Promising and prominent, Vietnam is undeniably a rising star in Southeast Asia's startup scene. As the region's third largest startup ecosystem, Vietnam is a hotspot for startups from around the world, inching close to the likes of Singapore and Indonesia. Driving the country's digital economy are the young, energetic, and educated population whose high smartphone and internet penetration means faster adoption of new technology.
Coupled with supportive government policies, Vietnam constitutes a thriving environment for entrepreneurs and investors alike. However, the country's 3,800 and growing innovative startups mean competition is intense. Getting assistance from incubators and accelerators to build and advance your startup in Vietnam is a reliable way to increase your chances to beat the noise.
With that said, in this article, we have compiled a comprehensive list of Vietnam's startup incubators and accelerators. They have been subdivided into applicability for startups in their 'ideation', 'launch', or 'growth' stages, so you can take a pick at one that suits you best!
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WHAT IS THE DIFFERENCE BETWEEN A STARTUP INCUBATOR AND AN ACCELERATOR?
Though often used interchangeably, there are actually some distinctions to be made between startup incubators and accelerators. Let's discuss what each of them entails.
A startup incubator's purpose is to 'incubate' and nurture ideas until they grow into a viable business plan. In a sense, they are the first to support the birth of a startup from when they are just a mere idea. Incubator programs offer direction in the vital first steps of a company's formation, guiding founders in fundamental business areas such as business operations, legal frameworks, and team formation. This is usually done in an open-ended format with no specific time frames, startups can stay in an incubator for years before actually launching into the market.
A common offering in many incubators is the shared co-working space with basic amenities and operational support. It is exactly what a young startup needs, allowing them to focus on their actual business development and less on the nitty-gritty. Though seed capital is not a usual offering of incubators, what makes them desirable is their professional network of accomplished mentors. This is the first touchpoint of a startup to connect with industry experts, venture capitalists, investors, and seasoned entrepreneurs that will prove to be invaluable down the line.
A startup accelerator's purpose is to boost a startup's growth to the next level. They work with an already established venture - those that have demonstrated proof of concept or have early traction and customer base. As such, a startup accelerator offers a more advanced level of mentorship, support, and networks. This is usually delivered in an intensive, structured framework set in a strict time schedule, typically lasting only weeks. Essentially, an accelerator condenses years' worth of learning-by-doing to 'accelerate' a startup's development into mere months.
Seed investments are usually offered by accelerators in exchange for equity. Though the sum may differ depending on the accelerator, the funding is enough to cover expenses for testing business hypotheses, creating MVPs, launching, and finding the first few clients. At the end of the program, startups have the opportunity to participate in a 'Demo Day', an event where startups can showcase and pitch their businesses to prospective investors to raise their first funding rounds.
In essence, both startup incubators and accelerators share the same goal of nurturing and advancing a startup. However, the target and form of support largely differ. For an individual or team who is just starting out with a very rough idea and is trying to make sense of it, an incubator is the best place to go. Meanwhile, for established startups who are already set on their path to growth, accelerators would be a more suitable place to be.
FULL LIST OF STARTUP INCUBATORS AND ACCELERATORS IN VIETNAM
Ideation Stage Startup Incubators in Vietnam
The complete list of ideation phase incubators in Vietnam:
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: -
Songhan Incubator is a private incubator in Vietnam that provides incubation, acceleration, and training programs to drive innovation, build capacities, and provide resources for startup development. Their incubation program is built around implementing technology to optimize resources and increase productivity, which will subsequently increase startups' competitiveness. They will also aid in developing the right solutions and strategies for the business. Similarly, their acceleration program is designed to utilize technology solutions to optimize business models, maximize profits, and grow sustainably. Some of their startup success stories are Liberzy, a travel social network, and Shipway, an eCommerce shipping solution.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: -
Finc is the incubator program operated by DNES, the first public-private business incubator in Vietnam. The program aims to help startups validate their business models and enhance the founders' capabilities in leading and growing the startup. Within the first 3 months, startups will attend workshops and 1-on-1 meetings to test market assumptions and build a viable business model. Afterwards, you'll be connected to mentors, investors, local and international partners, and startup experts to continue expanding your business model. You'll receive training on delivering a convincing pitch to help you secure seed investments. To participate, they require payment for mentoring and incubation activities, but they do not take any equity in your company.
