For the last decade, crowdfunding has been a new concept that has been receiving attention in
academic research and gaining ever wider use in practice. Even though crowdfunding is in its
infancy, it is not only popular in developed countries but also becoming a global phenomenon.
Crowdfunding has just reached Vietnam within the last few years, thus is still a relatively new
concept for the country. However, crowdfunding is showing growth and is emerging as a new
trend.
This research was set out to understand this phenomenon deeper, analyze factors that affect
crowdfunding in Vietnam, and develop strategic recommendations for the government, NGOs,
and the private sector to deal with the challenges.
A literature review was conducted to deepen knowledge of crowdfunding, specifically to find the
elements of a crowdfunding ecosystem. In the empirical research, qualitative method was
employed. Primary data came from semi-structured interviews with crowdfunding platforms
representatives in Vietnam.
The findings of the research reveal that there are several factors that affect crowdfunding
ecosystem in Vietnam, which can be broadly grouped into four categories: cultural, social,
technology, and regulatory. The most important factors required for crowdfunding to exist are
broadly present in Vietnam. However, to make crowdfunding succeed, a culture of trust should
be fostered not only in crowdfunding activities but also in entrepreneurial activities and online
payment activities. Therefore, a list of recommendations was developed to create a robust
crowdfunding ecosystem in Vietnam.