HÀ NỘI — Capital markets are the key to enabling breakthrough growth for technology enterprises, but current conditions show that many of Việt Nam’s unicorns and promising start-ups must go abroad in search of the resources they need to grow.

In this context, unlocking the domestic capital market through institutional reform and tailored policy frameworks for tech companies has become an urgent priority.

In recent meetings, the Government has repeatedly emphasised that fostering technology enterprises and innovative start-ups is a cornerstone of Việt Nam’s transformation in the digital age.

As per Government directives, by 2025, relevant ministries must complete amendments to the legal framework that allow more flexible capital mobilisation for start-ups, while also developing support programmes to grow the innovation and start-up ecosystem, backed by long-term financial resources.

Capital access

One of the barriers lies in the capital markets themselves. Although the stock market is expected to channel medium and long-term funding, it has yet to support tech companies sufficiently, according to industry insiders and experts.

This is primarily because existing regulations were built around traditional manufacturing and commercial enterprises, whereas tech companies' operating models and financial lifecycles are significantly different.

“When tech firms approach SSIAM, they usually ask whether they can raise capital in foreign markets, hardly anyone considers the possibility of doing so in Việt Nam,” said Nguyễn Ngọc Anh, CEO of SSI Asset Management (SSIAM).

She said there have been virtually no major tech IPOs in Việt Nam. Even during the IPO boom of 2017–2019, technology companies largely missed out.

A regional comparison only underscores Việt Nam’s lag.

Indonesia has seen multiple large-scale tech IPOs. GoTo Group, a merger between Gojek and Tokopedia, successfully listed with a valuation exceeding US$28 billion, while Bukalapak raised over $1.5 billion in its IPO.

Outdated Criteria

Experts from the Institute for Digital Economic Development Strategy (IDS) explain that the 'burn-cash-to-gain-market-share' model typical of tech start-ups often disqualifies them from meeting conventional financial criteria like consistent profits or absence of accumulated losses.

Dr Nguyễn Đức Kiên, former head of the Prime Minister’s Economic Advisory Group, noted that tech start-ups in Việt Nam are still able to raise funds in the early stages, Seed, Series A, Series B, through both local and foreign venture capital funds. However, from Series C onward, with capital needs exceeding $50 million, domestic capital sources all but dry up.

As a result, start-ups are often forced to sell early or are pushed into premature collapse due to a lack of funding.

“Other countries in the region have recognised the specific needs of tech firms and have established tailored mechanisms to attract major investment. Việt Nam cannot afford to stay out of this game,” Kiên said.

Dương Quốc Anh, former deputy chairman of the National Assembly’s Economic Committee, added: “By listing shares on the stock exchange, companies gain access to fresh capital from a wide range of investors, individuals, funds, and financial institutions, far beyond what early-stage investors alone can provide.”

He proposed a two-pronged approach: in the short term, the Government should ease listing requirements specifically for tech companies. In the long term, Việt Nam should consider establishing a stock exchange dedicated for the tech sector. He said this model has been successfully adopted in countries such as South Korea, China and Singapore.

Anh added: “If this proposal is implemented soon, Việt Nam would not only gain a vibrant new IPO channel but also create a transparent, appealing investment environment for tech enterprises. It would encourage start-ups to maintain their headquarters in Việt Nam rather than relocating abroad, a crucial step in supporting national economic development.”  VNS