Ho Chi Minh City, December 4, 2025 — Vietnam’s climate tech sector outpaced the world in 2024, capturing 22.3% of total VC activity in the country—nearly twice the global average (12%)—yet the surge was powered overwhelmingly by one mega-deal, underscoring both momentum and fragility in the country’s emerging climate innovation economy.
These findings come from the newly released Vietnam Climate Tech Funding Ecosystem 2025 report, jointly produced by New Energy Nexus Vietnam, RMIT University, and the AGILE Project.
A second major shift highlighted in the report is how new energy policies are quietly reshaping Vietnam’s investment map, triggering a fivefold surge in Energy Transition funding. The passage of the Law on Electricity 2024 and the Rooftop Solar Decree 135/2024 unlocked a wave of investment activity, pushing Energy Transition deals to US$15.5 million in 2024—five times higher than 2023. This marks one of the most significant policy-driven investment jumps in the sector’s history.
Between 2015 and 2024, 78 Vietnamese climate tech enterprises raised nearly US$205 million across 217 deals, with nearly US$100 million raised in 2024 alone. But the landscape is highly concentrated: 71% of climate tech funding in 2024 came from a single US$70 million Series A deal (from TECHCOOP), revealing a heavy reliance on landmark transactions rather than broad-based growth.
Other notable findings include:
- Post-seed “graduation” for climate tech fell to 11.11%, compared to 32.2% for the wider tech sector.
- Impact investors participation in Vietnam’s climate tech deals increased from one in 2020 to 10 in 2024, bringing stricter expectations around measurement, gender equity, and HSES standards.
- Grants remained the dominant source of early-stage capital as domestic VC participation stayed limited.
- Ho Chi Minh City continues to be the country’s primary funding hub, followed by Hanoi and Danang.
“When one mega-deal accounts for more than 70% of all VC funding, it tells us innovation exists, but the scaffolding around it is thin. Organisations like New Energy Nexus play a critical role in strengthening this scaffolding: supporting the building pipelines of investment-ready founders, widening access to grants and patient capital, and ensuring domestic investors gain the confidence and data they need to participate,” said Thao Tran, Country Director at New Energy Nexus Vietnam.
The report also introduces the first four-layer ecosystem map that clearly defines enterprises, financial providers, intermediaries, and government enablers—an important step toward clarifying “who does what” in Vietnam’s climate innovation system.
“As co-authors of this report, our team at RMIT aimed to provide in-depth insights into Vietnam’s climate tech funding ecosystem. Beyond supporting entrepreneurs and investors, we also hope these findings will be integrated into teaching, helping students understand real-world challenges and opportunities in the sector,” said Dr. Duy Dang, Associate Head of Research & Innovation at RMIT Vietnam.
Download the report here.
About New Energy Nexus Vietnam
New Energy Nexus Vietnam was launched in early 2019 with the mission of promoting Vietnam’s clean energy transition. We have supported over 550 entrepreneurs and engaged over 1,800 participants through our incubation, acceleration, and funding programs. With our backing, startups have generated US$1.6 million in grants.
By enhancing our strong bond with all the stakeholders in the network, we aim to further develop the energy ecosystem in support of a smooth transition to sustainable initiatives and build a pipeline of potential entrepreneurs.
About RMIT University
Founded in 1887, RMIT is a multi-sector university of technology, design and enterprise with more than 90,000 students and over 11,000 staff globally. RMIT provides students with a high-quality education, preparing them for life and work in a global economy. As the largest offshore campus in Asia, RMIT Vietnam has three locations: Ho Chi Minh City, Hanoi, and Danang. With over 12,000 students and 1,300 staff, the University has graduated nearly 25,500 alumni since 2000. The University is celebrating its 25th anniversary this year.
About AGILE Project
The Advancing Growth, Innovation & Leadership for Enterprises in Vietnam (AGILE) project is an initiative funded by Global Affairs Canada (GAC) and implemented by the World University Service of Canada (WUSC) and Sarona Asset Management. The project aims to contribute to the increased resilience among Vietnam’s climate-vulnerable populations by fostering a more inclusive and effective business ecosystem that supports the growth of Climate Enterprises (CEs), particularly those that are women-led or serve women. The project promotes systemic change by strengthening support from ecosystem actors, increasing investment, and deploying funds using a Gender Lens Investing (GLI) approach for CEs.
























