Speaking at the seminar, Mr. Bui Thanh Do shared an in-depth perspective on the current market situation: The imbalance in capital sources when foreign capital flows account for a large dominant proportion in the Vietnamese startup market is pushing startups into the trend of establishing holding companies abroad to conveniently receive capital. The inevitable consequence is that Vietnam faces the risk of losing excess tax revenue when divesting capital and bleeding intellectual property.
In that context, building and soon putting into operation a National Venture Capital Fund is an urgent task to create a solid fulcrum for domestic capital, retaining the highest technological values in the country. This need is completely real when in April 2026, Ho Chi Minh City and Hanoi proactively established local funds with a scale of VND 500 billion and VND 230 billion, respectively, providing an important source of practical data for the national level.
To overcome the inherent bottlenecks of state capital flows (such as traditional budget management mechanisms that do not accept risks, complex disbursement processes and too short evaluation periods), ThinkZone has contributed opinions on 3 core directions to help the National Fund operate in accordance with the characteristics of the venture capital industry:
THE STATE plays the role of "priming capital" to drive the market, and does not directly choose startup
ThinkZone recommends that the National Fund should prioritize applying the Fund of Funds (FoF) model or co-investment mechanism with the private sector. Accordingly, public capital acts as a bait capital flow, contributing a small percentage to create trust, share risks and attract social capital flows to participate in reciprocity. In particular, the State should play a constructive role, not directly selecting each startup to invest capital, but should transfer the right to decide on commercial investment and post-investment management to professional private fund managers with proven capabilities in the market. This direction is also consistent with experiences from Singapore and Kazakhstan when the first phase only focuses on allocating capital to a few reputable private funds, then evaluates, refines and expands according to the roadmap, avoiding massive deployment.
MECHANISM FOR MANAGEMENT AND PERFORMANCE EVALUATION BY LONG-TERM LIST
Technology investment is a field with a long-term cycle (needs 10 to 15 years to prove value) and high risk. Therefore, the management mechanism of the National Fund needs to be designed close to international practice: accepting the appropriate level of risk, making quick investment decisions to keep up with the market speed, and especially evaluating financial performance based on the entire long-term cycle of the portfolio instead of reviewing capital preservation on each individual deal. The legal basis for this thinking has been initially shaped through Resolution 57-NQ/TW and Decree 264/2025/ND-CP, allowing the Fund to have independent legal status, an investment cycle of 10–15 years and the manager to be exempt from civil and administrative liability when following the correct process as prescribed by law.
REALIZE INCENTIVES WITH CLEAR IMPLEMENTATION GUIDANCE
To ensure "in and out" capital flows, ThinkZone recommends that regulatory agencies soon issue specific, simple and synchronous implementation guidance on two practical aspects that investors are having difficulty applying tax incentives to:
1. Clear processes and procedures to confirm/certify an invested enterprise as an innovative startup enterprise.
2. What is the declaration process and necessary documents for a valid transfer of shares from a startup company so that investors can receive tax exemptions and incentives?
At the same time, ThinkZone also agrees with the direction of the Ministry of Science and Technology in researching the establishment of a specialized stock exchange for innovative startups to create a transparent divestment channel: a prerequisite to activate private capital flows into the market.
Noting all the actual contributions at the discussion, Minister of Science and Technology Vu Hai Quan affirmed that the Fund's goal is not to maximize profits but to promote the ecosystem and activate the venture capital market. The Ministry will synthesize recommendations to develop a specific mechanism and submit it to the Government as soon as possible to ensure the Fund operates effectively and in accordance with international practices.
As one of the leading domestic fund management companies in Vietnam, ThinkZone is committed to continuing to accompany and contribute practical experiences with the Ministry of Science and Technology and governing agencies. With the belief that deep practical understanding from all parties will help perfect the substantive legal policy framework, making the National Venture Capital Fund a solid launching pad for Vietnam's next generation of technology, creating regional successes.