Tag: vietnam

Ho Chi Minh, Vietnam – Despite the growing popularity of social commerce amongst Vietnamese consumers, there remains a prevalent risk of fraud in the social commerce scene. New report from Decision Lab unveils that 60% of consumers in Vietnam reported having received products that do not match with advertised images. 

The report notes that late delivery and inability to return goods are other common negative experiences that consumers often encounter. Despite this, social commerce remains popular amongst Vietnamese consumers, with online communities, such as Facebook and Zalo groups, being the main drivers of product discovery for at least 67% of consumers. Yet, casual product discovery, another common pathway to social commerce, is more popular among Gen Z consumers. Gen Z’s are also more sensitive to ads from sellers.

The report also noted that when asked which sellers people often purchase from on social media, 75% of consumers said familiar shops–or shops that they have purchased from previously. Only one-third of the consumers are willing to explore unfamiliar stores.

“Social elements permeate every activity on social media, and social commerce is no exception. Vietnamese consumers know how to make use of social connections to reduce risks when buying goods through social media. Merchants and brands should embrace the social aspects of social commerce to build lasting relationships with their customers,” the report stated.

They also added, “Importantly, a driver for repurchasing intent is a positive initial experience with the shop. As such, social merchants should aim to lock in a positive impression with customers from the get-go to ensure repeat purchases.”

Hanoi, Vietnam – Aura Network, a Vietnamese non-fungible token (NFT) project, has recently raised US$2.5m in funding to leverage the adoption of NFTs and accelerate its vision of building an interoperable future for Internet users.

The funding round involves multiple blockchain partners, including Coin98 Ventures, GBV Capital, Impossible Finance, Kucoin Labs, Kyber Ventures, GUILDFI, Avatar by Avalanche, MEXC Pioneer, TPX Ventures, Redline Dao and OIG. Other notable business partners include Vanda Capital, Deo Network, Ahamove, Ecomobi and Pencil Group.

This seed funding will allow Aura Network to continue its aim of creating a universal framework for NFTs, maximising interoperability, and bringing Aura Network’s vision to the forefront of users globally. Additionally, building a strong community that supports Aura Network’s vision is imperative for its long-term ambitions.

As part of the funding round, Aura Network will release its Testnet at the end of Quarter 2 of 2022. Aura Network’s Mainnet will be launched in the third quarter of 2022. Aura Network is expected to be the leading layer-1 blockchain to assist users to access NFTs effortlessly.

Tran Hoang Giang, founder at Aura Network, said, “Aura Network is delighted that our strategic partners recognize our infrastructure capability. We believe in the potential growth of NFTs and the future of interoperability, as well as the strength of our community and ecosystem.”

Danang, Vietnam – United States-headquartered hotel chain Radisson has unveiled its fourth hotel branch in the city of Danang in Vietnam. The new branch joins its other branches in Vietnam, namely Radisson Blu resorts in Phu Quoc, Cam Ranh and Radisson Hotel Phan Thiet.

The opening of Radisson Hotel Danang comes just weeks after Vietnam fully reopened its borders to fully-vaccinated international travellers from all around the world.

Remco Vaatstra, general manager at Radisson Hotel Danang, said, “I am delighted to welcome guests to Radisson Hotel Danang, introducing an exciting new era of hospitality to this stunning seafront city. This launch sends a welcoming message that Danang is open for business and ready to host visitors from all around the globe. With our delightful accommodation and amenities, just steps from the beach and surrounded by attractions, Radisson Hotel Danang will become one of the city’s most popular places to stay, meet, dine and unwind.”

Meanwhile, Andre de Jong, vice president of operations for SEA and Pacific at Radisson Hotel Group, commented, “It gives me great pleasure to unveil Radisson Hotel Danang, as we introduce our industry-leading upscale brand to one of Asia’s most dynamic and desirable destinations. Radisson promises ‘Simply Delightful’ stays with a full range of facilities for business and leisure travellers alike. With Vietnam now fully reopened for domestic and international travel, I am confident that this outstanding new hotel will become a compelling choice for guests in Danang.”

