Jobs in Top 20
Phase III target: 4,500
Private Ecosystem
COUNTRY PROGRESS REPORT
Vietnam
2026
Report of Swisscontact to SECO on the implementation of the Swiss Entrepreneurship Program, January 1–June 30, 2026.
Read the report Ho Chi Minh City · August 30, 2026
H1Execution · Coordination · Sustainability
01 · EXECUTIVE SUMMARY
Established capability. A sharper execution agenda.
H1 2026 shows continued momentum while the emphasis shifts toward execution, coordination, and sustainability.
Women employed
2,663 of 4,503 jobs
Capital mobilized
CHF 13.40M private capital
Startups entering PO programs
38 women-founded · 20%
EMPLOYMENT TREND
Top 20 supported startups
Phase III target · 4,500
3,3062024-1
3,4112024-2
3,7992025-1
4,4342025-2
4,5032026-1
PHASE III TARGETS
Selected cumulative progress
100%
Jobs
4,503 / 4,500140%
Internationalized
28 / 2070%
Startup throughput
740 / 1,05044%
Scaleups
7 / 16123%
Active mentors
196 / 160125%
Organizations
20 / 16The first half of 2026 was marked by continued implementation of Vietnam’s evolving startup and innovation policy framework. While the direction of travel is increasingly clear, implementation remains gradual, with new mechanisms, institutional arrangements, and funding instruments still taking shape. Startups continue to operate in a selective investment environment, requiring greater attention to revenue, productivity, and sustainable growth.
Against this backdrop, Swiss EP-supported companies maintained solid results. Employment among the Top 20 startups reached 4,503 jobs, with women accounting for 59% of employment. Overall throughput remained strong, with 190 startups entering PO programs. Female founders represented 20% of current intake; Swiss EP will continue engaging POs on pipeline composition and inclusive outreach as the full-year picture develops.
Capital mobilization showed stronger activity compared with H1 2025, with CHF 13.78 million raised by supported startups, including CHF 13.40 million in private capital. Financing pathways are becoming more diverse, with debt increasingly relevant alongside equity and grants. New private funds and emerging government-backed venture mechanisms may broaden the landscape, although their impact is not yet visible at scale.
No additional company qualified under the internationalization indicator in H1 2026, while the cumulative total remains at 28 companies, exceeding the Phase III target. Beyond the indicator, POs and founders continued to pursue cross-border market access, partnerships, and global networks.
Swiss EP’s ecosystem role continued to evolve through its partner network and convening function. POs are increasingly contributing practical market perspectives to emerging policy and investment mechanisms, while Swiss EP supported connections among policymakers, founders, investors, and ecosystem actors. The addition of more innovation-driven POs broadens engagement across the increasingly intertwined entrepreneurship and innovation ecosystem.
The 6th Partner Summit in Hue reinforced sustainability and local ownership as priorities for the remainder of the program. The subsequent Hanoi Ecosystem Gathering demonstrated how locally led collaboration can take greater ownership of ecosystem connections and exchange.
Looking ahead, Swiss EP will take a more selective approach to remaining resources, concentrating support where it can generate systemic ecosystem impact and strengthen functions that can endure beyond 2027. Priorities include diversified capital, coordination within the innovation ecosystem, inclusive startup pipelines, constructive policy dialogue, and sustainable partner-led services and networks.
2026HueBuilding from the Inside2025VietnamThe New Era2024Hoi AnDesigning Growth2023Quy NhonInnovate · Collaborate · Accelerate2022Phu QuocBeyond the Rockstar Startup2021Tuy HoaThe First Partner Summit
Partner Summit · Hue
Building from the Inside in Uncertain Times
40 participants from 26 organizations at the 6th Swiss EP Partner Summit.
Read story
Homegrown capital
ThinkZone grows with Vietnam’s ecosystem
A local investor strengthened through capability building and international connections.
Read story
Local ownership · Hanoi
Keeping ecosystem connections active
25 representatives from 13 organizations continued the exchange after the Summit.
Read story
Cross-border growth
Ecomdy builds Vietnam’s global commerce future
A Da Nang-founded venture is helping entrepreneurs sell and scale across borders.
Read story02
Progress and Developments
From ecosystem formation toward consolidation, commercialization, and scale.
02 · PROGRESS AND DEVELOPMENTS
A larger ecosystem now needs stronger connections.
Swiss EP Vietnam supports Hanoi, Da Nang, and Ho Chi Minh City, with the goal of accelerating entrepreneurship and innovation.
The overall objective of the Swiss Entrepreneurship Program is to create and retain jobs, facilitate tailored access to finance, and improve support mechanisms for growth-oriented startups and entrepreneurs throughout the business growth cycle by strengthening selected local entrepreneurial ecosystems.
