FiinGroup and Indochine Counsel assist the World Bank Group to conduct study in early stage financing for innovative start-ups and SMEs in Vietnam

April 27 2020


This is part of the World Bank’s project in Vietnam: Promoting Innovation in Vietnam – “Vietnam Venture Capital Ecosystem Diagnostic to support Innovative Start-ups and SMEs.

Access to traditional growth capital including debt and equity is not only limited but often prohibitively costly due to factors such as inefficient legal or regulatory policies, and inadequate financial markets. Understanding such situation, Vietnam is aiming at improving access to risk financing, including angel investing and venture capital to promote entrepreneurship and strengthen innovation in start-ups and SMEs.

The Government of Vietnam through the Ministry of Science and Technology (MOST) has requested the World Bank Group to assist them in the formulation of a Science, Technology, and Innovation Strategy 2021-2030 and a roadmap to implement the Strategy. The project is to support the Government of Vietnam’s goal to build and develop high quality and relevant national innovation system for nurturing a dynamic private sector in Vietnam. While the World Bank aims to concentrate on taking a deep dive in the financial capital domain, particularly early-stage finance, there is no association, database, or compendium of venture capital funds in Vietnam with comprehensive data and information.

The study, which took place from November 2019 through Feb 2020, combined data analytics, investor survey, and stakeholder interviews capturing insights at below areas:

  • Assessing current state assessment and mapping of the angel and venture capital fund investing for Vietnam;
  • Identification of financing gaps in the entrepreneurial ecosystem;
  • Identification of drivers and impediments to the development of a local angel investing community and VC funds
  • Development of policy recommendations.

The findings relating to regulatory issues including taxation mechanism for startups and innovation, human development issues, and financing sources for Vietnam have helped The World Bank in formulating policy recommendations and discussions with the Government agency of Vietnam.

About FiinGroup JSC

FiinGroup (previously StoxPlus) is a Vietnam’s leading integrated service provider of financial data, business information, industry research, credit rating, and other premium data-driven analytics services. We provide information, insights, and financial technology platforms that support Vietnamese financial markets, investment, and trade activities.

We are serving more than 1,000 local and foreign organizations via both service platforms and our on-call service for their decision-making processes with confidence when investing, trading, or doing business in Vietnam.

FiinGroup entered into a strategic capital and business alliance with NIKKEI Inc. and QUICK Corp. (Japan) from September 2014 and it currently has more than 100 professional staffs including data analysts, business analysts, risk analysts, market researchers, consultants and IT engineers/product developers working at both its Hanoi and HCMC Branch. Visit us at:

About FiinResearch

Established as an independent market research house in Vietnam, FiinResearch is a brand and part of FiinGroup, offers data-driven and insightful industry reports for all key sectors of Vietnam, and tailored made research services supporting our client’s decision-making process with local insights at the World’s prestigious advisory firms. Please visit us at or contact us at for any enquiries.

About Indochine Counsel

Indochine Counsel is one of Vietnam’s leading law firms. It is a business specialty firm with nearly thirty lawyers in both Ho Chi Minh City and Hanoi. Founded nearly 12 years ago, Indochine Counsel has six partners and is capable of running with both boutique services and large M&A deals. For more information about Indochine Counsel, please visit our website at

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