A tech startup introduces their products at the 2024 technology festival in the southern province of Đồng Nai. — VNA/VNS Photo Lê Xuân

HÀ NỘI — Vietnamese technology start-ups raised more than US$120 million in 2024, a 38.7 per cent decrease compared to the $196 million in 2023, according to data from the market intelligence platform Tracxn.

This is also a significant 77 per cent drop from the peak of $518 million in 2022, the Vietnam Economic Times cited statistics from Tracxn's annual technologies report.

According to the report, with total funding of $120.3 million in 2024, Việt Nam is currently ranked 51st globally, ahead of Iceland and Luxembourg which are at 52nd and 53rd, respectively.

The US, UK and China remain the leading funders.

In the second half of 2024, Vietnamese tech startups raised $53.6 million, a 19.63 per cent decrease from $66.7 million in the first half of the year, and a 41.68 per cent drop compared to $91.9 million in the same period of 2023.

In the fourth quarter of 2024, funding for Vietnamese startups reached $35.1 million, a sharp 89.73 per cent increase compared to $18.5 million in the third quarter of 2024.

It is a 68.75 per cent increase compared to the $20.8 million raised in the fourth quarter of 2023.

Late-stage investments in Việt Nam reached $14.2 million in 2024, which was a sign of recovery after a slowdown since 2021.

Meanwhile, seed-stage investments dropped by 32.37 per cent, down to $11.7 million in 2024 compared to $17.3 million the previous year.

Early-stage funding also saw a sharp decline – down by 47.26 per cent, totalling only $94.4 million in 2024, significantly lower than $179 million in 2023. — VNS