Startups with the most funding value Vietnam 2021

In 2021, MoMo e-payment and e-wallet, a unicorn app with over 25 million users, received the most funding among all startups in Vietnam, with a total of 300 million U.S. dollars. Tiki, an e-commerce retail platform, followed with around 258 million U.S. dollars raised in funding in the same year. In total, the startup funding value in the country reached over 1.3 billion U.S. dollars, mostly going into the fintech, e-commerce, and logistics sectors.

Fintech startup boom in Vietnam

The past few years have seen constant growth in the number of financial technology (FinTech) startups in Vietnam. As of 2022, the country is home to four unicorn startups, two of which belong to the fintech sector, namely MoMo and VNPay. Both firms specialize in providing digital payment services, which are currently the main driver for the Vietnamese fintech ecosystem.

Vibrant tech startup landscape

In recent years, the rapid expansion of fintech and other digital sectors in Vietnam has contributed significantly to the country's emergence as a rising tech startup hub. With a young and tech-savvy population, high internet and smartphone penetration rate, continually improving technology infrastructure, and a developing legal framework regarding startups, Vietnam seems to have the necessary ingredients to become the breeding ground for future unicorn startups. While the Vietnamese technology sector is still in its infancy compared to global tech leaders, Vietnam remains an attractive destination for both domestic and foreign investments, which have also facilitated the growth of startups across the country.