Vietnam is the 51st highest funded country in 2024 ahead of Iceland and Luxembourg at 52nd and 53rd positions respectively, according to the latest Geo Annual Report by Tracxn, a leading global SaaS-based market intelligence platform.

A total of $120 million was raised in 2024, a drop of 38.7% compared to $196 million in 2023, and a drop of 77% compared to $518 million in 2022.

In the second half of 2024, Vietnam Tech received $53.6 million funding which was 19.63% lower than $66.7 million in the first half of 2024, and  41.68% drop year-on-year.

In the fourth quarter of last year, Vietnam Tech received $35.1 million, up 89.73% compared to the previous quarter and 68.75% year-on-year.

Gig Economy, Auto Tech, and Transportation and Logistics Tech were the top-performing sectors in 2024 in this space.

Ho Chi Minh City based tech firms accounted for 56.59% of all funding seen by tech companies across the Vietnam. It was followed by Hanoi with 26.25%.