The Ministry of Planning and Investment is working to create a legal framework for crowdfunding activities, reports Deal Street Asia. The government organization has recently met with local startups to request feedback on the new policy.

Though it's often hailed as a startup hub thanks to its entrepreneurial spirit and growing tech community, Vietnam still faces certain challenges, including a lack of access to funding. According to Vu Anh, founder of Vietnamese crowdfunding platform Fundstart.vn, the market gap between startups and seed funding means that few acquire the necessary investment to turn their creative ideas into reality.

Traditional venture capital firms can provide some funding opportunities to local entrepreneurs, however crowdfunding campaigns provide the added benefit of gauging the public's interest in an idea.

“Potentially, a lot of ideas can go global,” Anh told Deal Street Asia. With such a promising future – crowdfunding, as well as other new models of fundraising – the market has access to better opportunities than ever before.”

As Vietnamese authorities begin to recognise the economic benefit of a successful startup community, there's no word yet on when these crowdfunding regulations may become official.