As reflected in the Vietnam Week series, over the past 11 years Vietnam’s entrepreneurial ecosystem has evolved from a nascent and fragmented landscape into a more established and increasingly connected system, with a broader range of ecosystem actors, support programs, policy ambition, and financial resources.
Vietnam is moving toward a growth model that places innovation at the center of the national development agenda, particularly through selected strategic technologies. The next challenge is to shift from ecosystem formation toward consolidation: improving startup pipelines, scale-up, financing, commercialization, and longer-term competitiveness.
The National Strategy on Innovative Startups places greater emphasis on universities, science- and technology-based entrepreneurship, knowledge commercialization, venture financing, digital infrastructure, international integration, and stronger links among universities, research institutions, corporates, investors, and local support organizations.
“What we are building is still relatively new in Vietnam, so this remains a learning journey for us. We value Swiss EP not only as a partner, but as someone we can exchange ideas with, learn from, and who can both support and challenge us as we move forward.”
Vu Tran · Deputy Director of VNUHCM Innovation Hub (VIH)
This creates a potentially stronger demand environment for Swiss EP’s work, but the policy benefits are not yet visible in the results. Implementation is still characterized by institutional adjustment, gradual issuance and interpretation of detailed mechanisms, and uneven capacity across national and local actors. The logframe therefore captures a well-developed support base where the pathways from policy to company growth remain incomplete.
2.1
ACCELERATING ENTREPRENEURSHIP
Resilience now meets a new productivity test.
The entrepreneurship indicators present two complementary trends. Established companies and ecosystem organizations continue to demonstrate resilience and delivery capacity. At the same time, the transition toward strategic technologies, more disciplined capital markets, and policy-led innovation is changing what growth looks like and which capabilities are required. Headcount and program participation increasingly need to be interpreted together with productivity, commercialization, technical capability, and progression from startup support to scale.
Government at national and regional levels became more active in supporting innovation and startups, from funding programs such as NIC to policies enabling the eventual formation of state venture funds. Private players are starting to move more cautiously, avoiding competition with government-funded programs for startups.
“Swiss EP never tells us to dream smaller. They buy into our big dreams and encourage us to grow. For the Cross-Border AI Innovation Summit, support from Swiss EP’s EIR, Chin Hing Chang, served as a backbone for the program.”
Linh Duc Pham · Founder of Ecomdy
2.1.1
JOBS
Employment held above the Phase III target.
Employment among the Top 20 supported startups reached 4,503 jobs in H1 2026, narrowly exceeding the Phase III target of 4,500. This represents year-on-year growth of 704 jobs, or 18.5%, although growth from the previous semester slowed to 69 jobs, or 1.6%. The current result shows that supported companies retained the employment gains achieved during 2025 despite demanding investment and operating environments.
Labour regulation is affecting how startups report headcount. Updates related to employment classification, compulsory social insurance, and Personal Income Tax obligations have encouraged founders to distinguish formal employees, contractors, and collaborators more precisely. Some technology companies are consequently reporting more conservatively.
AI-enabled operating models are also changing the relationship between growth and jobs. Software and digitally enabled companies can expand output with smaller teams. Future analysis should complement job numbers with revenue per employee, job quality, technical skill intensity, and productivity.
Women held 2,663 of 4,503 jobs, or 59%, compared with 58% in H2 2025 and 51% in H1 2025.
| Indicator | 2026-1 | 2025-2 | 2025-1 | 2024-2 | 2024-1 |
|---|---|---|---|---|---|
| Total | 4,503 | 4,434 | 3,799 | 3,411 | 3,306 |
| Male | 1,840 | 1,841 | 1,864 | 1,533 | 1,122 |
| Female | 2,663 | 2,593 | 1,953 | 1,878 | 2,184 |
| Largest company | 896 | 810 | 1,018 | 698 | 798 |
| Smallest company | 70 | 63 | 52 | 56 | 44 |
| Average | 225 | 222 | 190 | 170 | 165 |
2.1.2
SCALEUPS
Seven qualified; two candidates entering assessment.
No additional company qualified as a scaleup during H1 2026, leaving the cumulative total at seven against a Phase III target of 16, or 44% of target. Toward the end of the period, Fuwa and Parsley emerged as potential scaleup candidates and are being assessed for onboarding.
EIR Mike Nguyen completed a scaleup mission with VietDynamic, an automation and robotics company. Outcomes included a clearer five-year vision built around 10x growth, a restructured revenue mix to increase machine vision, and positioning for a fundraising round expected within 18 months.
2.1.3
THROUGHPUT
Strong program intake; a weaker women-founder share.
