💰 LIQUIDITY: THE INVISIBLE BOILPOINT OF VIETNAM'S INNOVATION ECOSYSTEM
- 넥스트챌린지 재단법인
- 24 hours ago
- 1 min read

In Vietnam's startup ecosystem, one of the biggest bottlenecks today is not the number of startups or the size of investment capital, but a less-discussed factor: the liquidity of venture capital.
The reality in Vietnam shows that many funds have partnered with startups for nearly a decade but are still unable to exit, even when the businesses are growing and operating stably.
The reason lies not only in business performance but also in the lack of consensus on appropriate liquidity methods between founders and investors.
Liquidity bottlenecks in the investment ecosystem are becoming a pressing issue:
The majority of startups have not simultaneously met the criteria for revenue size, management capacity, and growth rate required for listing.
Another crucial factor lies in the difference in strategic thinking between founders and investors.
Most exit deals by Vietnamese startups currently occur through two common forms: selling secondary shares in new funding rounds or selling the business to strategic partners through mergers and acquisitions.
Designing a well-planned liquidity event not only benefits investors but also helps core personnel realize a portion of their share value through stock-sharing programs, thereby fostering long-term commitment to the company.
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