Startups ranked by AI-estimated valuation
Vietnam’s 20 most valuable startups
A quarterly ranking of non-listed Vietnamese startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; our AI estimates it.
The market at a glance
20companies ranked
18companies on the radar
USD 509Mraised in 2025
103rounds in 2025
Vietnamese startups raised USD 509M across 103 venture deals in 2025, up 28% in value from 2024, while the number of deals fell. AI attracted about a quarter of the total. Sources: NIC, VPCA, BCG (2025). Intention counters will be shown above a threshold of amount and number of Backers.
Listed benchmarks
VNG · Tech · UPCoM (VNZ) · listed Jan 2023; debut market cap VND 8,592bn (USD ~0.37bn)F88 · Consumer lending · UPCoM · listed Aug 2025; VC-backed (Mekong Capital)
Not ranked: no intention is possible on a listed company.
National ranking · all sectors
Snapshot5 Oct 2026A snapshot taken on 5 Oct 2026
This ranking shows the startups as they stood on 5 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 15 Oct 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 5 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 15 Oct 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a local partner. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | MoMoHo Chi Minh City · founded 2010Legal seat not verified (operating company M_Service JSC, Vietnam); operations in Vietnam Sale of up to 50% of existing shares under way: Blackstone, CVC and MUFG reported among bidders, binding bids due Sep 2026; no deal announced. Profitable since 2024. |
Fintech › e-wallet, super-app | USD ~434M raised Series E · USD 200M · Dec 2021 (Mizuho, Ward Ferry, Goodwater, Kora) |
Last known equity round: Series E · USD 200M · Dec 2021 (Mizuho, Ward Ferry, Goodwater, Kora) Published valuation: USD 2bn (Dec 2021)Method |
Be the first | Back |
| 2 | VNLife / VNPayHanoi · founded 2007Investable company not verified (VNLIFE holding; VNLIFE Singapore Pte. Ltd. struck off); operations in Vietnam GIC and SoftBank reported to weigh selling stakes in Sep 2025; outcome unknown. |
Fintech › QR payments, super-app | USD ~550M raised Series B · USD >250M · Jul 2021 (General Atlantic, Dragoneer) |
Last known equity round: Series B · USD 250M · Jul 2021 (General Atlantic, Dragoneer) Published valuation: USD 1bn (Jul 2021)Method |
Be the first | Back |
| 3 | Trusting SocialHo Chi Minh City · founded 2013Investable company: Trust IQ Pte. Ltd. (Singapore); operations in Vietnam FY2025: revenue USD 23.1M; net loss USD 87.5M, mostly a non-cash fair-value charge; liabilities exceed assets. Up to USD ~149M raised if the balance of Masan’s USD 105M commitment was paid; not confirmed. |
Fintech › AI credit scoring, eKYC | USD ~109M raised Series C · USD 65M · Apr 2022 (The Sherpa / Masan Group) |
Last known equity round: Series C · USD 65M · Apr 2022 (The Sherpa / Masan Group)Method | Be the first | Back |
| 4 | Buymed (thuocsi.vn)Ho Chi Minh City · founded 2018Investable company: Buymed Pte. Ltd. (Singapore); operations in Vietnam Equity/debt split of US DFC's participation not disclosed; possible overlap with the 2021 round. |
Healthtech › B2B pharma marketplace and distribution | USD ~64M raised Series B · USD 51.5M total · May 2023 (UOB Venture Management, US DFC) |
Last known equity round: Series B · USD 51.5M · May 2023 (UOB Venture Management, US DFC)Method | Be the first | Back |
| 5 | OnPointHo Chi Minh City · founded 2017Legal seat not verified; operations in Vietnam Series B announced as an investment of up to USD 50M, possibly in tranches. Repositioned in 2026 as an e-commerce growth partner, expanding to the US. |
E-commerce › brand operations on marketplaces | USD ~58M raised Series B · up to USD 50M · Jun 2022 (SeaTown / Temasek) |
Last known equity round: Series B · USD 50M · Jun 2022 (SeaTown / Temasek)Method | Be the first | Back |
| 6 | KiotVietHanoi · founded 2014Legal seat not verified; operations in Vietnam Pre-2021 funding (USD ~6M) from an aggregator only. No round reported since 2021. |