Radisson Hotel has a large presence in Asia-Pacific, including in the markets of India, Indonesia, China, and the Maldives.

Hanoi, Vietnam — Vietnamese airline company Bamboo Airways has appointed airline travel and tourism representation company TAL Aviation as its representative in France and Benelux, which consists of Belgium, The Netherlands, and Luxembourg. The respective TAL Aviation teams in those countries will provide Bamboo Airways with distribution, sales, reservations, marketing, press relations, finance and more, for the upcoming opening of flights from France.

As part of its international expansion, both companies will actively collaborate in the development of the French market and the upcoming opening of flights to Vietnam from France. TAL Aviation’s team for France and Benelux will use its skills and professionalism to assist the airline to enter the French market and inspire French travellers to visit Vietnam.

Jean-Michel Bohn, managing partner of TAL Aviation France and Benelux, said, “We are delighted to bring a smart, modern and advanced vision into one of the world’s leading markets.”

Meanwhile, Nissim Sagis, TAL Aviation’s chief commercial officer, commented, “We are pleased to be a part of Bamboo Airways’ plans of expansion. Our new partner is in good stead, led by our French team who has hands-on experience in developing a new product in the market.”

Hanoi, Vietnam – Small businesses in Vietnam are most likely to invest in technology in contrast to their SMB counterparts in APAC during 2021, new data from CPA Australia shows.

This focus in investing in technology was evident by the fact that seven in ten of the Vietnamese SMB respondents expect to grow this year, the third highest result in the Asia-Pacific. Strong investment in technology and government support are likely to be key drivers of this turnaround.

In addition, Vietnam’s small businesses are the most likely to increase their emphasis on online sales and up their investment in technology in reaction to COVID-19. This change saw the percentage that earned more than 10% of their revenue online jump from 60% in 2020 to 73% in 2021.

Of the markets surveyed, Vietnam was most adversely impacted by the pandemic, with 78% of small businesses nominating it as their biggest barrier to growth last year. In response, many local small businesses invested in improving their business, with 44% increasing their investment in technology and 42% shifting to online sales. Both results were the highest of the markets surveyed.

Can Van Luc, chair of North Vietnam Advisory Committee at CPA Australia said, “While 2021 was a difficult year, 45% of Vietnamese small businesses still managed to grow. Under the government’s dual goals of ‘preventing the pandemic and promoting socio-economic recovery’, inflow of foreign direct investment has grown steadily over the past year–up by 9.2% in 2021. Recovering domestic and overseas demand, together with government policy support, have bolstered small businesses operations and accelerated their digital transformation.”

The data also noted that 60% of Vietnam’s small businesses stated they reviewed their cybersecurity protections in the past six months, nearly double the 32% recorded in 2020. Further, 42% sought professional advice from IT consultants or specialists in the past 12 months.

“Threats of cyberattacks are on the rise as small businesses digitalise. [Around] 64% of respondents are concerned that their business could be cyberattacked in 2022. Given that our country has increased the pace of the development of its digital economy, small businesses should keep investing in capabilities to safeguard themselves against increasing malicious cyberattacks. Measures such as enhancing cybersecurity and consulting IT consultants are crucial to protecting vital assets and customer data,” Luc added.

Singapore – Involve Asia, a MarTech platform for partnership marketing in Southeast Asia, has expanded to Vietnam, marking its growing footprint in the region. 

Involve Asia, which was founded in 2014, has worked closely with e-commerce, travel, and financial services companies to handle their digital marketing campaigns across Southeast Asia. Involve Asia, based in Kuala Lumpur, Malaysia, has a presence in six countries in Southeast Asia and is backed by venture capital firms Accord Ventures, OSK Ventures International, and GDP Venture, among others.