PROGRAM INTAKE
Startup throughput and women-founder share
12853% women
2024-1
16339% women
2024-2
12634% women
2025-1
13334% women
2025-2
19020% women
2026-1
| Period | Women entering | Total entering | Women share | Applications from women | Total applications | Women application share |
|---|---|---|---|---|---|---|
| 2024-1 | 68 | 128 | 53% | 112 | 147 | 76% |
| 2024-2 | 63 | 163 | 39% | 717 | 2,359 | 30% |
| 2024 | 131 | 291 | 45% | 829 | 2,506 | 33% |
| 2025-1 | 43 | 126 | 34% | 847 | 2,158 | 39% |
| 2025-2 | 45 | 133 | 34% | 116 | 419 | 28% |
| 2025 | 88 | 259 | 34% | 963 | 2,577 | 37% |
| 2026-1 | 38 | 190 | 20% | 819 | 2,863 | 29% |
Overall throughput remained strong, with 190 startups entering PO programs, driven largely by InnoEx. Female founders accounted for 38 startups, or 20% of total intake. The result should be interpreted cautiously because reporting can vary between semesters and several women-focused programs had not yet been implemented or reported in H1 2026.
The share of women founders is also influenced by the sector mix. Strategic technologies such as AI, semiconductors, drones, and advanced manufacturing currently have lower women representation than e-commerce, education technology, consumer services, and social enterprise. Swiss EP will monitor whether the current result is temporary or signals a more persistent pipeline issue.
2.1.4
COLLABORATION WITH OTHER ACTORS
PO capability is increasingly recognized by other donors.
A growing share of Swiss EP’s value comes from years of groundwork in building Partner Organization capability. POs supported by Swiss EP are now frequently selected by other donors, a strong signal that the capacity built is real and recognized. Examples include UNDP with InnoEx, IFC with NEXVN, and WUSC’s AGILE program with BK Holdings, WISE, and NEXVN.
Swiss EP’s distinct value remains institutional capacity building and practitioner-led EIR support. Practical entrepreneurs and operators help POs strengthen the underlying services and capabilities that activity- and output-focused donor programs can later carry forward.
2.2
MOBILIZING CAPITAL
Renewed activity, more financing pathways.
PARTNER STORY
ThinkZone: A Homegrown Investor Growing with Vietnam’s Ecosystem
Over the past decade, ThinkZone has grown alongside Vietnam’s entrepreneurial ecosystem. Sustained capability building and international connections strengthened homegrown investment capacity.Capital mobilization showed signs of renewed activity in H1 2026, supported by more diversified financing sources and emerging private and public capital mechanisms, while the broader investment environment remained selective and implementation of new funding channels remained at an early stage.
Vietnam’s startup investment market continued to face cautious investor sentiment following a decline of approximately 30% in the previous year. Valuations remain below 2021–2022 levels, leading some fundamentally sound companies to postpone fundraising rather than raise at significantly lower valuations. Lower or delayed capital mobilization does not necessarily indicate weaker company performance.
H1 2026 CAPITAL
Composition of CHF 13.78M mobilized
Swiss EP capital mobilization
CHF 13.78M was mobilized in H1 2026, including CHF 13.40M in private capital—a more active period than H1 2025.
Diversifying capital sources
Startups are combining equity with grants, loans, and other instruments. A notable USD 2 million loan reinforces the relevance of debt for revenue-generating companies. New private signals include Do Ventures Fund II and Expara.
Government and policy
The Vietnam National Venture Capital Fund is under development, while the Ho Chi Minh City Venture Capital Fund launched in April 2026.
1 According to the Vietnam Tech & Venture Capital Outlook 2025: Reshaping Growth for a New Era, released by VinVentures.
2.3
INTERNATIONALIZATION
The cumulative result remains above target.
28
companies cumulatively internationalized, exceeding the Phase III target of 20.
No additional company qualified under the indicator in H1 2026. Beyond the indicator, POs and the wider ecosystem continued to engage in cross-border market access, partnerships, and global networks. More founders are building products and businesses with regional or global ambitions from an earlier stage.
2.4
CROSSCUTTING TOPICS
From convening to policy implementation.
STOCKTAKING
Building from the inside
In March, Swiss EP convened the 6th Partner Summit in Hue, bringing together 40 participants from 26 organizations. The first Hanoi Ecosystem Gathering, co-hosted by BizCare and WISE, then convened 25 representatives from 13 organizations.Beyond the Summit: Keeping Ecosystem Connections ActiveCLIMATE POSITIVE ENTREPRENEURSHIP
Established platforms grow
NEXVN is planning the Vietnam Climate Tech Funding Ecosystem Report 2026. The Climate Tech Showcase secured funding to expand. InnoEx continues the Green Innovation Fellowship and the Plastics Innovation Program.POLICY DIALOGUE
Market input into new mechanisms
ThinkZone remained engaged on the proposed national venture fund, advocating for a fund-of-funds model. In Da Nang, Swiss EP participated in DOST selection panels for the sandbox program and SURF 2026 and facilitated dialogue on the VIFC regulatory sandbox.ENGAGING DIASPORA
Connections increasingly sustain themselves
Networks such as SVEF and AVSE remain active. Viet Trinh, an AI researcher who returned through VNU-HCMC’s talent program, now leads the AI pillar at VIH.ANNEX I · LOGFRAME
Results against Phase III targets
Results for January–July 2026, cumulative performance since the start of Phase III, and targets.