SaaS › POS and retail management for SMEs | USD ~51M raised Series B · USD 45M · Sep 2021 (KKR, Jungle Ventures, Kasikornbank) |
Last known equity round: Series B · USD 45M · Sep 2021 (KKR, Jungle Ventures, Kasikornbank)Method | Be the first | Back |
| 7 | Be GroupHo Chi Minh City · founded 2018Investable company: Be Holdings (legal seat not verified); operations in Vietnam Excludes a USD 60M+ Deutsche Bank loan (2022) and an undisclosed VinFast investment (2023). Reported company-wide profitability in 2025. |
Mobility › ride-hailing and delivery super-app | USD ≥30M raised Equity · USD 30.3M (VND 739.5bn) · Jan 2024 (VPBank Securities) |
Last known equity round: Strategic · USD 30.3M · Jan 2024 (VPBank Securities)Method | Be the first | Back |
| 8 | TechcoopHo Chi Minh City / Hanoi · founded 2022Investable company: TECHCOOP Investment & Technology Pte. Ltd. (Singapore); operations in Vietnam Only equity is counted: USD 42M of the Series A and a USD 11.75M loan (Apr 2026) are debt. A Series B equity round is planned for 2026. |
Agritech › supply-chain trade and financing | USD ≥28M raised Series A · USD 70M incl. USD 28M equity · Feb 2025 (TNB Aura, AVV) |
Last known equity round: Series A · USD 28M · Feb 2025 (TNB Aura, AVV)Method | Be the first | Back |
| 9 | Dat BikeHo Chi Minh City · founded 2019Legal seat not verified (operating company Dat Bike Vietnam Co., Ltd.); operations in Vietnam Series B of USD 22M (Oct 2025) extended by USD 4M (Mar 2026). The company-stated total of USD 51M includes some debt, excluded here. |
Mobility › electric motorbikes | USD ~42M raised Series B · USD 26M incl. extension · Oct 2025 and Mar 2026 (F.C.C., Rebright Partners; Thien Viet Securities) |
Last known equity round: Series B incl. extension · USD 26M · Mar 2026 (F.C.C., Rebright Partners; Thien Viet Securities)Method | Be the first | Back |
| 10 | FinhayHanoi · founded 2017Legal seat not verified; operations in Vietnam No round reported since 2022. |
Fintech › retail investing app | USD ~26M raised Series B · USD 25M · Jun 2022 (Openspace, VIG) |
Last known equity round: Series B · USD 25M · Jun 2022 (Openspace, VIG)Method | Be the first | Back |
| 11 | CoolmateHo Chi Minh City · founded 2019Legal seat not verified; operations in Vietnam Series C amount from a single source; the company did not disclose it. |
E-commerce › D2C apparel | USD ~30M raised Series C · USD 20.2M · Nov 2025 (Vertex Growth; Cool Japan Fund, YoungOne, Vertex Ventures) |
Last known equity round: Series C · USD 20.2M · Nov 2025 (Vertex Growth; Cool Japan Fund, YoungOne, Vertex Ventures)Method | Be the first | Back |
| 12 | Jio HealthHo Chi Minh City · founded 2014Legal seat not verified (possibly a US parent); operations in Vietnam No round reported since 2022. |
Healthtech › clinics and telehealth | USD ~30M raised Series B · USD 20M · Jan 2022 (Heritas Capital, Fuchsia, KBank, Monk's Hill) |
Last known equity round: Series B · USD 20M · Jan 2022 (Heritas Capital, Fuchsia, KBank, Monk's Hill)Method | Be the first | Back |
| 13 | StrideHo Chi Minh CityLegal seat not verified; operations in Vietnam Part of the Series B bought out an existing shareholder (Touchstone Partners). |
Climate fintech › rooftop solar and battery financing | Undisclosed total raised Series B · USD 15M · May 2026 (Lightrock, TRIREC; Clime Capital, UOB Venture Management), partly secondary |
Last known equity round: Series B · USD 15M · May 2026 (Lightrock, TRIREC; Clime Capital, UOB Venture Management)Method | Be the first | Back |
| 14 | MindXHanoiLegal seat not verified; operations in Vietnam | Edtech › coding and technology school | USD ≥18M raised Series B · USD 15M · Apr 2023 (Kaizenvest; Aksorn, Mynavi, Wavemaker) |
Last known equity round: Series B · USD 15M · Apr 2023 (Kaizenvest; Aksorn, Mynavi, Wavemaker)Method | Be the first | Back |
| 15 | EdupiaHanoi · founded 2017Legal seat not verified; operations in Vietnam Uncertain figure: an aggregator shows USD 24M. Companies in the Radar could displace this position. |