Launch Stage Startup Incubators and Accelerators in Vietnam
The complete list of launch phase incubators and accelerators in Vietnam:
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: AI – Blockchain, IT – Microchip – IoT, Precision mechanics – Automation, New materials – Nanotechnology – Biotechnology
Duration: 1-3 years
The Saigon Hi-Tech Park Incubation Center is an incubator program for high-tech startups to commercialize, raise funds, and scale up. They will take startups from ideas to prototypes, minimum viable product, and launch within 1 to 3 years. With years of experience, a diverse selection of mentors, and a large partner network, the incubator is highly capable of endorsing startups to successful commercialization into the market. If you're in need of funds, they also organize topic-oriented demo day events so you can present your startup to potential investors. They have over 50 tech startups in their portfolio, some of which are Pyriot, Digi Sale, Vexere, Smart Home Acis, and many more.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 4 months
Vietnam Silicon Valley Capital Accelerator is the accelerator program of VSV Capital, a venture capitalist firm that invests in early-stage, Vietnam-connected startups. Formerly known as Vietnam Silicon Valley Accelerator, it is one of the longest-running accelerators that have operated in Vietnam since 2014. They have a stellar track record of accelerating over 130 companies and making over 70 investments in the ventures. Thus, as part of their accelerator program, startups stand a chance to receive follow-on investments from the venture fund.
As the program is directed to pre-seed and seed stage startups, it involves validating the product and business model to achieve product-market fit and get them investment-ready before scale. This will be held in the form of business workshops by experts in their fields, 1-on-1 meetings with VSV Capital Lead Mentors, dinner talks with a speaker who are seasoned entrepreneurs or investors, and important events such as networking events, demo day, and feedback day. To assist with the startup's activities, each team joining the program will be awarded up to $50K in cash in exchange for 7-10% equity.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 3 months
Powered by Dragon Capital, Vietnam's longest-established investment firm focused on Vietnam and the surrounding Southeast Asian markets, the Vietnam Innovative Startups Accelerator (VIISA) is a seed-stage accelerator and investment holding firm that invests in Vietnamese startups. With $5 million committed capital and 25 'graduates' under their belt, VIISA is well-experienced in promoting startups to the global stage.
The accelerator program is divided into 4 phases: Phase 0 - Pre Acceleration, Phase 1 - Build, Phase 2 - Measure, and Phase 3 - Growth. Starting from Phase 0, the startups will delve into customer discovery to validate their solutions for the problem. Shortlisted startups will move to Phase 1, where they will build their minimum viable product and learn key business fundamentals. In Phase 2, startups will learn how to measure their objectives and key results (OKR) and other metrics. The importance is placed on learning user testing and research techniques for the purposes of strategizing future growth. Finally, in Phase 4 startups will test their traction channels and begin preparing for pitching and fundraising for the Demo Day.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 3 years
The Young Business Incubator is a non-profit project managed and operated by the Youth Startup Support Center to introduce enterprises to the youth and encourage them to start their businesses, As the name suggests, the program is targeted at young entrepreneurs under 35 years old with newly established businesses that have only been in operation for under 3 years.
The incubator will provide expert advice from experienced entrepreneurs for business plan, strategy development, and capacity-building activities. To work on your projects, you'll be placed in a professional and modern working space in the center of Ho Chi Minh City. Furthermore, you can have human resources support for your regular business activities and receive financial support in the form of loans. Most importantly, you'll be introduced to business partners and customers to promote your trade.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 6 months
Startup Wheel is an annual startup competition from Vietnam that is open to local and global startups serving the Vietnamese market or utilizing Vietnamese resources. The competition is enticing as the total prizes amount to up to $1,000,000 in the form of cash grants, office support packages, and numerous showcase opportunities.
