Vietnam’s “born global” startups are rewriting the playbook

Vietnamese startups are breaking away from the traditional playbook of first conquering the domestic market before considering international expansion. In 2025, capital flowing into Vietnamese startups with global operations reached an all-time high, accompanied by a surge in deal count. Companies like Coolmate (D2C), NamiTech (AI), and Dutycast (e-commerce) were designed to sell outside Vietnam from the outset, rather than evolving into international players later.

The author, with a decade of experience in the IT sector across the region, has observed this shift firsthand. Today, founders are not focusing on how to succeed in Vietnam but rather on which markets to target first, with Vietnam often being just one of several targets. This change is driven by several factors. First, the founders themselves are increasingly globalized, having worked at multinational companies, studied abroad, or previously built and sold businesses.

As a result, they approach funding discussions with investors in different regions, such as Singapore or the US, without feeling out of place. Second, investors are increasingly attracted to Vietnamese founders who build for international customers due to their strong engineering capabilities, lower operational costs, and the absence of the usual complexities associated with managing offshore teams.

Finally, advancements in infrastructure have played a crucial role in making it easier for Vietnamese startups to operate globally. Services such as payments, logistics, cloud computing, and compliance have become more accessible, reducing the traditional friction that kept small teams confined to local markets. The significance of this trend extends beyond the headline figures, as it reflects a fundamental shift in the mindset of Vietnamese founders.

Companies built with global operations in mind make strategic decisions differently right from the start, such as selecting currencies, adhering to regulations, recruiting personnel, and structuring capital. These initial choices are challenging to alter further down the line. Consequently, launching a startup with global operations from the beginning may prove to be a harder but more rewarding bet compared to retrofitting a local-focused company into a global enterprise later.

Despite this, the press often focuses on the largest individual investments and high-profile AI deals, overlooking the more subtle and foundational efforts made by startups pursuing a global strategy from the outset. While capital is flowing to Vietnamese startups with global ambitions, the real challenge lies in securing investors who understand the local context and navigating multiple regulatory and tax environments with minimal resources.

Building credibility internationally and winning customers who have numerous local alternatives is another hurdle. Despite these challenges, the influx of capital appears to be attracting suitable founders on its own. The work that remains less glamorous but equally essential is establishing relationships and trust with investors and partners abroad.

Looking ahead, if this trend continues, the narrative around Vietnamese startups may evolve from one of occasional international success stories to a norm. Ambitious founders will increasingly build for multiple markets right from the start, rather than initially focusing solely on the domestic market. The key metric to watch in the coming year will not be the volume of capital but rather the extent to which "born global" startups become the standard practice rather than the exception.