Edtech › online English for K-12 | USD ~16M raised Series A · USD 14M · Sep 2022 (Jungle Ventures, eWTP Capital, ThinkZone) |
Last known equity round: Series A · USD 14M · Sep 2022 (Jungle Ventures, eWTP Capital, ThinkZone)Method | Be the first | Back |
| 16 | ReverHo Chi Minh City · founded 2016Legal seat not verified; operations in Vietnam No round reported since 2021. |
Proptech › residential brokerage | USD ~13M raised Growth round · USD 10.2M · Aug 2021 (Mekong Enterprise Fund IV) |
Last known equity round: Growth round · USD 10.2M · Aug 2021 (Mekong Enterprise Fund IV)Method | Be the first | Back |
| 17 | AI HayHo Chi Minh City · founded 2023Legal seat not verified; operations in Vietnam Earlier funding (USD ~8M) not itemised by round. |
AI › consumer Q&A and search | USD ~18M raised Series A · USD 10M · Jul 2025 (Argor Capital, Square Peg, Northstar Ventures) |
Last known equity round: Series A · USD 10M · Jul 2025 (Argor Capital, Square Peg, Northstar Ventures)Method | Be the first | Back |
| 18 | Galaxy EducationHanoiLegal seat not verified; operations in Vietnam | Edtech › K-12, English and online university (HOCMAI, ICAN, FUNiX) | Undisclosed total raised Equity round · USD ~10M · Jun 2025 (East Ventures) |
Last known equity round: Equity round · USD 10M · Jun 2025 (East Ventures)Method | Be the first | Back |
| 19 | PrepHanoiLegal seat not verified; operations in Vietnam | Edtech › AI test preparation | USD ≥7M raised Series A · USD 7M · May 2024 (Cercano Management, Northstar Ventures) |
Last known equity round: Series A · USD 7M · May 2024 (Cercano Management, Northstar Ventures)Method | Be the first | Back |
| 20 | Nano Technologies (Vui)Ho Chi Minh CityLegal seat not verified; operations in Vietnam | Fintech › earned wage access | USD ~9.4M raised Pre-Series A · USD 6.4M · Aug 2022 (Openspace; Partech, Golden Gate Ventures) |
Last known equity round: Pre-Series A · USD 6.4M · Aug 2022 (Openspace; Partech, Golden Gate Ventures)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a local partner. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Vietnam. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
- Hectocorn
Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Fintech & payments
E-wallets, payments, digital lending and investing.
Coming soon · Top 10
Commerce & logistics
E-commerce enablers, B2B distribution and delivery.
Coming soon · Top 10
Education
K-12, English learning and online universities.
Coming soon · Top 10
Mobility & energy
Electric motorbikes, ride-hailing and solar financing.
HealthtechAIProptechGaming & Web3B2B software
The Uback partner in Vietnam
Introductions made by a local partner, currently being selected
M&A boutique or capital raising adviser licensed by the SSC (State Securities Commission of Vietnam), the only party entitled to contact companies and structure deals. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
M&A boutiques, capital raising advisers
Become Uback’s exclusive partner in Vietnam
- Foreign investors you would not find on your own
- Your name on every ranking of the country
- A dashboard of intentions by sector and by company, reserved for you
- A quarterly prospecting kit for your own clients
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- SoBanHang · Software › operating system for micro-merchantsPre-Series A · USD 3.8M · May 2026 (Hong Leong Bank, OSK-SBI; FEBE Ventures, Antler)Back
- Manabie · Edtech › SaaS and cram schools (Singapore HQ; activity largely in Japan)Series B · USD 23M (JPY 3.3bn) · May 2025 (JIC Venture Growth Investments)Back
- Kyna English · Edtech › online EnglishSeries B · undisclosed (est. USD 10M) · 2025 (Asia Business Builders)Back
- MFast · Fintech › loan and insurance distribution agentsSeries A · USD 6M · Aug 2023 (Wavemaker; Krungsri Finnoventure, Headline Asia)Back
- VUIHOC · Edtech › K-12 online tutoringSeries A · USD 6M · Aug 2023 (TNB Aura; Taekwang, IBK, Do Ventures)Back
- GIMO · Fintech › earned wage accessSeries A · USD 17.1M equity and debt, split undisclosed · Jul 2023 (TNB Aura)Back