The top 100 applicants will be eligible to enter the accelerator that will train, accelerate and support startups to form their business plans, marketing and branding plan, and fundraising plan. The top 50 startups will then participate in pitch battles with a board of judges, and the top 10 startups will engage in pitching and Q&A sessions with esteemed CEOs, VCs, and investors in Vietnam. Startups will not only get a chance to gain exposure through these pitching sessions but also by participating in Vietnam Startup Day, the largest startup exhibition in Vietnam.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: -
Operated by Next100 Ventures, a venture capital firm with 20+ years of experience in technopreneurship, NextUp Accelerator is a dedicated program for early-stage startups in Vietnam and Southeast Asia. The program provides professional support and an ecosystem to define the future and plan for growth. There is also a potential to get up to $500,000 investments from Next100 Ventures and other investment partners.
To enter the program, startups must be in the pre-seed to seed stage and have a developed MVP with an initial validated business model. Although the program is free, it requires 5 to 7% equity for enrollment into the program.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 14 weeks
Jointly organized by Saigon Innovation Hub and Expara, an early-stage venture capital firm and accelerator, the Sihub-Expara Accelerator program is directed at startups that are planning to commercialize and scale their businesses in Vietnam. Selected startups will attend 14-week training to learn about the big picture of the startup scene, product-market fit that considers the customers, and business model and financial planning that takes into account the market and competitors. At the end of the program, startups can expect to receive significant learning tools and invaluable feedback from experienced mentors, along with access to funding of up to $150,000 from the accelerator and other sources of funds from their network of investors and corporate partners.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 3 months
Google for Startups is a virtual accelerator for tech startups in the Southeast Asia region. Paired with relevant experts from Google and the industry, startups will be assisted in solving specific technical challenges that they are facing. Startups will receive specialized support and mentoring to navigate these challenges using Google's valuable resources and technology, such as access to Google's AI/ML, Cloud, Android, Play and Web experts.
Among all the benefits of joining the program, some of the appealing benefits are the training in design, marketing, and leadership, as well as the potential to gain a partnership on an advanced technology project with Google. The program is open to seed to series A tech startups who are solving Southeast Asia's biggest challenges.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
Accepting only 1% of applicants, Zone Startup Accelerator program is a highly sought-after program for early-stage tech startups intending to grow and scale. The program's ultimate goal is to help startups raise their Series A funding. Thus, startups will be mentored by a network of local and international entrepreneurs and industry experts to conduct product validation and customer development. For startups to start operating and establish early traction, Zone Startups will provide seed capital to the highest potential companies and aid in raising additional funds.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: 1-3 years
BLOCK71 is an initiative by NUS Enterprise that acts as a tech startup ecosystem with operations across Southeast Asia. In Saigon, they host incubator programs, events and pitching opportunities, and support and mentorship programs tailored to startups expanding across Southeast Asia, East Asia, and US markets.
Their comprehensive incubation and accelerator programmes cater to startups at any stage of growth. To members of the program, tech founders can access the research capabilities, patented technologies, and business and technical resources of the National University of Singapore. Located in Ho Chi Minh City’s Sala District, known as the emerging second CBD, founders can get connected to a community of entrepreneurs, startups, and multinational companies in the region.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Tourism
Duration: 6 months
Mekong Innovations in Sustainable Tourism is an initiative that seeks innovative solutions that can strengthen the sustainability and resilience of the tourism industry of the Greater Mekong subregion. Though not an accelerator per se, they run hackathons and bootcamps that train startups in business fundamentals and expedite their growth. You can also gain access to the region's tourism and travel ecosystem, consisting of investors, mentors, government officials, and other business partners.
