Vietnamese AI Startup iNexus Secures $650K To Reinvent Credit Approval
Ho Chi Minh City-based iNexus Technology JSC has raised $600,000 from Ansible Ventures, with an additional $50,000 scout check from AiViet Venture. Founded in 2023 by Nam Ma, a former director of TrueID and Head of Data & AI Lab at VNG, iNexus focuses on AI solutions to help financial institutions boost productivity, manage risk, and approve loans that traditional models might overlook. This funding marks a key milestone for the young startup as it looks to modernize how credit is assessed and approved in Vietnam’s finance sector.
The investment arrives amid a broader surge in Vietnam’s AI startup ecosystem. In 2024, total AI funding in the country jumped eightfold, from $10 million to $80 million, reflecting fast-growing investor interest in sectors like finance, healthcare, and e-commerce. iNexus stands out with its clear value proposition in financial inclusion and risk management, especially as Vietnam’s banking industry begins to adopt more advanced technologies.
The funding signals strong confidence in iNexus’s direction and in the Vietnamese AI landscape as a whole. By focusing on underserved areas of credit approval, iNexus is positioning itself at the intersection of fintech and AI, two sectors that are rapidly reshaping the future of financial services in the region.
Hanoi Launches $22.7M Public-Private Fund To Boost Startup Innovation
Hanoi is preparing to launch a pilot city-backed venture capital fund aimed at addressing the early-stage funding gap for startups and accelerating the city’s digital and scientific transformation. The fund, expected to be approved by the Hanoi People's Council in September 2025, will operate under a Business Cooperation Contract (BCC) model, blending public and private resources without forming a separate legal entity. The city government plans to contribute up to 600 billion VND (around $22.7 million), making up no more than 49% of the fund's capital, while the rest will be raised from up to six private investors, both local and foreign.
The fund will be governed by an Investors’ Assembly and a nine-member council comprising representatives from the state, private sector, and independent experts. It is designed with a 10-year pilot period, including a mid-term review in year five and a final evaluation in year ten to determine its future. Importantly, it accepts venture investment risks but caps losses at 50% of total investment capital, ensuring room for calculated risk-taking while safeguarding public funds.
The Hanoi Venture Capital Fund marks a major strategic step to align with national innovation goals. Its success will hinge on transparent investment guidelines, effective governance, and strong partnerships. If well-managed, it could become a key driver in transforming Hanoi into a leading startup and innovation hub in Vietnam.
VinFast Secures $100M Green Loan To Fuel Global EV Ambitions
VinFast has obtained a $100 million green loan facility from MUFG Bank to support its international expansion and push toward becoming a pure-play electric vehicle (EV) manufacturer. The funding will be used for projects aimed at strengthening VinFast’s global footprint, especially in Asia, while also promoting revenue growth and improving operational efficiency. This deal signals the beginning of a long-term strategic partnership between VinFast and MUFG Bank, aligning both firms with the global shift toward clean energy and net-zero emissions.
In 2024, VinFast posted strong revenue growth, reaching $1.8 billion, up 57.9% year-on-year, while vehicle sales hit $1.6 billion, a 58.1% increase. Despite these gains, the company’s net loss widened by 28.4%, totaling $3.18 billion. Notably, revenue in Q4 alone jumped to $677.9 million, up nearly 70% from the previous year. The loan facility will enhance VinFast’s financial resilience as it navigates aggressive scaling plans and high capital expenditures typical of the EV industry.
This green loan marks a major milestone in VinFast’s journey to become a global EV player. It demonstrates the company’s ability to access international capital and underlines the growing importance of sustainable finance in Vietnam. MUFG Bank’s backing could open the door for future green or syndicated loans, helping VinFast reduce funding risks while staying aligned with the global energy transition.
VPS Prepares For $627M Capital Boost Ahead Of IPO
VPS Securities, Vietnam’s largest equity broker by market share, is planning an initial public offering of up to 202.3 million shares, targeting late 2025 to early 2026. If approved by the State Securities Commission, the company intends to list on HOSE, with UPCoM as a backup option. Alongside the IPO, VPS will offer 161.8 million shares to professional investors and issue 710 million bonus shares to current shareholders. Once all capital plans are finalized, VPS’s charter capital is expected to triple, reaching approximately 16,442 billion VND (around $627 million).
Founded in 2006 and once a subsidiary of VPBank, VPS has grown significantly in size and influence, especially since VPBank sold its 89% stake in 2015. The company’s listing comes amid renewed investor interest in Vietnam’s capital markets, with peers like TCBS and VPBankS also going public this year. This wave of IPOs suggests a more active capital-raising environment, fueled by investor confidence and market liquidity.
The scale and timing of VPS’s IPO position it as one of the most significant upcoming listings in Vietnam. It reflects both the maturity of the firm and the momentum of the local IPO market. For investors watching Vietnam’s financial sector, this move underscores a broader shift toward public transparency and institutional growth in the securities space.
The IPO Market Is Vibrant, So Why Hasn't It Attracted Foreign Capital?
Vietnam’s IPO market is showing strong signs of growth, backed by rising stock prices, a wave of regulatory reforms, and improved listing procedures. The VN-Index has surged 29% since the beginning of the year, making it Southeast Asia’s top-performing stock market. Major listings like Techcom Securities’ $410 million IPO and Vinpearl’s $190 million raise in May have drawn attention, with more high-profile IPOs expected, including VPS Securities and FPT’s Long Châu pharmacy chain.
Yet despite the domestic momentum, foreign capital is flowing out. Since the start of 2025, international investors have pulled roughly $3.4 billion (or 90,000 billion VND) from HOSE, reducing foreign ownership to 15.5%, down from 19% at the end of 2023. The reasons? Currency volatility, global risk aversion, and profit-taking after strong rallies. However, hope remains. If FTSE Russell upgrades Vietnam from “Frontier” to “Emerging” market status as expected next month, the World Bank projects a potential $5 billion in capital inflows tied to that move.
Vietnam’s domestic IPO and stock markets are booming, fueled by strong growth and supportive regulatory changes. Yet paradoxically, foreign investors are actively reducing their positions, mainly to secure profits and mitigate currency risk. A FTSE upgrade to emerging market status and further procedural reforms would likely be the most effective catalysts to reverse this outflow and attract a broader investor base for upcoming IPOs.