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Top 10 Pre-Seed Investors in Vietnam (2025): Complete Guide for Founders

Deqian Jia
Deqian Jia
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Vietnam InvestorsPre-Seed InvestorsFundraisingVenture CapitalStartups

Before you blast your deck to everyone with "Vietnam" in their LinkedIn bio, zoom out:

When preparing your pitch, having a professional data room is essential. Peony helps Vietnamese startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/user/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

1. How to pick the right pre-seed investors in Vietnam

A. Check stage & cheque size first

For true pre-seed in Vietnam you're typically looking at:

  • Cheques: ~$25k-$500k
  • Structure: SAFEs / convertible notes / small priced rounds
  • Who's active at this stage: local VCs (AVV, Do Ventures, ThinkZone), accelerators (VSV, Zone Startups, HATCH!), global pre-seed platforms with VN presence (Antler), and venture builders (NFQ, Seedcom). (Papermark)

If your minimum needed is $1.5–2M, you're probably more seed than pre-seed – aim for bigger checks (Do Ventures, AVV, Touchstone etc., not all on this list).

B. Prioritise Vietnam-connected capital

At pre-seed, you don't just need money; you need people who can get you your first customers, talent and follow-on investors inside Vietnam.

Filter for:

  • Local HQ or fund dedicated to Vietnam
  • Vietnam-heavy portfolio
  • Actual on-the-ground partners, not just a Singapore fund "looking at Vietnam"

Funds like AVV, Do Ventures, VSV Capital, ThinkZone, Seedcom are literally built around Vietnam's ecosystem. (AVV)

C. Look for sector match (and anti-match)

At pre-seed, sector fit matters a lot:

  • B2B SaaS / fintech / logistics / AI: AVV, Do Ventures, VSV, ThinkZone, Antler
  • Consumer, retail, e-commerce, new retail: Seedcom, Do Ventures
  • Deep tech / hard engineering / venture building: NFQ Asia, AVV, Antler
  • Impact / ecosystem / broad tech: HATCH!, Zone Startups, VSV

If you're doing, say, climate-heavy hardware or biotech, some of these can still be relevant, but you may want a specialised climate or biotech fund instead.

D. Optimize for follow-on path, not just first cheque

Ask yourself: "If this works a bit, who introduces me to my seed and Series A?"

  • AVV and Do Ventures have strong regional / global networks and a history of companies going on to raise hundreds of millions. (AVV)
  • Antler plugs you into a global portfolio and later-stage investors across SEA and beyond. (antler.co)
  • VSV / Zone / HATCH! are great for that very early push, demo days and credibility, even if you'll bring in other VCs later. (vsvcapital.com.vn)

E. Culture and working style

Vietnam's startup culture is still relatively new; investors vary a lot in style:

  • Some are hands-on operators (NFQ, Seedcom, Antler)
  • Some are VC-classic board-and-strategy partners (AVV, Do Ventures)
  • Some are program-driven accelerators with a fixed cadence and curriculum (VSV, Zone, HATCH!, Founder Institute-style) (vsvcapital.com.vn)

Talk to portfolio founders; ask very directly: "When things were hard, what did they actually do?"

2. 10 Top Pre-Seed Investors in Vietnam (2025)

1. AVV (Ascend Vietnam Ventures)

Who they are: AVV is one of Vietnam's most respected early-stage funds. It's the successor to 500 Startups Vietnam, now investing from AVV Fund I & II. (AVV)

Stage & cheque:

  • Stage: Pre-seed & Seed
  • Cheques: Roughly $500k–$2M into early rounds (saigoneer.com)
  • Geo: Vietnam-focused, building companies for global markets

Sectors they love: Fintech, future of work, logistics, AI, consumer, health tech and more – they're fairly sector-agnostic but tech-first. (Papermark)

Why founders care:

  • Deep Vietnam roots with 100+ startups backed and $1.8B raised by their portfolio, including multiple unicorns from seed. (AVV)
  • Seen locally as "serious money + serious help" rather than tourist capital.
  • Very thesis-driven on Vietnam's structural shifts (digitisation, SME transformation, fintech, logistics).

How to get in front of them:

  • Warm intro via a portfolio founder is golden.
  • Otherwise, they're fairly responsive via their website and through ecosystem events in HCMC and Hanoi.

