On August 25, Forbes announced its Forbes Asia 100 to Watch 2025 list, featuring 100 promising small companies and startups from across the Asia-Pacific region. This year, two Vietnamese companies made the list: AI Hay and Kamereo.

Now in its fifth year, the Forbes Asia 100 to Watch provides a comprehensive snapshot of the vibrant startup and small business ecosystem in Asia-Pacific. The list showcases companies driving innovation, especially in areas like artificial intelligence (AI) and deep tech.

According to Forbes, after hitting a decade-low in late 2024, venture capital funding has begun to recover in markets such as India, Japan, and Singapore, as noted in the latest KPMG report. So far, this year’s selected companies have raised nearly USD 3 billion in total, a sharp increase from the USD 2 billion raised by last year’s list.

The 2025 list highlights 100 companies from 16 countries and territories. India leads with 18 entries, followed by Singapore and Japan with 14 each, China with 9, Indonesia and South Korea with 8 each, and Australia with 7.

These companies span 10 sectors, including: biotech and healthcare; aerospace; consumer technology; green energy and technology; finance; agriculture; e-commerce and retail; enterprise tech and robotics; food and hospitality; and industrial and manufacturing.

Emerging sectors such as biotechnology, aerospace, and green tech are receiving particular attention from investors. This year’s list features companies developing cancer-curing gene therapies, advanced anode materials for lithium-ion batteries, and propulsion systems for spacecraft.

AI Hay and Kamereo: Vietnam’s rising startup stars

Vietnam is represented in the Forbes Asia 100 to Watch 2025 by two startups: AI Hay and Kamereo.

Founded in 2022 by CEO Tran Duc, AI Hay operates in the consumer technology sector. According to Forbes, the company has developed a proprietary large language model powering its app and chatbot, which not only understands linguistic nuances and cultural context but also tracks user behavior to deliver curated content responses.

A recent survey by Decision Lab ranked AI Hay sixth out of 11 popular AI platforms among Vietnamese users and second in user satisfaction - only behind ChatGPT.

AI Hay’s mobile app is mainly used by students and allows users to scan assignments and receive step-by-step solutions for various subjects like math, literature, and essay writing. The app also includes social networking tools, creating an online learning community.

In July, AI Hay successfully raised USD 10 million in a Series A funding round led by Argor Capital, bringing its total funding to over USD 18 million. Its executive team includes CEO Tran Duc, CTO Nguyen Chuong, and COO Nguyen Hiep.

Meanwhile, Kamereo was founded in 2018 by CEO Taku Tanaka and operates in e-commerce and retail. The platform serves as a B2B food supply bridge, connecting restaurants and retailers in Vietnam with producers and suppliers of vegetables, meat, seafood, and dried goods.

The startup has built an integrated logistics and warehouse system, streamlining purchasing with features like order tracking, inventory management, and direct farm-to-table delivery.

In December of last year, Kamereo secured USD 7.8 million in Series B funding from Sumitomo Corporation and Inspire, strengthening its capacity to scale operations and enhance its supply chain capabilities.

Tien Phong