In this event, young participants had a chance to share their creative startup ideas with experts in the field of electronic commerce. All agreed that e-commerce should be done on high-tech platforms for activities such as digital currency transfer, supply chain management, Internet marketing, data collection and management. At the moment, more than 53 percent of the Vietnamese population are accessing the Internet, which makes this channel a commercially lucrative potential for young startups. However, these entrepreneurs are facing many challenges since they have not mastered the concept of e-commerce yet, leading to various unfocused and seemingly useless inquiries in the discussion. In addition, despite their great concern in startup activities, these people have not clearly identified their own direction or possible partners, so it is extremely hard for them to fully and successfully develop their ideas. The discussion belongs to a series of events in the National Festival for … [Read more...] about Discussion on e-commerce, startup launched
Successful e commerce startups
Similar to startup enterprises, domestic online booking application Vntrip.vn, despite suffering huge losses in the past two years, has been receiving a large number of investments. Vntrip.vn has repeatedly received investment from foreign investors. Source: zing.vn In the past two years, Vntrip.vn recorded accumulated losses of VND100 million ($4,424), while its charter capital as of the end of 2017 was VND137 million ($6,061). However, this may not be important as the firm has been constantly receiving foreign investment. The booking application has just announced successfully calling for investment from Swiss-based real estate firm IHAG Holding. While the value of the investment was not disclosed, the Swiss investor assessed the firm’s value at $44.2 million. Previously, Vntrip.vn also received investment from two foreign investors. Accordingly, Hong Kong-based Hendale Capital poured $10 million into the domestic firm. In 2016, when the business was started, … [Read more...] about Online booking firm Vntrip.vn repeats story of e commerce startups
The award winners and their Visa’s Everywhere Initiative trophies Visa’s Everywhere Initiative (VEI) is a global innovation programme in which Visa tasks up-and-coming businesses with solving some of the most challenging issues in payments and commerce. Visa has received many submissions since the programme kicked off in May this year. Last week, nine of Vietnam’s most innovative startups gathered at The Dreamplex in Ho Chi Minh City for the grand finale of the competition. The finalists represented a truly diverse cross section of Vietnam’s business scene and included everything from recruiting services and online marketplaces to food delivery. Sean Preston, country manager for Visa Vietnam and Laos, told VIR that the participants are comprised of fintech companies, startups, entrepreneurs, and small businesses. Each of them has unique ideas to bring together different elements of technology as well as business processes to create products and services which … [Read more...] about Visa gives local startups a boost
Vietnam’s logistics costs remain high, at equal to more than 20 per cent of GDP compared to 9 to 14 per cent in developed countries, according to the Vietnam Logistics Association. While significant progress has been made in improving logistics services, there is still ample room for further improvement with modern technologies. Local and foreign startups have entered field and sparked tough competition. Room to enter There have been many Vietnamese startups joining the logistics sector and providing a variety of services with the common aim of resolving market problems by using IT solutions. Some have been sufficiently successful to cover all their business costs while others are now in a poor financial state, yet more and more new startups are looking to join the game. Dichung is one such startup, developing ride-sharing technology to reduce traffic congestion. It focuses on various carpooling services based on online and mobile solutions that include … [Read more...] about Transport startups winning over customers
Vietnam’s e-commerce websites are still receiving heavy investment to develop despite big losses, but when will these projects stop losing? The Vietnamese e-commerce market is one of the leading markets in the region for investment. According to Nielsen, the annual growth speed of the e-commerce market is 22% and is expected to hit US$10 billion in annual revenue by 2022 from the current US$4 billion. The Vietnamese e-commerce market shows huge potential for development and receives great attention from new investors. In a recent report by Topica Founder Institute, e-commerce attracted US$83 million of foreign investment through 21 deals. Startup SEA (used to be Garena, which was termed as a unicorn in Asia), ranked first among investors pouring capital into Vietnamese startups in 2017. SEA spent US$64 million acquiring 82% of the shares in Foody, a food delivery website and app. CyberAgent Ventures, a Japanese venture investment fund, continues its activities in Vietnam. In … [Read more...] about When will Vietnam’s e-commerce players stop “burning money”?