2. Do Ventures

Who they are: Do Ventures is a Vietnam-focused early-stage VC fund (Fund I around $50M) that positions itself as a strategic partner for tech startups modernising Vietnam and SEA. (Preqin)

Stage & cheque:

  • Stage: Pre-seed & Seed (plus some Series A) (JDI Group)
  • Cheques: Often $500k–$2M at early stage

Sectors they love: Digital transformation of consumer and SME economy: fintech, e-commerce infrastructure, edtech, productivity tools, logistics, etc. (doventures.vc)

Why founders care:

  • Backers of fast-growing names like Metub, MFast, vuihoc, Coolmate, Ringle, Advance, Cooky, etc. (JDI Group)
  • Co-authors of the Vietnam Innovation & Private Capital Report, giving them data-driven insight into where capital is really flowing. (doventures.vc)
  • Generally perceived as thoughtful, thesis-based and supportive post-investment.

How to get in front of them:

  • Strong preference for warm intros via founders or ecosystem partners.
  • They're active around NIC / government innovation events and major Vietnam tech conferences.

3. 500 Startups Vietnam / 500 Global Vietnam

Who they are: 500's Vietnam arm was one of the earliest serious foreign VC presences in the ecosystem, originally a US$14M fund aimed at "Vietnam-connected startups". (e27)

Stage & cheque:

  • Stage: Pre-seed & Seed
  • Cheques: Historically $100k–$250k initial tickets (TechCrunch)

Sectors they love: Fintech, edtech, consumer apps, B2B SaaS – they're broadly tech-agnostic, but like scalable, software-heavy plays. (Fintech Singapore)

Why founders care:

  • 500 has backed 70+ Vietnam-connected companies, many of which went on to raise follow-on from tier-one SEA and global funds. (LinkedIn)
  • They bring a global mentor and investor network, especially Silicon Valley & SEA.
  • Their brand still carries weight with later-stage investors.

How to get in front of them:

  • Watch for 500-branded programs and calls for applications in Vietnam / SEA.
  • Warm intros via alumni are the best route; 500 is very reference-driven.

4. VSV Capital (Vietnam Silicon Valley)

Who they are: VSV started as Vietnam Silicon Valley Accelerator and is now VSV Capital – one of the country's longest-running accelerator + pre-seed investors. (vsvcapital.com.vn)

Stage & cheque:

  • Stage: Pre-seed & Seed
  • Cheques: Typically $10k–$100k per startup in the accelerator; some follow-on from their VC funds. (vsvcapital.com.vn)

Sectors they love: B2B SaaS, e-commerce, logistics, fintech, and other scalable tech plays; generally sector-agnostic but tech-first. (Fintech Singapore)

Why founders care:

  • 70+ investments and 130+ companies accelerated over the years, making them a foundational player in early Vietnam VC. (vsvcapital.com.vn)
  • Strong local presence and government relationships – helpful for navigating policy, grants, and public-private programs.

How to get in front of them:

  • Apply to VSV Capital Accelerator batches.
  • Active in Hanoi and HCMC startup events and government-linked innovation programs.

5. ThinkZone Ventures

Who they are: ThinkZone is a Vietnam-focused accelerator-cum-VC that raised a US$60M Fund II, marketed as one of the "pureblood" local Vietnam funds. (Swiss Entrepreneurship Program)

Stage & cheque:

  • Stage: Pre-seed (via accelerator), Seed to Series A
  • Cheques: From ~$125k through the program up to $3M in later rounds. (Swiss Entrepreneurship Program)

Sectors they love: Fintech, e-commerce, health tech, B2B SaaS and other tech-enabled verticals – generally sector-agnostic within tech. (TNGlobal)

Why founders care:

  • Mix of cash + structured accelerator + local corporate links, which can be insanely valuable for B2B pilots. (Swiss Entrepreneurship Program)
  • Positioned as a champion of Vietnam-born founders building regional businesses.

How to get in front of them:

  • Apply to ThinkZone accelerator cohorts.
  • They're also open to direct pitches for seed/Series A if you already have traction.

