Investors point out that Vietnam faces obstacles ranging from slow entry and exit procedures, a lack of startup visas, and restrictions on money transfers, slowing down the flow of investment into startups.
On February 17, 2026, at 10:58 AM, Nikkei Asia reported that: Vietnam is experiencing a noticeable slowdown in investment in startups. Investors and entrepreneurs state that a major reason for this is a number of regulatory hurdles and cross-border restrictions, making it more difficult to do business in one of Southeast Asia's fastest-growing countries than in its competitors in the region.
One of the problems that was cited as an example. คือ Immigration procedures at the airport. This can take up to an hour for both arrivals and departures, resulting in the first and last image foreign investors see when arriving in Vietnam: long queues of passengers. This is in stark contrast to many ASEAN countries that use automated passport control systems or e-gates, which allow passage within seconds. Although Vietnam has begun testing such technology, it remains limited.
Another important point is that Vietnam does not yet have a specific visa for startups, while countries like Singapore, Malaysia, and Thailand already have such tools in place.
Furthermore, Ho Chi Minh City is constructing a second airport, Long Thanh International Airport in Dong Nai province, approximately 50 kilometers from the existing Tan Son Nhat airport. This will create additional difficulties for passengers needing to connect flights, forcing them to travel between airports.
Vinnie Lauria, co-founder of Golden Gate Ventures. specify that Such travel barriers hinder regional business development and are seriously negatively impacting Vietnam's startup ecosystem.
side Nguyen Thi Huong Giang, founder and CEO of the investment platform Tititada. said These minor problems have accumulated into frustration for foreign investors and made many hesitant to return to do business in Vietnam.
more Major obstacles คือ Restrictions on foreign shareholdings and remittance of funds out of the country for founders and Vietnamese citizens. Similar to China, funds must be proven to originate domestically and can only be used for state-authorized purposes, such as overseas education. Investors view this as a form of capital control, even though the Vietnamese government has announced its goal of establishing an international financial center (IFC) similar to Shanghai or Dubai.
These limitations make it difficult for Vietnamese startups to expand internationally, and also make it inconvenient to offer stock options to employees as compensation, which is common in technology companies.
Only a few Vietnamese companies have been able to list internationally, such as VinFast, the electric vehicle manufacturer, which entered the US stock market through a SPAC (Special Public Company Limited) and offered a relatively small stake on Nasdaq. Meanwhile, VNG, a gaming and technology unicorn, has been trying to list internationally for several years without success.
Overall, Vietnam is still in the midst of a capital winter, receiving only 7.8% of all venture capital (VC) investment in Southeast Asia last year, according to DealStreetAsia, trailing behind Singapore, Indonesia, and Malaysia.
Investors therefore advise Vietnamese startups to focus on regional expansion and prioritize profitability over quantitative growth.
Despite some positive signs, such as the preparation to establish a trading board for technology companies under the Hanoi or Ho Chi Minh City stock exchange to ease listing requirements, and the relaxation of certain regulations, such as allowing offshore companies to issue shares to employees in Vietnam without requiring approval from state banks, as well as the removal of the requirement for foreign investors to deposit funds before purchasing shares, in order to support the upgrading of the market according to FTSE Russell criteria,
however Experts from Citigroup in Vietnam. I think that Capital controls are crucial for macroeconomic stability, but a gradual easing is necessary if Vietnam aims to develop into a global financial center.
Currently, Vietnam has four unicorns: VNG, Sky Mavis, MoMo, and VNPay. Supporters believe Vietnam has the potential to create even more unicorns if it can attract more funding and create a more startup-friendly business environment in the future.
refer : asia.nikkei.com
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