2026 Goal: 10% GDP Growth, Per Capita Income Exceeds $5,400
Vietnam’s government has laid out an ambitious draft plan for 2026, targeting 10% GDP growth and raising per capita income to between $5,400–5,500, with inflation projected around 4.5%. Budget revenue is expected to rise by 10%, while regular spending and public investment will be trimmed to prioritize key infrastructure projects like the Lao Cai–Hanoi–Haiphong railway. The strategy also emphasizes restructuring the credit system, resolving bad debt, and accelerating growth in digital, green, and high-tech sectors such as AI and semiconductors.
This shift comes after a strong 2025 performance, with GDP per capita surpassing $5,000, placing Vietnam in the upper-middle-income category, and growth expected to hit 8% for the year. The government also plans to develop international financial centers and new-generation free trade zones in cities like Ho Chi Minh City, Danang, and Haiphong to attract high-quality foreign investment. However, challenges remain: exports are volatile, public investment disbursement is slow, and domestic demand is still modest.
The government's ambitious 10% GDP growth target for 2026 signals confidence after 2025's expected 8% growth. This is supported by strategic focus on high-tech, green economy, AI, and semiconductors, plus attracting selective, high-quality FDI through specialized zones. However, National Assembly leadership cautioned that growth remains vulnerable due to old models, export instability, and slow public investment disbursement. The 2026 strategy balances macro stability with structural reforms to escape the middle-income trap.
Vietnam Launches $20M National VC Fund To Fuel Innovation
Vietnam has taken a major step to boost its innovation ecosystem by officially launching a National Venture Capital Fund, backed by an initial state capital of $19.6 million. The fund is established under Decree No. 264/2025/NĐ-CP, recently issued by the government, which lays out the legal framework for both the national and local venture capital funds. Managed by the Ministry of Science and Technology (MOST), the fund aims to scale to at least $78 million within five years through contributions from the state, private sector, and foreign investors.
The fund targets high-growth, innovation-led sectors like AI, green tech, digital transformation, and sustainability. Operating on market principles with a focus on transparency and controlled risk, the fund is designed to “crowd in” capital and address funding gaps for early-stage startups. At the local level, the decree also allows provinces to create their own venture funds using local budgets, with structures determined by their People’s Committees, creating a multi-layered approach to startup financing across Vietnam.
The National Venture Capital Fund marks a landmark governmental commitment to Vietnam's innovation ecosystem. Starting with $19.6 million and scaling to $78 million within five years, it creates a risk-accepting, market-driven vehicle to fill capital gaps in high-tech startups. Key execution risks include fund management capability, deployment speed, and maintaining market-rate discipline, but the framework is a clear positive for Vietnam's startup ecosystem.
Vietnamese Startups Can Raise $700,000 USD/Year Via Crowdfunding
A new draft decree from Ho Chi Minh City’s International Financial Center (IFC) could open the door for startups to raise up to $700,000 USD per year via crowdfunding, including from foreign individuals and organizations. To qualify, startups must be certified by the IFC Operating Authority. The policy includes strict limits: individual foreign investors can contribute up to $7,000 per project and no more than $14,000 annually. Shares must be held for at least six months, and can only be transferred to other IFC members. Fundraising rounds must be spaced at least six months apart.
All crowdfunding must go through licensed platform providers that are securities firms and IFC members. These platforms are required to follow full operational procedures, especially those related to anti-money laundering and counter-terrorism financing. A fundraising round is only considered successful if it raises at least 80% of the registered capital.
This draft regulation is a cautious but meaningful opening for cross-border startup financing within Vietnam’s IFC framework. The caps, lock-ups, and member-only transfer rules point to a prudential, sandbox-like design that prioritizes investor protection and regulatory control. Practically, it could expand early funding options for IFC-based startups and help test regulated equity-crowdfunding rails, but ticket sizes are small, so it will likely complement (not replace) angels/VCs. Success will hinge on platform quality, clear tax/secondary rules, and coordination between IFC authorities and market regulators to avoid friction for follow-on rounds and exits.
VPBank Securities Attracts Strong Demand Ahead Of $481M IPO
VPBank Securities (VPBankS) is making headlines as it gears up for what could be Vietnam’s largest IPO in 2025. From October 10-31, the company is offering 375 million shares at 33,900 VND each, aiming to raise 12.7 trillion VND (around $481 million). The IPO has already seen strong institutional interest, with 6 trillion VND (~$227.8 million) committed by investors like Dragon Capital, VIX Securities, and more than 50 international firms. The listing is scheduled for December on the Ho Chi Minh City Stock Exchange (HOSE).
This offering comes amid renewed momentum in Vietnam’s IPO market, driven by rising share prices, supportive regulatory reforms, credit expansion, and the recent FTSE Russell upgrade to emerging market status. VPBankS follows the successful IPO of Techcom Securities ($410 million) and joins a growing list of major financial institutions tapping public markets, including VPS, Vietnam’s largest brokerage.
The strong institutional demand for the VPBank Securities IPO, with expectations of oversubscription and significant interest from over 50 international investors, confirms the vitality and depth of Vietnam’s renewed capital market cycle. This major deal, potentially Vietnam’s largest IPO this year, reinforces the positive momentum generated by successful peer IPOs (like Techcom Securities) and the crucial FTSE Russell Emerging Market upgrade. Despite the short-term headwind of foreign net selling, the confidence shown by large domestic and international institutional investors in the country's financial services sector underscores the market’s long-term potential. The successful IPO and subsequent December listing would significantly boost HoSE’s liquidity and profile.
Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.