6. Antler Vietnam

Who they are: Antler is a global early-stage VC and company builder with a dedicated presence in Vietnam, including the Antler SEA Venture Launchpad in Ho Chi Minh City. (antler.co)

Stage & cheque:

  • Stage: Idea → pre-company → pre-seed → seed
  • Cheques: Initial pre-seed investment from the residency, with ability to follow on up to Series C. (antler.co)

Activity level:

Why founders care:

  • You can join even pre-idea or solo, find a co-founder in the program, validate, then get a pre-seed cheque. (antler.co)
  • Massive global network across 30+ locations with deep follow-on investor relationships. (antler.co)

How to get in front of them:

  • Apply to Antler's Vietnam / SEA residencies; they run regular cohorts in HCMC.
  • Read the various "how to pitch Antler" guides from partners / ecosystem players to tune your application. (JDI Group)

7. Seedcom

Who they are: Seedcom is often described as a "new retail" venture builder + VC group – one of Vietnam's earliest and most influential startup company builders. (techinasia.com)

Stage & cheque:

  • Stage: Pre-seed to growth, mostly Vietnam-focused
  • Cheques: Varies; often capital combined with deep operational support

Sectors they love: Retail tech, e-commerce, fashion, logistics, and consumer infrastructure (e.g. Haravan, logistics + full-stack retail platforms). (techinasia.com)

Why founders care:

  • Called a "hidden gem" of Vietnam's ecosystem; they've backed 12+ companies and helped build some of Vietnam's biggest consumer & retail platforms. (seedcom.vn)
  • Deep expertise in operations, supply chain and omnichannel commerce, not just capital.

How to get in front of them:

  • Strong focus on alignment and long-term building – warm intros via portfolio founders and senior operators are usually needed.
  • Best suited if you're building retail / commerce infrastructure or consumer brands at scale.

8. Zone Startups Vietnam (now DMZ Vietnam)

Who they are: Zone Startups Vietnam (now DMZ Vietnam) is the local arm of the global Zone Startups accelerator network, focusing on B2B tech startups. (vietnam.zonestartups.com)

Stage & cheque:

  • Stage: Pre-seed & Seed
  • Cheques: Seed-stage tickets combined with structured accelerator support (vietnam.zonestartups.com)

Sectors they love: B2B tech: fintech, healthtech, enterprise SaaS, and other scalable software businesses. (vietnam.zonestartups.com)

Why founders care:

  • Strong integration into a global accelerator ecosystem (US, Canada, India, Japan, Korea) with cross-border business dev potential. (Dnes)
  • Good for founders who want program structure + mentor pool rather than just a cheque.

How to get in front of them:

  • Apply to their early-stage programs and watch for sector-specific cohorts.
  • They often partner with universities and incubators, so stay close to those channels.

9. HATCH! Ventures

Who they are: HATCH! Ventures is one of Vietnam's earlier ecosystem builders, known for accelerators, social-impact programs and partnerships with organisations like UNDP. (UNDP)

Stage & cheque:

  • Stage: Pre-seed
  • Cheques: Smaller seed / non-equity or blended tickets in many cases (e.g. SDG-linked programmes with grant components). (Medium)

Sectors they love: Social impact, SDG-aligned startups, ecosystem-positive tech ventures. (UNDP)

Why founders care:

  • Strong brand for impact-oriented founders; their SDG Challenge and later programs gave out non-equity seed grants and incubation support. (UNDP)
  • Great source of early validation, mentors, and PR if your startup aligns with sustainability or social outcomes.

How to get in front of them:

  • Track HATCH!-branded programs and impact competitions; apply when topics match your startup.
  • Often run in partnership with multilaterals (UNDP etc.), so check those channels too.

10. NFQ Asia (Gradion / NFQ Group in Vietnam)

Who they are: NFQ Asia is a Vietnam-based venture builder / accelerator that combines deep engineering capability with capital and product support. It has been recognised as one of Vietnam's top IT companies and operates across Asia and Europe. (NFQ)

Stage & cheque:

  • Stage: Pre-seed to seed, usually when there's a strong tech core
  • Structure: Often blends equity + product / engineering services

Sectors they love: Deep tech, B2B SaaS, data-heavy or AI-heavy products where robust engineering is the bottleneck. (NFQ)

Why founders care:

  • They position themselves as a "technical VC" / venture builder – ideal if your main gap is world-class engineering capacity. (e27)
  • Strong link between their engineering org and venture activity; good for founders who are commercially strong but need deep build muscle.