Marketing partners in Vietnam face lengthy payment processes while working for marketers, and this is what Involve Asia aims to solve. From 60 to 90 days. using Involve’s proprietary risk assessment algorithm, advertisers are able to identify and eliminate fraudulent actions, resulting in faster payment of legitimate results. Because of Involve’s express withdrawal capabilities, marketing partners may manage their cashflows and build up their operations in as little as 15 days.

Jimmy How, CEO and Founder of Involve Asia, said that Vietnam is an important market for Involve Asia as it is one of the fastest-growing economies in Southeast Asia with a vibrant and technologically savvy population. 

‘With an e-commerce market in the country that is accelerating rapidly and high social media usage, it presents a ripe opportunity for us to help brands in the country reach their customers through our proprietary MarTech solution in a cost-efficient manner, and ultimately scale their business through partnerships with influencers, apps and affiliate sites,” How said.

How added, “We are looking to expand our footprint in the region by helping advertisers grow and manage their marketing partnerships more efficiently. One of the ways we plan to do this is to enable Advertisers to leverage our risk scoring system to ensure that their marketing partners get paid quicker, without having to hire additional operational staff as their marketing partnerships scale.”

Hanoi, Vietnam – Local bank VPBank in Vietnam has signed a partnership agreement with iGTB, the fintech platform of Intellect Design Arena, to enhance its corporate and SME customer’s experience, as well as operational efficiency.

The partnership is aimed to bring the bank closer to the goal of being the most customer-friendly bank through technology in 2022 with iGTB’s products and services for its corporate, commercial and SME clients.

According to VPBank’s CEO Nguyen Duc Vinh, they will continue to improve customer experience and expand the business ecosystem through a new and efficient digital technology, which will transform its cash management. He also added that they are set to significantly increase the competitive edge for the bank and retain their leadership position as a preferred bank of choice for both SME and for corporate customers.

“VPBank has always been a pioneer in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is our key to improving productivity by 20-30% in order that we stay ahead of the competition. This is why harnessing disruptive digital IT initiatives is currently a major priority for us,” Duc Vinh said.

Meanwhile, Manish Maakan, CEO at iGTB, commented that the partnership powered by iGTB’s global expertise in transaction banking technology will help VPBank achieve its goal of becoming the most customer-friendly technology-driven bank and the most valuable bank in Vietnam.

“I am proud that this latest VPBank deal transformation deepens Intellect’s portfolio to a dominant position in Vietnam. Our investments into iGTB Cash Cloud and iColumbus.ai platforms are the keys to a faster go-to-market, so that our client portfolios across APAC, Middle East, Europe and Americas can realise early returns on their technology investments,” Maakan said.

He added, “Our simultaneous market-depth strategy is a result of years of investment into local Vietnamese regulations & payment systems, backed by iGTB’s local relationship managers and delivery teams out of Hanoi, and our longstanding partnership with Vietnamese FPT Information Services.”

This transformative cash management platform aims to delivers a seamless customer experience with a completely digital integrated transaction banking suite of iGTB’s cash management, trade finance, payments, account services, collections and liquidity ,management powered by its front-end contextual banking experience (CBX) platform.

Hanoi, Vietnam – With the recent reopening of Vietnam’s borders, multinational hotel and lodging company Marriott International has expanded its portfolio in the country. This expansion aims to add nearly 9,000 rooms to the company’s portfolio and see the debut of key brands.

Through this expansion, Marriott’s global brand Sheraton Hotels & Resorts is expected to make its debut in several new destinations across Vietnam, including on the Emerald Island of Phu Quoc, the UNESCO World Heritage Site of Ha Long Bay, the ‘City of Eternal Springs’ Dalat, and the shores of Binh Chau. A stylish new Renaissance Hotels is also planned to open in the seafront city of Danang, whilst Le Méridien Hotels & Resorts plans to debut in Danang and Cam Ranh. Moreover, the flagship Marriott Hotels brand is expected to debut in Hanoi, and Hoi An, whilst the Westin – the company’s wellness brand – is expected to open in Hanoi and Cam Ranh. Marriott Executive Apartments, the longer-stay brand, is also slated to start welcoming guests in Danang.