Type / IndicatorH1 resultCumulativeTargetProgress
Impact1.1.1 StartupBlink country ranking
——<58Next report
Outcome1.2.1 Jobs in the 20 largest supported startups
4,5034,5034,500100%
Outcome1.2.2 Women employed in the Top 20
59%58%49%100%
Outcome1.3.1 Capital mobilized by supported startups (MCHF)
13.7859.9315539%
Outcome1.3.2 Private capital (MCHF)
13.4058.6114540%
Outcome1.3.3 Female capital raised (MCHF)
7.1315.324534%
Outcome1.3.4 Innovation proxy — capital from VC deals (MCHF)
13.1551.78121.843%
Outcome1.4.1 Internationalized companies
02820100%
Output1.5.1 Startups in minimum five-day PO programs
1907401,05070%
Output1.5.2 Women-founded startups
20%35%45%78%
Output1.5.3 Scaleups
071644%
Output1.6.1 Active mentors
31196160100%
Output1.6.2 Active women mentors
11748093%
Output1.7.1 Active investors
222220100%
Output1.7.2 Active women investors
22633%
Output1.8.1 Ecosystem organizations supported
162016100%
Output1.9.1 Diaspora members engaged
055100%
ANNEX II · MEDIA
Selected media publications
Four publications included in the original report.
Business Forum
Vietnam's climate startups have access to funding, but not at a sufficient scale.
Vietnam has strong climate startup activity, but funding remains limited; blended finance could help close the gap.
Government News
Universities as a central pillar of the national innovation ecosystem
Universities are increasingly positioned as key hubs connecting research, startups, industry, and investment.
NACENTECH
NACENTECH Partners with Swiss EP to Foster Vietnam’s Innovation Ecosystem
NACENTECH and Swiss EP are partnering through capacity building, startup support, and international connections.
Tuyen Quang Online
Affirming the central role of universities in the national startup and innovation ecosystem
Universities are encouraged to strengthen commercialization, incubation, and collaboration with business and government.
LINKED REFERENCES
All links retained
28 distinct external destinations from the report.01Partner Summit 2026 — Building from the Inside02Vietnam’s entrepreneurial ecosystem: from nascent to integrated03VNUHCM Innovation Hub04National Strategy on Innovative Startups05Linh Duc Pham06Fuwa07Parsley08Mike Nguyen09VietDynamic10WUSC AGILE program11ThinkZone — A Homegrown Investor12Do Ventures Fund II13Expara14Vietnam National Venture Capital Fund15Ho Chi Minh City Venture Capital Fund16Beyond the Summit — Keeping Ecosystem Connections Active17Hanoi Ecosystem Gathering18Vietnam Climate Tech Showcase19Green Innovation Fellowship20Plastics Innovation Program21ThinkZone policy contribution22Swiss-Viet Economic Forum23AVSE Global24Viet Trinh25Business Forum — climate startup finance26Government News — universities and innovation27NACENTECH × Swiss EP28Tuyen Quang Online — universities and innovation
REFERENCE
Abbreviations
Terms used throughout the country report.AIArtificial Intelligence
AVSEAssociation of Vietnamese Scientists and Experts
BK HoldingsBach Khoa University Holdings Company
BSSCBusiness Startup Support Center
DMZDMZ (former Zone Startups)
DOSTDepartment of Science and Technology
EIREntrepreneur-in-Residence
ESOEntrepreneurship Support Organization
HCMCHo Chi Minh City
IFCInternational Financial Center
NACENTECHNational Academy for Advanced Technology and Innovation
NEXVNNew Energy Nexus Vietnam
NICNational Innovation Center
OVOverseas Vietnamese
POPartner Organization
SECOSwiss State Secretariat for Economic Affairs
SHTP-ICSaigon High Tech Park - Incubation Center
SURFDa Nang Innovation Startup Festival
SVEFSwiss-Viet Economic Forum
Swiss EPSwiss Entrepreneurship Program
UNDPUnited Nations Development Programme
VCVenture Capital
VIFCVietnam International Financial Center
WEWWomen Entrepreneurs Week
WISEWomen’s Initiative for Startups and Entrepreneurship
WUSCWorld University Service of Canada