How to get in front of them:

  • Approach through NFQ's tech / product channels as well as investment; be very clear what you're building and why you need a technical partner, not just cash.

3. 5 quick tips for pitching Vietnam pre-seed investors

You're clearly not lazy if you're reading all this, so here's how to turn it into a better fundraise:

1. Lead with Vietnam insight, not just TAM slides

Everyone has seen the "100M population, rising middle class" slide. What actually cuts through is:

  • A specific insight about Vietnamese consumers or businesses
  • Unique access (distribution, partnerships, founding team background)
  • Clear reasoning why this is the right time (regulatory shift, infrastructure, behavior change)

2. Over-index on team and grit

At pre-seed in Vietnam, investors are betting on people, not models:

  • Show how the team has shipped things before (side projects, open source, prior startups, career track record).
  • If you're a Viet-overseas founder or mixed team, spell out how you'll stay locally plugged in (local co-founders, early hires, advisors).

3. Show traction that actually matters at your stage

Pre-seed traction can be:

  • Paid pilots
  • Strong user engagement on a small base
  • High-quality letters of intent
  • Clear, repeated customer pain in interviews

Don't fake Series A metrics. Instead, show momentum and learning speed.

4. Make it easy to read you and to reference you

Help investors do their job:

  • Clean, 10–15 slide deck with one clear narrative
  • A simple data room with only what's needed: product demo, basic financial model, customer pipeline, cap table, key legal docs
  • A one-liner / memo they can forward to partners without rewriting everything

Use a trackable data room like Peony, so you can see who's actually reading vs ghosting and follow up accordingly.

5. Be realistic on valuation and ask

Vietnam isn't the Bay. Pre-seed valuations from serious Vietnam-based investors tend to be more grounded than late-2021 YC screenshots.

  • Anchor your ask in how much runway and milestones you need to hit seed.
  • Show a clear use of funds and how that derisks the business for the next round.
  • If you're getting sky-high "tourist" term sheets, sanity-check them with local founders.

Why professional data rooms matter for Vietnamese pre-seed fundraising

Vietnamese startups need to present complex documentation—financial projections, regulatory compliance, partnership agreements, and market expansion plans—professionally to build investor confidence.

Peony helps Vietnamese startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks.

Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Raising pre-seed capital in Vietnam in 2025 requires matching your stage, sector, and follow-on path to the right investors. The investors on this list are actively deploying, but they're selective. Bring clear Vietnam insights, team grit, and realistic traction—not just TAM slides.

Having a professional data room is table stakes for serious fundraising. Peony helps Vietnamese startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch Vietnamese pre-seed investors? Set up your investor data room with Peony in minutes, not weeks.

Q&A Section

What's the best way to organize investor materials for Vietnamese pre-seed fundraising?

Peony offers AI-powered document organization that automatically structures financials, regulatory filings, and partnership agreements into a professional data room in minutes. Page-level analytics show which documents investors review most, helping you anticipate questions.

How can I track which investors are most engaged with my Vietnamese startup pitch?

Peony provides page-level analytics showing which documents investors review and how much time they spend on each section. This helps identify serious investors and tailor follow-up conversations with actionable insights.

What's the most cost-effective data room solution for Vietnamese startups raising pre-seed or seed?

Peony offers transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal. For a 5-person team, Peony costs $200/month vs $3,000-5,000+ for legacy platforms, delivering enterprise features at startup-friendly pricing.

How do I securely share sensitive financial and regulatory information with Vietnamese investors?

Peony provides enterprise-grade security with identity-bound access, dynamic watermarking, and screenshot protection. With link expiry and instant access revocation, you maintain complete control over sensitive documentation.

What data room features are essential for Vietnamese startups pitching to pre-seed investors?

Vietnamese startups need data rooms that handle complex documentation: financials, regulatory compliance, partnership agreements, and market expansion plans. Peony offers AI-powered organization, page-level analytics, custom branding, and comprehensive security. With 10-minute setup vs weeks for legacy platforms, Peony helps Vietnamese startups look professional without breaking the budget.

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