Meanwhile, Marriott’s select service portfolio will be providing a range of offerings for both domestic and international travellers. Fairfield by Marriott is slated to be introduced in locations such as Vinh Yen, Ha Long, and Hanoi, whilst several Courtyard by Marriott hotels are expected to open across Danang, Ha Long, and Nha Trang. In addition, Marriott’s The Ritz-Carlton Residences is expected to make its debut in Vietnam in 2024.

Rajeev Menon, Marriott International’s president for APAC (excluding Greater China), commented, “Our growth in Vietnam reflects the trust our local owners and franchisees continue to have in Marriott International, and we look forward to presenting them with opportunities to leverage our comprehensive portfolio of 30 brands, as well as our strong distribution network.”

Meanwhile, Jakob Helgen, Marriott International’s area vice president for Thailand, Vietnam, Cambodia, Myanmar, noted that Vietnam is a vibrant destination and has over the years experienced record levels of tourism as international travellers flocked to the country and domestic travellers began to discover the many wonders available in their own backyard.

“With the recent reopening of borders, we are hopeful for Vietnam to rebound rapidly, and we are excited to expand across even more parts of this captivating country,” said Helgen.

Ho Chi Minh, Vietnam – Earth Venture Capital (EVC), the Vietnam-based venture capital fund that focuses on startups in ICT, IoT, blockchain, and gamification in SEA, has launched its new Earth Venture Studio in Vietnam. This move follows the rising Venture Studio model which draws attention from both investors and venture capital funds.

Earth Venture Studio aims to help entrepreneurs reach important milestones within the shortest period of time possible by injecting capital, connecting founders with relevant experts, developing effective and efficient processes to evaluate ideas, developing products, and writing legal documents, as well as establishing a company, amongst others, freeing founders to focus on innovation, leadership, and scaling.

Tien Nguyen, EVC’s co-founder and general partner, shared, “Earth Venture Studio chooses Venture Capital Investment and Empowering Vietnamese Tech Startups as a solution to tackle the climate crisis. Because, the ultimate goal of investment is to bring prosperity, but there is no prosperity on a dead planet.”

This new studio comes after the EVC’s newly closed first fund, which will be used in building a pipeline of early-stage startups which align with its investment strategy, on a global scale. 

With a team of experienced investors and tech entrepreneurs, EVC will be hunting for startups working on applicable technologies to provide scalable solutions to solve climate challenges, including abandoning fossil fuels, switching to renewable energy, and planting more trees.

Ho Chi Minh, Vietnam – The Trade Promotion Agency (TPA) in Vietnam and e-commerce platform Alibaba.com have jointly organised a conference on 18 March to promote exports via the e-commerce platform, as well as the inauguration of the Vietnam Pavillion on Alibaba.com.

The ‘Vietnam Pavilion’ will support Vietnamese businesses in building images and promoting product brands; supporting business connection activities, increasing understanding of Vietnamese products and businesses for international customers.

Through the partnership, the two enterprises will implement business support programs for more than 2500 medium and large enterprises small, helping them to equip them with the right tools and mindset to overcome the post-COVID-19 era. In addition, it further promotes the success of Vietnamese businesses on Alibaba.com, by recruiting e-commerce experts to advise businesses throughout the participation process.

Vu Ba Phu, director at the Trade Promotion Department said that Alibaba.com continues its commitment to the Vietnamese market with unique services to help businesses accelerate and will also launch new membership products for Vietnamese businesses, helping them to better opportunity to introduce products to global shoppers.

Meanwhile, Alibaba.com Deputy General Director Andrew Zheng commented that they strongly believe that Alibaba.com will continue to help small and medium enterprises in Vietnam overcome difficulties for this year.