A new report reveals that Vietnam attracted $529 million in venture capital funding for its young startup ecosystem in 2024, despite facing various market challenges, according to the national radio broadcaster Voice of Vietnam.

The figure comes from the National Study on the State of the Ecosystem for Youth Entrepreneurship in Vietnam, jointly launched on December 5 by the University of Economics Ho Chi Minh City (UEH) and Youth Co:Lab Vietnam (an initiative co-created by the United Nations Development Programme (UNDP) and Citi Foundation). 

The report highlights that Vietnam's youth startup ecosystem attracted $529 million in venture capital investment in 2024. Furthermore, Vietnam is recognized for its significant economic potential, ranking 44th globally in the Global Innovation Index this year.

The majority of young entrepreneurs are aged 16-35, with the 30-34 age group representing the largest segment (6.6 million people). This demographic contributed to a 12.4% increase in the skilled workforce between 2009 and 2023, reaching over 27.2% currently.

The research evaluated six key factors: human resources and startup culture; technology and innovation; policy and regulatory frameworks; business development and infrastructure support; financial support; and market conditions.

However, the study also acknowledges significant challenges. Startups continue to face financial difficulties and a lack of suitable strategic advisors. A significant disparity exists between urban and rural areas in terms of access to resources and support.