- Clevai · Edtech › AI maths tutoringEquity round · USD 4M · Jul 2023 (FEBE Ventures, M Venture Partners)Back
- Selex Motors · Mobility › electric motorbikes and battery swappingPre-Series A · USD 3M · Apr 2023 (ADB Ventures, Schneider Electric Energy Access Asia)Back
- Fundiin · Fintech › buy now, pay laterSeries A · USD 5M · Oct 2022Back
- Sky Mavis · Gaming › blockchain games (Axie Infinity) and Ronin network; Singapore holdingRound · USD ~11M confirmed of USD 150M announced · Apr 2022 (Binance, a16z, Animoca, Paradigm, Accel)Back
- Infina · Fintech › retail investing appSeed · USD 6M · Feb 2022Back
- SmartPay · Fintech › merchant e-walletUSD ~9.2M (VND 240bn) · ~2022 (SMBC)Back
- Marathon Education · Edtech › live online after-school classesSeed extension · USD 5.1M · 2022 (Vulcan Capital; Venturra)Back
- Med247 · Healthtech › telehealth and clinicsSeries A · USD 4.5M · 2022Back
- Bizzi · Software › accounts payable and e-invoice automationPre-Series A · USD 3M · 2022 (Qualgro)Back
- Selly · E-commerce › social reseller platformPre-Series A · USD 2.6M · 2022 (CyberAgent Capital, Do Ventures, Genesia Ventures)Back
- Homebase · HR tech (pivoted from proptech rent-to-own in 2025)USD 30M equity and debt, split undisclosed · Nov 2021 (Y Combinator, Goodwater, Partech)Back
- EcoTruck · Logistics › trucking marketplaceUSD 2M · May 2021 (STIC Ventures)Back
Born in Vietnam, based elsewhere
Companies of Vietnamese origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- ELSA · Edtech › English-learning app
Co-founded by a Vietnamese founder; headquarters in San Francisco, global user baseSeries C · USD 23M · 2022Back
Born elsewhere, based in Vietnam
Companies founded abroad whose main operations are in Vietnam.
- Kamereo · B2B e-commerce › food sourcing for restaurants and hotels
Japanese co-founder (Taku Tanaka); operations entirely in VietnamSeries B · USD 7.8M · Dec 2024 (Sumitomo Corp., SMBC VC, MUFG Capital) - OKXE · Marketplace › used motorbikes and financing
Korean founder (Wooseok Kim); operations entirely in VietnamSeries A · USD 14.5M reported (may be the cumulative total) · Jul 2025 (Kwangju Bank, JB Financial)
Not ranked
- Tiki · Restructured: valuation reported below USD 10M (2025), down from ~USD 1bn (2021); the Singapore holding Tiki Global owns over 90%, JD.com is its largest shareholder
- Scommerce (GHN, AhaMove) · Out of window: last documented round (Temasek-led, up to USD ~100M) in Oct 2019
- Sendo · Out of window: last round was a USD 61M Series C in Nov 2019
- VNG · Listed on UPCoM (VNZ) since Jan 2023: benchmark, not ranked
- F88 · Listed on UPCoM since Aug 2025: benchmark, not ranked
- Timo · Acquired: Kredivo Group took nearly full ownership (announced May 2026)
- VinBrain · Acquired by NVIDIA in Dec 2024
- Telio · Shut down in Nov 2024
- Mio · Shut down in 2024
- Kilo · Shut down in Oct 2023
- Propzy · Shut down in Sep 2022
- Cake by VPBank · Not a startup issuer: a bank product licensed through VPBank
- CME Solar · Not tech: rooftop-solar developer financed with infrastructure capital
- Xanh SM (GSM) · Not VC-backed: 95% owned by Vingroup's chairman
- Pharmacity · Not a tech startup: pharmacy retail chain backed by private equity
- Ephyra (formerly GameBeast) · Token funding only: no documented equity round
- Orochi Network · Token funding only: no documented equity round
- Coin98 · Token funding only: no documented equity round
- Loship · In difficulty since 2022 (unpaid partners); current activity not verified
The method in Vietnam
Calendar. Quarterly ranking, published on the 15th of January, April, July and October. Next edition: October 15, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Vietnam.
Partner sought. M&A boutique or capital raising adviser licensed by the SSC (State Securities Commission of Vietnam).
Sources. Vietnamese and international business and technology press (VnExpress, The Investor, Vietnam Investment Review, Tuoi Tre, DealStreetAsia, Tech in Asia, e27, KrASIA, TechCrunch), Do Ventures, NIC/VPCA/BCG and VinVentures reports, investor announcements.