Vietnam To Launch Carbon Credit Exchange Pilot By Late 2026
Vietnam plans to pilot its national carbon credit exchange by the end of 2026, a delay from the original 2025 target, as part of its roadmap toward a net-zero emissions economy by 2050. The exchange will enable the trading of greenhouse gas (GHG) emission rights through two key products: carbon credits and emission quotas. The Ministry of Natural Resources and Environment is currently drafting regulations to support both domestic and international carbon trading.
However, the country still faces significant infrastructure and data challenges. Currently, only two to three centers nationwide can conduct internationally accredited GHG inventories. A lack of reliable emissions data makes it difficult to set and verify quotas, pushing firms to rely on expensive international intermediaries.
To address this, the government plans to launch a real-time online GHG inventory system and complete a national environmental database by the end of 2026. Additional policy support includes financial aid for SMEs, tax breaks and green credit incentives for emission-reducing businesses, and prioritization of provinces with large forest coverage. A pilot of 15 carbon farming models across rice, coffee, and banana sectors is also planned for 2025–2035.
Piloting a carbon credit exchange by late 2026 is a crucial step toward Vietnam's net-zero goal and unlocking green finance. However, success depends on addressing the lack of reliable Greenhouse Gas (GHG) data and accreditation capacity. Without robust infrastructure, firms will continue relying on costly intermediaries. The government's commitment to building data systems and improving air quality is essential for market transparency and attracting global capital.
Vietnam Proposes Startup-Friendly IPO Rules To Fuel Innovation
Vietnam is considering a major shift in its capital market rules by proposing to remove the requirement for startups and tech companies to show two consecutive years of profit before listing. Market participants, notably Mr. Pham Luu Hung (Director of Analysis at SSI Research) and Mr. Nguyen Duc Thong (General Director of SSI), have proposed removing the requirement for companies to demonstrate 2 consecutive years of profit with no accumulated losses to be eligible for listing.
The goal is to unlock capital for high-growth, high-burn startups, especially in sectors like fintech, digital services, and consumer tech, at a critical stage of their development. Advocates point to global precedents: if countries like the U.S. or China had enforced strict profitability rules, giants like Apple, Alibaba, or Tencent might never have gone public as early as they did.
In response, the State Securities Commission (SSC) has ruled out removing the profit condition for all enterprises but is working with the Ministry of Science and Technology to design a specialized exchange for startups. Based on the new Law on Science, Technology and Innovation, this dedicated exchange would replace traditional listing requirements with growth-oriented metrics like revenue, user base, and market traction.
The proposal comes amid high expectations for a new IPO wave starting in 2025, with potential deals across various high-growth sectors, including financial services (TCBS, VPBankS, VPS, F88), consumer goods (Highland, Golden Gate), and technology (Misa, VNLife). These shifts could expand market supply and attract increased foreign capital as Vietnam pushes for an upgrade in market classification.
The proposal to remove the two-year profit requirement for tech startups and the subsequent development of a specialized exchange for innovation represent a critical and necessary evolution for Vietnam's capital market. This policy shift acknowledges the fundamental difference between high-growth technology companies (which prioritize scale over early profit) and traditional industries.
By moving towards metrics like revenue and user base, Vietnam is adopting a valuation standard closer to international norms (like Nasdaq), which is crucial for retaining homegrown talent, attracting international VC funds, and ensuring the new wave of capital efficiently fuels the country's high-tech and digital economy ambitions.
Ares Management Invests $150M In Medlatec, Betting On Vietnam’s Digital Health Future
Ares Management, one of the world’s largest investment firms with $572 billion in assets under management, has officially entered the Vietnamese healthcare sector by investing in Medlatec Group. According to Mergermarket, Ares acquired a 30% stake in the Hanoi-based company for $150 million in August 2025. This marks a major foreign investment into Vietnam’s fast-growing digital health and diagnostics space.
Medlatec currently operates one hospital, nine clinics, and a broad network of labs, imaging centers, and home sampling services. It also runs the MyMedlatec digital platform. With the new capital, Medlatec plans to accelerate digital transformation by developing AI-driven tools for diagnosis and treatment, while expanding its hospital and laboratory footprint across the country. The investment also gives Medlatec access to Ares’ global network and expertise.
Ares Management's investment in Medlatec confirms Vietnam's healthcare sector growth potential, especially in diagnostics and digital health. The capital will fund AI development and nationwide network expansion, enabling Medlatec to scale tech-enabled services beyond traditional hospital care. This positions Medlatec competitively against rivals pursuing AI-powered diagnostics and specialized healthcare models. Ares' involvement establishes Vietnam as a key market for long-term private equity investment in Asia.
Hai Phong Launches $19M Venture Capital Fund To Power Innovation
Hai Phong is taking a major step to become a northern innovation hub with the launch of its own venture capital fund. Approved by the city’s People’s Council on October 26, the Hai Phong Venture Capital Fund will operate as a joint stock company and receive an initial injection of 500 billion VND (about $19 million) from the city’s state budget. It will run on a five-year pilot basis, with expectations to attract further funding from domestic and international investors. The fund is designed to back high-tech enterprises and innovative startups, especially those located in the city’s free trade zones.
The fund will support early-stage businesses through strategic capital, training, consulting, and global networking opportunities. It will invest up to 30% of a project’s cost, capped at 30 billion VND (approximately $1.1 million) per project. Up to 5% of total capital may also be allocated to establishing new ventures or co-investing in other VC funds. Key goals include developing an innovation ecosystem that links universities, research institutions, and international partners, while encouraging commercialization of scientific and technological products.
The Hai Phong Venture Capital Fund implements the central government's strategy to support innovation beyond Hanoi and Ho Chi Minh City. As a northern port city, Hai Phong strategically fills the early-stage capital gap for high-tech ventures, leveraging its free trade zones and R&D commercialization. The fund's joint stock structure with a $1.1 million cap per project reflects a disciplined approach to seed multiple projects and build local ecosystem infrastructure connecting academic, corporate, and international partners, demonstrating national commitment to innovation-driven competitiveness.
HCMC Moves To Become Southeast Asia’s Silicon Valley
Ho Chi Minh City is formalizing plans to build a creative startup center modeled after Silicon Valley, aiming to become the innovation capital of Southeast Asia. At the heart of this plan is the HCMC Innovation Hub, which will operate under a “triple helix” governance model, linking government, academia, and business. Vietnam National University Ho Chi Minh City (VNU-HCM) will serve as the anchor institution coordinating efforts across these three sectors.
The city is focusing its innovation strategy on high-value sectors such as artificial intelligence, semiconductors, clean energy, biotechnology, smart healthcare, new materials, and the circular economy. Through partnerships between city authorities and VNU-HCM, HCMC will invest in building key labs and innovation centers that align with public priorities and industry needs. The goal is to not only nurture homegrown innovation but also attract foreign investment and elevate the city’s profile as a regional tech hub.
HCMC's strategic approach centers on formalizing the HCMC Innovation Hub with VNU-HCM at its core, leveraging the triple helix model. This signals a shift toward a knowledge-based economy, targeting high-value sectors like AI and semiconductors. Linking research to city priorities demonstrates a proactive strategy for nurturing innovation and attracting investment needed for regional hub status.
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.