Is Hanoi a Good Place to Launch a Startup?

Where you start your company still matters – but sticking too closely to one location might limit what you’re able to build. In today’s startup landscape, geography shapes your path – but it doesn’t have to define your potential.

Hanoi has emerged as a strong hub for entrepreneurship, offering access to funding, talent, and infrastructure. But with growing competition, rigid local programmes, and support often reserved for the most polished startups, relying solely on what’s nearby can slow you down – or hold you back.

In this article, we’ll explore what Hanoi gets right – and where founders often run into friction. We’ll also show how EWOR offers an alternative: a global, remote-first platform that gives you access to funding, mentorship, and community – no matter where you’re based.

1. Access to Funding in Hanoi

Funding is one of the most critical ingredients in building a successful startup – and Hanoi offers a growing ecosystem of support. From venture capital firms to government grants and angel investors, founders in this region have several pathways to raise capital and gain early traction.

Hanoi's early-stage funding environment is dynamic, supported by various players despite facing challenges. Notable VC firms active in Vietnam and potentially Hanoi include Mekong Capital, Golden Gate Ventures, and ThinkZone Ventures, which also operates as an accelerator. The government also plays a role through initiatives like Project 844 and entities such as the National Technology Innovation Fund (NATIF) and the National Agency for Technology, Entrepreneurship, and Commercialization Development (NATECD), offering grants and support programs. Angel investors are also present and considered relatively easy to find through networks and events. However, the ecosystem faces hurdles, including a notable decline in overall tech startup funding in Vietnam, with early-stage investments seeing a significant drop of over 47% in 2024 compared to 2023. Seed-stage funding also decreased. Challenges also include a lack of comprehensive ecosystem information and limited funding channels for later-stage growth.

A More Flexible Path Forward

In the wake of these challenges, founders don’t have to rely solely on local funding options. EWOR offers a more flexible path – providing up to €500,000 in early-stage capital But EWOR is more than a cheque. Our capital comes bundled with personalised support, investor-ready storytelling, and access to a network of over 400 active European investors – many of whom regularly participate in our Grand Pitch events. On average, EWOR fellows who complete the programme and pitch go on to raise €2 million in follow-on funding – over 10x more than founders from comparable European initiatives.

2. Innovation and Startup Culture  

Hanoi has become a centre of innovation, with numerous tech hubs, coworking spaces, and accelerators that foster creativity and new ideas. The local startup culture is vibrant, with a growing community of entrepreneurs working together to push the boundaries of what’s possible.

Hanoi has a developing startup and innovation ecosystem, ranking as Vietnam's second-best. The city actively promotes entrepreneurship, with a notable presence of coworking spaces catering to freelancers and startups. Numerous tech events and meetups occur regularly, fostering networking and knowledge sharing. Entrepreneurial activity is increasing, particularly among youth. While there are programs and incubators supporting early-stage ventures, including university-led initiatives and government schemes, the ecosystem also features accelerators and investors focused on helping startups scale, suggesting support exists for both early and more mature stages. Some programs offer tailored support and mentorship.

For many entrepreneurs, the energy and resources available in Hanoi can provide the ideal environment to test new ideas and gain early traction. The collaborative atmosphere allows founders to connect with fellow innovators and build networks that can help their startups grow.

While the local startup culture is vibrant, the support founders actually receive can be hit or miss. VCs might offer funding but little time. Angel investors often give advice, but it’s scattered and inconsistent. What’s more, many accelerators rely on a one-size-fits-all model that doesn’t reflect the needs of exceptional founders. In fast-moving, competitive ecosystems like Hanoi, standing out is hard enough – getting the right kind of support shouldn’t be.

The Alternative to Cookie-Cutter Programmes

Finding a programme that truly adapts to your journey, not the other way around, is rare. However, EWOR offers the kind of depth and flexibility that many local programmes simply can’t match. Instead of following a fixed curriculum, our fellowships are modular and tailored – giving you the right support at the right time, based on where you are in your journey.

But the real strength of EWOR goes beyond structure. Fellows often describe the community as the most unexpected – and valuable – part of the experience. As some have put it: “The real magic lies in the community: the kind of conversations, insights, and connections that lead not only to breakthroughs – but to lasting friendships with some of the most fascinating people they’ve ever met”.

3. Talent and Workforce Availability

One of the greatest assets of launching a startup in Hanoi is access to a skilled and diverse talent pool. With universities producing top-tier graduates in technology, business, and other fields, startups can tap into a wealth of expertise to help grow their teams.

