Vietnam’s startup ecosystem is being given a new boost with the launch of Next Wave of Startups 2025 (NWoS 2025), unveiled this week at “Incubation Meetup – Vietnamese Startups, The Global Stage”, co-hosted by WorkFlow, Open Innovation & Technopreneur Institute (OITI), and Business Finland.

The competition NWoS 2025 is held in connection with the Open Innovation Day 2025, as part of the sixth Ho Chi Minh City Economic Forum, set to take place from November 24 to 30 this year. The competition zeroes in on AI, Blockchain, and Climate Tech - sectors seen as the backbone of the country’s next innovation - and also aims to link founders with investors, mentors, and global incubators.

According to Mr. Nguyen Dinh Quy, CEO and Co-founder of WorkFlow Space, Vietnam’s start-up journey is facing three major challenges. The first is a global mindset, as many young founders lack exposure to international environments, confidence in pitching in English, and the ability to set clear goals with the approach of “begin with the end in mind.” The second lies in a developing ecosystem, where limited connections between freelancers and start-up networks leave intellectual resources underutilized, despite their potential to become future founders. The third challenge is the spirit of risk-taking. In many Asian contexts, start-up founders tend to be cautious and reluctant to embrace failure, which holds many young entrepreneurs back from taking bold steps. He emphasized that overcoming these gaps, along with the Government’s supportive policies, will enable Vietnamese start-ups to compete more confidently on the global stage.

“Incubation Meetup is about building bridges with global incubators. We hope this helps Vietnamese founders access more international acceleration programs, in a way, sending startups on an exchange abroad,” Mr. Quy said.

Ms. Annamari Soikkeli, Global Mobility & Startup Manager at Business Finland, said Finland is ready to welcome Vietnamese start-ups. “Finland is open to innovation and entrepreneurship, home to companies like Nokia, Kone, and Angry Birds. We want to introduce our ecosystem to Vietnamese founders. They can apply to our programs, explore the Finnish market, and join major events. Vietnam’s start-up ecosystem is growing rapidly, but there is still significant room for expansion,” she said.

As part of the competition, organizers introduced a “Demo Pizza Pitching” session, where five start-ups each delivered a five-minute pitch while participants enjoyed pizza. The format also doubled as an open networking event, giving founders an informal space to share ideas and receive expert feedback. Three of the pitches were in AI, one in Blockchain, and one in Climate Tech.

At the event, the winner of Pizza Pitching received a special award from Sisu Factory, a partner of Business Finland, to travel to Finland in October and join a startup incubator.

Mr. Nguyen Tuan Khoi, Founder of AK Technologies, said he joined the competition not only to seek funding but also to connect with mentors in the ecosystem who can provide guidance in areas where start-ups often fall short, such as sales and marketing. He expressed the hope that Vietnam will develop more incubators similar to those in Australian universities, where students are offered dedicated spaces to launch and grow their businesses.

Mr. Quy added that a new generation of lean start-ups - small, agile teams of three to six people creating high value with limited resources - is beginning to emerge. “Within one to two years, this wave will become clearer, and NWoS is our effort to support it,” he noted.

The event also featured discussions with ETH Vietnam on adapting international incubation models to Vietnam and exploring opportunities in global markets. Registration for the competition, projected to draw over 300 startups nationwide, will close on August 31. The awards ceremony for the contest will be held on November 30, on the sidelines of the sixth Ho Chi Minh City Economic Forum.