised to consult the portal and comply with the applicable regulations at the time of registration.

Firstly, prepare background information. Select a unique and searchable company name, determine the registered office address, choose the appropriate VSIC industry codes, and define the charter capital. While most industries have no minimum capital requirement, the charter capital should realistically reflect the company’s operational scale and needs.

Secondly, prepare registration documents. The dossier includes the Business Registration Application, Company Charter, list of members/shareholders, and copies of the legal representative’s identification. The Charter serves as the company’s governing document and should clearly define its organizational structure and authorities.

Thirdly, submit the application and authenticate. Upload the required documents to the system and authenticate using a public digital signature (USB Token) or a business registration account.

Finally, track and receive results. Within 3–5 working days, a valid application will be issued a Business Registration Certificate. If revisions are required, detailed notifications will be sent by email.

Mandatory procedures immediately after receiving the license

After establishment, the company must announce its registration information on the National Business Registration Portal, engrave its corporate seal at a licensed provider and notify the seal sample within three days, and open a corporate bank account and report the account details to the Department of Planning and Investment within five days. In addition, the company is required to obtain a digital signature for initial tax registration and register for electronic invoicing, which becomes mandatory from 2025. Although newly established businesses are exempt from the license fee in the first year, the required declarations must still be submitted in accordance with regulations.[4]

Capital market analysis and fundraising strategy (Fundraising)

The venture capital (VC) and private equity (PE) market in Vietnam in 2024 recorded a total investment value of 2.3 billion USD with 141 deals. Although there was a decline in total capital compared to the 2021-2022 period due to global cautious sentiment, the number of active investors reached the highest level since 2021, with nearly 150 active VC and PE investors.[5]

List of prominent venture capital funds

The diversity of funds allows startups to access capital suitable for each stage and business sector.[6]

List of some venture capital funds

Fund	Priority Areas / Stages	Strategic characteristics
VinaCapital Ventures	Fintech, Logistics, Proptech.	Focus on breakthrough technology with the ability to scale regionally.
Mekong Capital	Retail, Consumer Goods, Restaurant.	Specializing in the consumer sector, leading market-leading companies.
CyberAgent Capital	Internet, Mobile technology.	One of the most successful funds with a portfolio including VNG, Tiki, Foody.
Do Ventures	Digital economy, Consumer platform.	Domestic funds have a strong network connection and deep market understanding.
500 Startups Vietnam	AI, Fintech, Edtech.	Support early-stage startups through global mentoring programs.
ThinkZone Ventures	Early-stage technology.	Acceleration program with direct investments ranging from 50,000 to 500,000 USD.
VSV Capital	Seed / Series A.	Pioneering the development of an ecosystem model to promote business in Vietnam.

B&Company’s synthesis

Alongside foreign funds, domestic financial “anchors” such as the National Technology Innovation Fund (NATIF) are playing a leading role in directing capital into high-risk but strategic sectors like AI and semiconductors.[7]

Incubators and Accelerators Programs

These programs provide seed capital and hands-on mentorship to help startups survive the “valley of death.” Key examples include BSSC & Startup Wheel, Vietnam’s largest startup competition with over 17,000 participating projects worldwide, serving as a major launchpad and networking channel with leading entrepreneurs such as Mr. Nguyễn Đức Tài (Mobile World); ThinkZone Accelerator targets early-stage, tech-driven startups with technology support and direct investment of up to USD 500,000.[8] VSV Capital applies a Silicon Valley–inspired model to help startups refine business models and fundraising capabilities, while StartupGate connects startups with resources and investors through a hybrid online–offline platform.[9]

Key technology sectors and breakthrough opportunities

Vietnam has identified 11 priority strategic technology sectors for development, among which AI, semiconductors, and green technology play a central role. [10]

Artificial Intelligence (AI): From Consumption to Production

AI is a foundational technology for improving productivity and automating operations. Investment in Vietnamese AI startups in 2024 rose eightfold from 2023. By the end of 2025, over 170,000 Vietnamese enterprises are expected to adopt or pilot AI solutions. The establishment of AI R&D centers by global firms such as Qualcomm further underscores Vietnam’s potential as a regional AI hub.

Semiconductor Technology and Chip Design

Vietnam aims to move up the semiconductor value chain by developing high-skilled talent and attracting FDI in chip design and packaging. This creates opportunities for startups to enter the fabless design segment or provide EDA software solutions, which require significantly lower initial investment than semiconductor manufacturing (fabs).

