Vietnam, with a dynamic economy, was once considered an attractive destination for investment cash flow, especially from adventure investment funds. However, in previous years, Vietnam had not created a clear legal environment, so it had not attracted venture investors. According to the Ministry of Science and Technology, Vietnam currently has only more than 30 adventure investment funds, the scale of which is not large, not meeting the needs of the start-up community.
Legal barriers have been removed when the Law on Science, Technology and Innovation takes effect from October 1, 2025 and in particular, on October 14, 2025, the Government issued Decree No. 264/2025/ND-CP on the National adventure Investment Fund and local adventure investment fund. This is considered a step forward in perfecting institutions, a strategic "policy lever" to strongly promote the startup and innovation ecosystem in Vietnam, especially at the local level, where the potential is great but investment resources are limited.
These two legal documents mark a change in management thinking: The State participates in investment, accompanies and shares risks with businesses.
The highlight of legal regulations is the exemption of civil liability, exclusion of administrative responsibility related to losses arising to investors and enterprises such as: Losses arising from objective risks, not due to intentional errors of organizations and individuals or risks due to market fluctuations beyond reasonable forecasting. Even changes in legal policies that directly affect the effectiveness or profitability of investments or natural disasters, epidemics, geopolitical conflicts or other force majeure situations that disrupt the operations of creative startups are also considered exemption factors...
It is the expansion of the legal corridor that has helped many localities promote the process of establishing adventure investment funds, typically Hai Phong. In early July 2025, the National Assembly passed Resolution 226 allowing Hai Phong to establish a adventure Investment Fund to invest capital in high-tech projects and high-tech enterprises. However, only when the Law on Science, Technology and Innovation and Decree 264 were issued did the Hai Phong People's Council officially "open the door", approving the establishment of the adventure Investment Fund, operating under the form of a joint stock company. The fund was provided by the Hai Phong City People's Committee with 500 billion VND from the development investment expenditure estimate.
"Sending fireworks" from Hai Phong will create motivation for other localities to deploy venture capital funds and this will become a "financial launching pad" to support, promote, form, and develop a startup ecosystem, innovate, connect universities, research institutes, investors, businesses and international partners, and at the same time, support businesses to commercialize science and technology products.
The legal corridor has opened up the remaining issue of how to operate, call for investment, choose which business sector to invest in... so that the adventure Investment Fund can properly perform its role of accepting short-term risks, investing in the future with the expectation of large long-term profits, forming a generation of innovative businesses capable of reaching out to the region and the world.
