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.

Six women-led agricultural enterprises across the Mekong Delta in Vietnam have successfully secured up to AUD60,000 (VND1 billion) each to take their businesses to the next level, thanks to Deltaccelerate.

Deltaccelerate is a women’s agribusiness climate adaptation accelerator funded by the Australian Government that provides customised training and tailored support for women-focused small and medium enterprises (SMEs) in Mekong Delta to build their capacity in sustainable business practices and strengthen their resilience to climate adaptation.

The six successful businesses were selected from a cohort of 14 Deltaccelerate participants following a competitive Pitch Day event on 17 October 2024 in Can Tho city. They include:

Mekong Coconut Oil Company Limited (Cocovie)

Producing and trading high-quality cosmetic and food products from coconut oil in Ben Tre province, focusing on preserving and utilizing coconut trees over 10 years old, which can absorb 75 tons of CO2 per hectare per year.

Cau Ke Macapuno Coconut Processing Co., Ltd (VICOSAP)

Specialising in confectionery products, baking ingredients and drinks made from macapuno coconuts, a specialty of Tra Vinh province cultivated by the Khmer community and known for their high saline tolerance, making them an ideal climate-adaptive crop.

Palmania JSC

Creating healthy, organic products from palmyra trees using sustainable farming methods rooted in the indigenous Khmer community in An Giang province.

AirXCarbon/Veritas Vietnam JSC

Transforming biomaterials, including coconut husks from the Mekong Delta, into zero-carbon consumer products.

Dam Doi Sesarmid Cooperative

Producing a range of sustainable products from locally-caught sesarmids and shrimps in Ca Mau province.

Ecoka JSC

Producing and trading handicrafts made from adaptive materials, including water hyacinth and bulrush, from Hau Giang province on global e-commerce platforms.

Each enterprise will now receive this financial support to scale their business through trade promotion, marketing, product development and training initiatives. Deltaccelerate’s total contribution of AUD250,000 (VND4 billion) will also leverage AUD320,000 (VND5 billion) in co-funding from the enterprises to further amplify its impact.

The Deltaccelerate program is part of the Business Partnership Platform (BPP), an Australian Government initative implemented by Palladium. Deltaccelerate is managed by New Energy Nexus Vietnam (NEXVN) and continues to foster innovative solutions for climate adaptation and sustainable development in the Mekong Delta.

About the Business Partnerships Program (BPP)

The BPP supports business partnerships between DFAT and inclusive, commercially sustainable businesses to deliver strategic development outcomes, with a focus on gender equality, disability, social inclusion and climate impact. Since 2016, it has supported 75 partnerships in 21 countries, partnering with 147 organisations across the private sector, social business, NGOs and academic institutions.

The Australian Government has invested more than AUD31 million in BPP partnerships, with partners contributing more than AUD51 million.

About the Deltaccelerate

Deltaccelerate is made possible by a unique partnership between the Australian Government and New Energy Nexus through the Business Partnerships Platform (BPP) Climate Adaptation Partnerships in the Mekong Delta, announced in November 2023.

Deltaccelerate is a business accelerator funded by the Australian Government providing direct support, tailored training, and networking opportunities for enterprises that work in the Mekong Delta’s agricultural sector, which are led by or significantly benefit women and contribute to the sector’s resilience to climate adaptation.

The Partnerships are part of the Australian Government’s AUD94.5 million investments for climate change adaptation in the Mekong Delta.

Drone photo of Ho Chi Minh City, Vietnam.

Ho Chi Minh City, 30 September 2024 – Vietnam’s rapidly growing climate tech startup ecosystem secured US$92.6 million in cumulative financing for 49 startups between 2015-2023, according to the first report to map the growth of the country’s funding ecosystem. 

The Vietnam Climate Tech Ecosystem report released today by New Energy Nexus and Clickable Impact with support from the Swiss Entrepreneurship Program (Swiss EP, shows that there is huge room for growth as climate tech funding contributed only four percent of Vietnam’s total venture capital investment in 2023—well below the global average of 10 percent.

“Vietnam witnessed a remarkable acceleration in investment from 2021-2023, with funding for climate tech startups averaging 365 percent growth year-over-year,” said Thao Tran, country head of New Energy Nexus Vietnam, one of the few organizations building a clean energy innovation ecosystem to support climate startups. “This shows that there’s a strong ecosystem to support clean energy innovators to develop their ideas, but that there’s a funding crunch when it comes to commercialisation and deploying this tech where it’s needed most,”

“We see great room for entrepreneurial support organizations like New Energy Nexus to help Vietnam’s climate tech entrepreneurs build more commercially sound businesses, improve their investment readiness, and connect with both domestic and international capital,” said Jason Lusk, managing partner of Clickable Impact.

Key findings from the report:

• Among the 49 funded startups, 76 percent have been founded since 2019.
• Most deals have been early-stage, with seed and Series A funding comprising 47 percent of the deal count. Only two startups have graduated to Series B, a funding round that signals a startup’s readiness to scale.
• Most climate tech startups operated out of Vietnam’s largest cities: Ho Chi Minh City (65.3%) and Hanoi (26.5%).
• Farming and food production startups raised 48.4 percent of all climate tech funding in Vietnam.

Although funding for the circular economy and carbon sectors remains limited, there is an emerging trend marked by an increasing number of startups in these areas. This aligns with the growth in grant funding, which could lead to a higher number of investable startups in the next business cycle.

Furthermore, while many startups and investors remain optimistic about fundraising, a gap persists between investable startups and investors with a deep understanding of the market and the specific challenges faced by early-stage ventures.

Vietnam is highly vulnerable to climate change; according to the World Bank, the country faces potential economic losses of up to 12-14.5 percent of its annual GDP by 2050.¹ Climate tech entrepreneurship is critical in mitigating Vietnam’s greenhouse gas emissions and empowering the country’s communities and industries to build climate resilience.

Notes:

[1] World Bank (2022). Vietnam Country Climate and Development Report.