Hanoi has a growing talent pool for startups, supported by numerous educational institutions like Hanoi University of Science and Technology and Vietnam National University, Hanoi, which offer strong programs in STEM fields. While there's a large, young workforce with increasing interest in startups, there's also high demand, particularly for specialized tech skills like AI and data analytics, leading to a talent shortage in some areas. Local talent supports entrepreneurial growth through a tech-savvy workforce and a growing ecosystem with incubators and government support programs. However, startups compete with outsourcing companies for experienced engineers, and there's a need for more focus on practical skills and English proficiency in training to fully meet industry needs. The government is actively investing in talent development and promoting the tech industry to address these challenges.

Like funding, competition for talent can be fierce, especially for highly specialised roles in fields like software development or AI. For startups looking to scale quickly, hiring the right people at the right time can be a challenge, leading some founders to look outside the region for remote talent solutions.

Get Global While Local

While hiring locally in Hanoi can be competitive and slow, EWOR gives you instant access to a global network of exceptional talent. Built by founders for founders, the EWOR team has launched and exited companies worth over €12 billion – and they bring that experience directly into your venture. It's not just about funding or surface-level advice; it's akin to having a co-founder from day one. 

The team collaborates closely with you to refine your idea, challenge your thinking, and support you through real-world decisions – just like a hands-on partner would. Moreover, with EWOR’s exclusive co-founder pool, you can find the right person to build with, regardless of their location.

4. Infrastructure and Support Systems

Hanoi boasts a strong infrastructure that supports the growth of new businesses. From modern office spaces to high-speed internet, entrepreneurs have access to everything they need to run their startups smoothly. Government policies may also provide tax breaks, legal support, and other incentives that make starting a business more attractive in this region.

Hanoi offers a growing infrastructure for startups, including numerous coworking spaces, incubators, and accelerators. As of late 2022, the city had 21 incubators and organizations supporting startups, and 16 innovation investment funds. These resources provide mentorship, networking opportunities, and access to potential funding. The Hanoi government actively supports the ecosystem through initiatives like the "Supporting creative startups in Hanoi in the period 2019-2025" project (Project 4889). The city is also working to establish a Startup Support and Innovative Entrepreneurship Services Hub and a network of creative startup support spaces. These efforts aim to create a favorable environment, streamline administration, and connect startups with resources, contributing to their growth and success. Universities also play a role by establishing support centers and integrating entrepreneurship into curricula.

But what looks good on paper often proves more complicated in practice. Bureaucracy can be time-consuming and opaque, especially for first-time founders unfamiliar with local laws. Incorporation takes longer than expected. Accessing public funding often means navigating slow processes, strict requirements, or hard-to-reach advisors. And operational costs – from accounting to regulatory compliance – can quickly eat into early budgets. 

A System That Moves With You

With access to expert guidance, practical legal resources, and a network of experienced entrepreneurs who’ve built across a range of regulatory systems, EWOR is well positioned to help founders navigate the bureaucratic and legal complexities that often come with building in Hanoi. Instead of wasting time figuring things out alone, you’ll have the tools and support to stay focused on what matters most – growing your venture.

And while we’re remote-first, our support is anything but distant. Through in-person gatherings like the EWOR House, city-based meetups, and our twice-yearly Grand Pitch event, you’ll still build meaningful relationships with investors, peers, and mentors. It’s a system that helps you focus on building – not just dealing with paperwork.

Can Hanoi Be Considered the Best Place to Launch a Startup?

There’s no doubt that Hanoi provides a vibrant environment for startups, with access to funding, innovation, talent, and infrastructure that can help entrepreneurs build successful businesses. For many, it’s a strong contender for the best place to launch a startup, thanks to its growing entrepreneurial ecosystem and support systems.

Entrepreneurs launching startups in Hanoi face several hurdles. Competition is intense, particularly in popular sectors like fintech and e-commerce, with many local and international players vying for market share. While generally lower than some major global cities, the cost of living and operational expenses in Hanoi can still be a challenge for early-stage startups with limited funding. Regulatory issues also pose difficulties, including navigating complex legal frameworks, obtaining necessary licenses, and dealing with bureaucracy, which can be time-consuming and lack transparency. Foreign investors, in particular, may face challenges with investment licenses and profit repatriation.

However, it’s important to remember that the location of a startup is no longer the be-all and end-all. In today’s digital age, location-independent options like EWOR allow entrepreneurs to access world-class mentorship, funding, and resources from anywhere in the world. Whether you’re based in Hanoi or elsewhere, EWOR’s remote programmes are designed to support founders no matter where they are located.

So, while Hanoi offers significant advantages, it’s worth considering options like EWOR that enable you to launch and scale your startup with global support – whether you’re in the heart of a bustling startup hub or working from a quiet corner of the world.

Image credits: by Andreas Brücker on Unsplash