The Vietnam Venture Summit 2022, with the theme “Shifting Global Capital Flows”, is being held by the Vietnam National Innovation Center (NIC) in collaboration with Golden Gate Ventures on December 19.

It is an annual affair hosted by the Ministry of Planning and Investment to connect Southeast Asia’s startup ecosystem with the global venture capital (VC) community.

This year’s summit was honored to welcome Vietnamese Government leaders, leaders from central and local agencies, representatives from international organizations, and hundreds of regional and international investment funds. Moreover, it was attended by hundreds of delegates from research institutes, incubators and innovation support ecosystems, and networks including mentors, experts, and intellectuals in various countries.

Minister of Planning and Investment Nguyen Chi Dung emphasized that the Summit is an open platform for the Vietnamese Government to discuss its visions and action plans with the venture capital and startup community.

“We have already started with the preliminary steps to draft the Venture Investment Law and aim to have a more concrete regulatory framework for the venture capital market in Vietnam,” he said. “We look forward to support from the venture capital and startup community not only in Vietnam but also in the region.”

According to analysis from Crunchbase News, total global venture capital in the third quarter of 2022 was $81 billion, which was $90 billion less than last year and $40 billion lower than in the second quarter. The startup investment market in Southeast Asia attracted $3.72 billion in the third quarter, which was down 36.4 per cent from last year and 22 per cent from the second quarter.

Vietnam has been recognized as Southeast Asia’s latest crown jewel and its rise is the result of the market’s attractiveness among investors as well as support from the government for its startup ecosystem.

Some of Vietnam’s fastest-growing health tech and climate tech startups will touch on their development journey at the Summit, showcasing how Vietnamese startups are indeed fast-tracking their growth story, learning not only from the broader Southeast Asian startup ecosystem but also driving ahead in high-growth sectors.

Mr. Vinnie Lauria, Managing Partner of Golden Gate Ventures, noted that Vietnam is at a critical inflection point in its economic development. The global macroeconomic environment, Vietnam’s position in the region, and the tailwinds from the pandemic have created the optimal context for it to finally capitalize on its top tech talent, highly-educated population, and openness to international trade. “It is time for Vietnam to take its place in the spotlight,” he said.

According to the NIC, Vietnamese startups raised a record $1.4 billion across 165 deals in 2021, up 1.6-fold against 2019, with $894 million from 126 deals, indicating that dealmaking in the market has regained momentum following a fall due to Covid-19. The momentum will continue into 2023, when GDP growth of 6.7 per cent is anticipated.