Venture capital in Vietnam during 2019 - 2025: The shift toward quality, AI trends, and exit challenges

This study analyzes structural shifts in venture capital flows in Vietnam during 2019 - 2025 across four dimensions: investment scale and cyclicality, deal structure, sector allocation, and the capital cycle. Using data from the National Innovation Center and Do Ventures, the findings show that venture capital rebounded by 28% in 2025 despite fewer deals, increasing the average deal size by approximately 44%. Artificial intelligence emerged as a major investment theme, with funding increasing thirteenfold in two years and accounting for more than one-quarter of total capital. However, exit opportunities remain a major bottleneck. The study suggests that a new AI-centered investment cycle may be emerging, supported by seed-capital mechanisms and potential stock-market reclassification, although its sustainability depends on improving exit channels and expanding the domestic investor base.