The study utilized a primary data system collected by the authors through in-depth interviews with 8 Vietnamese startups and 15 business angel investors. The research findings identified several factors, including founder characteristics, team composition, financial considerations, product and market dynamics, withdrawal strategies, and the role of business angels within the enterprises, as the main influencers of investment decisions among business angel investors in Vietnam. As for the factors related to the business angels themselves, their experience, objectives, investment preferences, and national culture were found to be the key determining factors.

The novelty of the research lies in identifying the differences in perspectives between investors and startups, as well as evaluating the disparities between Vietnamese business angel investors and foreign investors. The study revealed that investors tend to be more stringent in evaluating business plans, financial conditions, products, markets, and target customers compared to startups. On the other hand, startups often overlook withdrawal strategies and the role of business angel investors. Additionally, the research also highlighted the divergent views between domestic and foreign business angel investors regarding the startup's market size, profit expectations, and the investor's role within the startup.

Based on the research findings, the authors have provided some recommendations for startups in Vietnam to attract business angel investment. These suggestions include focusing on enhancing the quality of human resources, developing profitable, honest, and realistic business plans. Additionally, the business plans should establish clear goals and long-term visions aimed at the global market.

The paper is a result of rigorous and dedicated research by the author team. It is hoped that the study has provided valuable insights and recommendations for startups in Vietnam to enhance their capabilities in attracting more funding from both domestic and foreign business angel investors.

Assoc. Prof. Dr. Nguyen Thi Kim Anh - VNU University of Economics and Business

Dr. Vu Thanh Huong - VNU University of Economics and Business

Nguyen Thi Minh Phuong - Diplomatic Academy of Vietnam