Vietnam's Planned Startup Stock Platform

Will it get off the ground?

Sep 07, 2025

Welcome to the latest edition of The Ascent, presented by AVV. Coming to you from Ho Chi Minh City, this is your front-row seat to how the next-generation market of Vietnam is building global winners, one startup at a time.

Founders, are you building a Vietnam-rooted, global startup? Tell us your story by replying to this email or leaving a comment. Other readers - forward this to a founder who should be on our radar.

Share The Ascent by AVV

Let’s get into our Spotlight for the month: the potential launch of a startup-focused stock trading platform in Vietnam.

The Startup-Focused Stock Platform

DealStreetAsia recently reported that Vietnam plans to set up a startup-focused stock trading platform. Draft rules are expected to be submitted in October, though we’ll note that some version of this idea has been discussed since at least 2016. This is part of the government’s high-level push to drive tech innovation across the economy.

According to the tech news site, “Eligible participants will include investors, national and provincial venture capital funds, corporate science and technology development funds, domestic and international VC firms, financial institutions, accredited startup investors and innovative enterprises.”

It’s important to clarify that this will not be a new, dedicated exchange. Instead, the platform would be situated within either the existing Hanoi or Ho Chi Minh City stock exchanges, and in theory, make it easier for Vietnamese startups to raise capital. These businesses have generally struggled to fundraise internationally, with Vietnamese tech IPOs almost unheard of.

In fact, only 16 of the more than 1,600 companies listed on Vietnam’s stock exchanges are in the tech sector.

Much to the government’s chagrin, Vietnam only has four homegrown unicorns: VNG, Momo, VNLife, and Sky Mavis (an AVV portfolio company).

There are examples Vietnam can look to, both in developing and developed markets. In 1999, the Tokyo Stock Exchange launched the Mothers (Market of the High-Growth and Emerging Stocks) market. Aimed at paving the way for startup IPOs, it now includes over 400 companies and hosted the IPO of Japan’s first unicorn, Mercari.

In 2021, the Stock Exchange of Thailand launched LiVE Exchange (LiVEx), a startup-focused board designed as a fundraising platform for companies not yet ready to join the main exchange. Thailand’s SEC does not require companies to obtain permission before listing on LiVNx, making it particularly accessible.

Further examples with various regulations and aims can be found in China, the United Kingdom, and Singapore, among others, providing ample opportunities for Vietnamese regulatory agencies to learn from. However, such initiatives, at least in Southeast Asia, have had limited success.

There’s no doubt that Vietnamese startups need more options for capital, and investors need liquidity, so any progress on this front is welcome, though once again, it remains to be seen what concrete steps will be taken.

Here are several things we’d like to see happen if a startup stock platform becomes a reality:

Start with stakeholders who can model behavior that produces success:
1. Rather than old-school profit tests, let founders who provide disclosures and governance that are compatible with tech companies list pre-profit.
2. Start with qualified investors such as institutions, accredited angels, and VC funds.
Fix employee stock ownership (ESOP) issues by publishing a simple ESOP playbook and tax guidance.
Set up proper investor protections, such as fast delisting for chronic violators and clear lockups for insiders and VCs with transparent release schedules.
Instead of trying to outbid the NYSE or Nasdaq for IPOs as Singapore’s SGX and others do, Vietnam should solve a different problem: make an IPO possible for domestic startups that won’t qualify or won’t choose to go abroad.

Đà Nẵng approves blockchain software

The Đà Nẵng People’s Committee has approved a pilot project to deploy the Basal Pay blockchain software for currency exchange transactions by foreign customers. According to local media, this is part of the ongoing fintech sandbox in Da Nang. The Basal Pay project will run for 36 months. It will allow users to convert crypto holdings to fiat VND directly, and vice versa, in seconds and at a lower cost than traditional currency exchanges.

Ho Chi Minh City’s new startup center

The Ho Chi Minh City Innovation Startup Center (SIHUB) launched on August 24 in the former District 3, with the 17,000 square-meter facility operating through a public-private partnership. As part of the launch, Binance co-hosted a fintech summit on Vietnam’s opportunities and challenges as it seeks to create a digital asset ecosystem.

Viettel’s data center push

Viettel recently began construction of a US$660 million data center in northern Vietnam, with the facility expected to come online next year. The military-owned tech giant also began work on a US$380 million R&D center in Hanoi’s Hòa Lạc Hi-Tech Park. Once it opens in 2030, the center will conduct research on both defense projects, such as UAVs, and civilian applications, including AI and cloud computing.

AVV in Action

AVV GP Binh Tran took part in two AI-related events in Ho Chi Minh City. First, he moderated a conversation on Agentic AI, with the guests discussing the current upsides and limitations of AI agents, plus AI more broadly.

Then, Binh joined a panel at The Future of AI: Chapter 3, organized by Launch JDI. The session, moderated by Quynh Nguyen of DealStreetAsia, also featured Erik Jonsson of Antler, Mark Shmulevich of Aloniq, and Quynh Vo of Zone Startups Vietnam.

They covered Vietnam's spot on the regional AI map, how investment strategies have changed in response to AI, and sectors with the most AI potential. Read more about the discussion here.

TechCoop, the successful agritech startup and one of our portfolio companies, organized its annual Company Trip & Family Day to recharge, connect, and celebrate. AVV GP Eddie Thai spoke at the event and said of the TechCoop team: “With every contract you win, with every software you deliver, with every container you ship, you are helping to get food onto tables and money into the hands of hardworking farmers.”

Binh also joined a panel discussion on 'Fundraising in Blockchain and AI: What VCs Look For' at the Conviction Vietnam Blockchain & AI Festival in Ho Chi Minh City. Thanks to the organizers for a great event, and the other panelists for an insightful discussion!