To join, you can submit your initiative and if nominated, you can compete to get partnered with an expert mentor and win in-kind support. Your initiative has to promote at least one of the United Nations Sustainable Development Goals and demonstrate how it contributes to the region's sustainability.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: 3 months
Powered by ThinkZone Ventures, a Vietnam-based early-stage venture capital firm, the ThinkZone Accelerator is a program directed for tech startups from Seed to Pre Series A that are in the process of product-market validation or scaling up. They offer a custom-built working program with workshops and coaching to boost the startup's traction. How they differentiate their program from other accelerators is their continued support for the startups post-acceleration. After the 3 months accelerator program, they will continue providing support for 24 months in the form of market expansion support, fundraising support, and due diligence support to help startups raise Seed & Series A funding.
Who is it for: Aspiring entrepreneurs with an idea and seeking cofounder, Early startup with a team, Mature startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 4 months
Founder Institute is the largest pre-seed accelerator program with chapters in various key locations across the globe. The program is structured to help startups define their plan to grow so they can achieve it in less time and with fewer costs. As a participant, you'll get constant feedback from top entrepreneurs and investors on your strategy and progress so you can achieve the milestones you need at every stage of the lifecycle.
Starting from the FI Core Program, founders at various stages can progress to either the 'Launch' or 'Growth' track. At the 'Launch' track, founders can expect to accomplish a fully validated business idea and progress on team and product. Meanwhile, at the 'Growth' track, founders can accomplish a fully-validated product and team roadmap that is ripe for investments.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Energy
Duration: -
Vietnam Energy Accelerator Program is an initiative by New Energy Nexus, a global clean energy ecosystem that supports the development of sustainable clean energy ventures through incubation, acceleration, and funding opportunities. The Vietnam chapter offers 2 programs for startups: Launch and Accelerate.
The Launch programs offer early-stage incubation and training for entrepreneurs to develop and validate their clean energy business models to commercialize, whereas the Accelerator program is aimed at later-stage startups to further develop their products and access commercial partnerships for international expansion.
Growth Stage Accelerators in Vietnam
The complete list of growth stage accelerators in Vietnam:
Who is it for: Mature startup with a team
Need to have an idea: Yes
Focus: Women-products / FemTech
Duration: 4 months
WISE Accelerator is dedicated to supporting women-led businesses and FemTech businesses in Vietnam. You'll receive bootcamp and support from experts in marketing, business development, investment, and export focused on the female market. The program helps female startups to access a network of international capital, investors, advisors, and consultants for fundraising and international market development. To join, you can be a female or male founder that have products targeted at female users.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Agriculture, Female-specific
Duration: 6 months
Another female-specific accelerator program, the #SheExports Accelerator is specifically directed at female-owned businesses in Vietnam that produce and trade agricultural products. The goal of the program is to prepare ventures to expand internationally, particularly to export their products to the European market.
The program provides a series of training and capacity building that will equip founders with the knowledge and skills related to business, export, and the use of export tools and platforms. In addition, you can participate in regional and international trade and export promotion events and forums to widen your network. To join the program, your company needs to have annual revenue of VND 2.3 billion to VND 345 billion (equivalent to USD 96,882 to USD 14,532,435) and have 10 to 300 employees.
DNES Scaleup Program
Who is it for: Mature startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 3 months
DNES Scaleup Progam by Danang Business Incubator is a program for startups that are positioned for domestic and international expansion. The program concentrates on improving startups' market access strategy, domestic and international business relationships, and human resources and team capacities. The program will help startup to connect with leading experts, businesses, and investment funds to expand to markets and access new regions.
Closing Thoughts on Joining a Startup Accelerator or Incubator in Vietnam
As more funds flow into the market, so will startups flock into the space. Vietnam is one such case. The corresponding surge of venture capital deals and the number of startups showcase the large potential and innumerable opportunities in the country. However, all that glitter is not gold.
In a booming market such as Vietnam, it is harder to survive. Lack of resources, talent, and connections are just some of the issues faced by young startups entering the scene. As such, it is of utmost importance to find a partner that can assist you in that. In this article, we have introduced you to 19 startup incubators and accelerators available in Vietnam. All of them have a large network of mentors, investors, and strategic partners that are invaluable in your journey to growth.
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