Climate Technology (Climate Tech) and Sustainable Agriculture

Vietnam records a boom in Climate Tech, with the share of venture capital investment reaching 22.3% of the total national value in 2024, nearly double the global average. However, this market is still highly concentrated with major deals such as TECHCOOP (70 million USD Series A). The enactment of the Electricity Law 2024 and Decree 135/2024 on rooftop solar power has unlocked capital flow into the energy transition sector. Meanwhile, investment in high-tech agriculture also surged 9 times compared to 2023, reflecting the Government’s Net Zero commitment.

Other promising fields

According to the Ministry of Science and Technology, fields such as the creative economy, technology supporting the elderly (Silver Economy), EdTech, and electric vehicles (EVs) are opening up new opportunities for founders. Especially, the development of second-tier cities also creates a significant demand for specialized e-commerce and logistics solutions.

Conclusion and strategic recommendations

By 2025, Vietnam’s startup ecosystem has entered a more mature phase, creating a favorable entry point for innovative startups. The market now places stronger emphasis on core technologies, sustainability, and long-term value creation.

For new entrants, successful market entry requires more than a strong idea. Founders should strategically leverage government incentives—especially those supporting green technologies and AI—while prioritizing talent development, R&D investment, and full legal compliance from the outset. Equally important is active participation in the local ecosystem through major startup events and industry networks to accelerate market understanding and partnership building.

Supported by pro-startup policies and increasing interest from global investors, Vietnam in 2025 offers a compelling opportunity for startups looking to establish a presence and play a role in the country’s evolution into a regional technology hub.

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B&Company

The first Japanese company specializing in market research in Vietnam since 2008. We provide a wide range of services including industry reports, industry interviews, consumer surveys, business matching. Additionally, we have recently developed a database of over 900,000 companies in Vietnam, which can be used to search for partners and analyze the market.

Please do not hesitate to contact us if you have any queries.

info@b-company.jp + (84) 28 3910 3913

[1] Innoex.vn, 2025 in Review: 04 Pillars Shaping Vietnam’s Innovation Ecosystem (https://innoex.vn/2025-in-review-04-pillar-shaping-vietnam-innovation-ecosystem/)

[2] Quocluat.vn, Process – Procedures for establishing a company/business in 2025 (https://quocluat.vn/kinh-nghiem/quy-trinh-thu-tuc-thanh-lap-cong-ty-doanh-nghiep)

[3] Doanhnghiepnet.com, Business Setup Guide 2025: The Right Way to Start a Business – Success from the First Steps (https://doanhnghiepnet.com/goc-tu-duy/huong-dan-thanh-lap-doanh-nghiep-2025-hanh-trinh-khoi-nghiep-dung-chuan-thanh-cong-tu-nhung-buoc-dau-tien.html)

[4] Doanhnghiepnet.com, Business Setup Guide 2025: The Right Way to Start a Business – Success from the First Steps (https://doanhnghiepnet.com/goc-tu-duy/huong-dan-thanh-lap-doanh-nghiep-2025-hanh-trinh-khoi-nghiep-dung-chuan-thanh-cong-tu-nhung-buoc-dau-tien.html)

[5] Doventures.vc, Vietnam Innovation & Private Capital Report 2025 (https://doventures.vc/en/insights/reports/vietnam-innovation-and-private-capital-report-2025)

[6] Timo.vn, The largest and most reputable investment funds in Vietnam (updated 2025) (https://timo.vn/quy-dau-tu/cac-quy-dau-tu-tai-viet-nam/)

[7] Innoex.vn, 2025 in Review: 04 Pillars Shaping Vietnam’s Innovation Ecosystem (https://innoex.vn/2025-in-review-04-pillar-shaping-vietnam-innovation-ecosystem/)

[8] Theleader.vn, ThinkZone launches startup acceleration program in Vietnam (http://theleader.vn/thinkzone-khoi-dong-chuong-trinh-tang-toc-khoi-nghiep-tai-viet-nam-d19708.html)

[9] Startersss.com, The top 3 accelerators in Hanoi (https://www.startersss.com/accelerators-post/accelerator-hanoi)

[10] Innoex.vn, 2025 in Review: 04 Pillars Shaping Vietnam’s Innovation Ecosystem (https://innoex.vn/2025-in-review-04-pillar-shaping-vietnam-innovation-ecosystem/)