On September 30, New Energy Nexus Viet Nam and Clickable Impact Consulting Group announced the "2024 Report on Investment in Climate Technology Startups in Viet Nam."
Data from the report reveals that Viet Nam is at a critical juncture in its climate technology journey, supported by strong government commitments to achieve net-zero emissions by 2050.
In recent years, Viet Nam has experienced remarkable growth in the climate technology sector, driven by investments and increased interest. From 2015 to 2023, 49 climate technology startups in Viet Nam received a total investment of $92.6 million.
Startups in agriculture and food production raised 48.4% of the total funding, amounting to $44.7 million. Transportation startups like Datbike, aiming to become the "Honda of electric motorcycles," and Selex Motors, focusing on the last-mile delivery segment dominated by motorcycles in Viet Nam, attracted $37.1 million, equivalent to 40.1% of the funding.
Following this, the circular economy group accounted for 6%, the energy transition group for 3.6%, and the construction infrastructure group for 1.8%.
Investment in this sector has grown at an average rate of 365% annually (from 2020 to 2023). However, climate technology startups face numerous challenges, as in 2023 this sector accounted for only 4% of the total venture capital investment in Viet Nam (compared to the global average of 10%).
Thao Tran, Country Director of New Energy Nexus in Viet Nam, stated: "New Energy Nexus is committed to promoting the development of the climate technology ecosystem in Viet Nam. We believe that these startups have the potential to not only address urgent environmental issues but also drive sustainable economic development. This is the first research report assessing the financial accessibility for startups in the climate technology sector in Viet Nam and highlighting the available funding sources for businesses."
However, climate technology startups are encountering many obstacles. In 2023, this sector accounted for only 4% of total venture capital investment in Viet Nam, while the global average stands at 10%.