Vietnam Ranks Third in Southeast Asia for Blockchain Companies, Faces Funding Concentration

Vietnam is emerging as a notable blockchain hub in Southeast Asia, with 322 blockchain companies headquartered in the country, ranking third in the region, according to a recent report by Tracxn, a data platform for startups and technology companies. Singapore and Indonesia lead the region in the number of blockchain firms, with Singapore alone hosting approximately 2,341 companies, over 7.3 times more than Vietnam. In terms of capital raised, Vietnam ranks second in ASEAN, securing around $395 million USD across 36 funding rounds, accounting for 6.8% of the total capital raised by blockchain companies in the surveyed scope. Singapore significantly outpaces the rest with $5.1 billion USD, representing 88.6%, while Indonesia is third with $263 million USD. Tracxn's statistics show that 103 Vietnamese blockchain businesses have raised capital, compared to 938 in Singapore. By city, Singapore has over 2,000 blockchain companies, while Ho Chi Minh City has 119 and Hanoi has 105. However, the scale of capital in Vietnam is not evenly distributed across the ecosystem. Tracxn noted Sky Mavis as the most heavily funded company in Vietnam, with approximately $311 million USD. This figure accounts for nearly 79% of the total $395 million USD raised by Vietnamese blockchain companies according to the report's statistics. Excluding Sky Mavis's funding, the remaining Vietnamese companies collectively raised about $84 million USD. This indicates that capital inflow into Vietnam's blockchain ecosystem is primarily driven by a few large deals, rather than reflecting uniform access to resources for startups. The corporate structure also suggests the ecosystem is in its early stages. Vietnam has no representatives in Tracxn's list of blockchain unicorns (private startups valued at $1 billion USD or more that are not yet listed on stock exchanges). Sky Mavis, despite having Vietnamese leadership, is headquartered in Singapore. Southeast Asia currently has 3,736 blockchain companies with a total capital raised of $5.8 billion USD. Over $1 billion USD was raised in the last two years. However, new capital inflow into the region's blockchain sector has significantly narrowed compared to its boom period. After reaching $2.1 billion USD in 2022, capital raised fell to $382 million USD the following year. This figure more than doubled to $786 million USD in 2024, before dropping to $255 million USD last year. In the first half of this year, capital raised reached approximately $552 million USD, according to Tracxn's statistics. Tracxn's report specifically includes companies operating in blockchain infrastructure, application development, smart contracts, cryptocurrencies, and related financial services. The reported capital refers to equity raised through funding rounds, excluding loans, grants, and post-IPO or ICO (Initial Coin Offering) fundraising.