Vietnam Remains Favoured Destination for Global Investors - Latest 2023 Report

According to the 2023 Vietnam Innovation and Tech Investment Report, despite the turbulent global investment climate, Vietnam remains a favoured destination for investors due to its sturdy economic growth and skilled young workforce."

Despite the volatile global investment environment, Vietnam remains a preferred destination for investors thanks to its strong economic growth and highly skilled young workforce.

After a record amount of more than 1.4 billion USD flowing into Vietnam's innovative start-up sector in 2021, it is forecasted that Vietnam will continue to attract the attention of international investors as one of three pillars of the Golden Triangle Start-up Southeast Asia, together with Singapore and Indonesia, with many potentials and advantages. The National Innovation Center (NIC), the Ministry of Planning and Investment, Forbes Vietnam and Do Ventures jointly publish the “Innovation and Technology Investment Report 2023” to update new trends Investment in innovation and entrepreneurship in Vietnam in 2022 and prospects in 2023.

The National Innovation Center (NIC), Forbes Vietnam, and Do Ventures recently co-organized the Vietnam Innovation Forum and announced the Vietnam Innovation and Technology Investment Report 2023.

This is also the third year that the Vietnam Innovation and Technology Investment Report has been released on the basis of cooperation between Do Ventures and the National Innovation Center (NIC), Ministry of Planning and Investment.

The Vietnam Innovation Forum brought together leading investors, tech conglomerates and startups from Southeast Asia, such as unicorn Insider, SK Group, STIC Investments, and Golden Gate Ventures. It also gave an overview of innovation activities in Vietnam in 2022 and shared the latest technology trends and foreseeable changes, identifying opportunities for Vietnam to seize in future.

At the event, Deputy Minister Tran Duy Dong emphasized, "The announcement of the Report on Innovation and Technology Investments and the Vietnam Innovation Forum 2023 is held when Vietnam is attracting the attention of international investors thanks to its advantages. Market breadth and depth, opening up opportunities for innovative businesses, startups, entrepreneurs to gain a lot of information and knowledge, and contribute to making Vietnam an innovation centre and a great future technology hub of the region.".

After a strong recovery in 2021, venture capital in Vietnam plummeted by 56% under the influence of global economic fluctuations. This effect is especially evident in the second half of 2022, with the investment value decreasing by 65% due to the growing crisis in the technology industry.

Mr Vu Quoc Huy, Director of the National Innovation Center and Ms Le Hoang Uyen Vy, CEO of Do Ventures, highlighted that in the midst of the "funding winter", investors continued to express their interest in Vietnamese innovative businesses and startups, the number of foreign funds investing in Vietnam only decreased slightly in the past year.

Regarding the 2023 outlook, nearly 100% of surveyed investors said they would at least keep the current level of investment, according to the report. In the medium term, Vietnam's startup ecosystem is still very attractive.