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In an interview with Bloomberg recently, Binh Tran - co-founder of Ascend Vietnam Ventures - said that Vietnam's nascent start-up sector is developing and Vietnam is becoming the next technology hub of Southeast Asia. Binh said that venture capital poured into startups in Vietnam reached 2.1 billion USD in 2021, compared to only 48 million USD in 2017. Moving his business from San Francisco (USA) to Vietnam in 2020, Binh said that the startup sector in Vietnam is attracting top venture capitalists in Silicon Valley. Well-known venture capital funds in San Francisco such as Goodwater Capital LLC, Accel Partners LP and Altos Ventures Management Inc have poured capital into innovative Vietnamese enterprises. He said that the startup sector in Vietnam is witnessing remarkable growth. “This has turned Vietnam into an important startup hub in Asia,” said Binh. Binh’s 500 Global Vietnam venture capital fund has invested in about 70 companies in the fields of e-commerce, … [Read more...] about Vietnam to be Asia’s next startup hub

President Nguyen Xuan Phuc had a meeting with Prime Minister Mikhail Mishustin in Moscow on December 1 as part of his ongoing official visit to Russia. President Nguyen Xuan Phuc (L) and Russian Prime Minister Mikhail Mishustin during their meeting in Moscow on December 1 as part of the former's official visit to Russia. The President affirmed the Party and State of Vietnam always keep in mind Russia’s assistance for Vietnam in the past and at present, and attach importance to the comprehensive strategic partnership with Russia. Vietnam considers Russia a leading priority partner in its foreign policy, he said, while expressing his delight at achievements Russia has obtained in recent times. Host and guest focused their discussion on cooperation between the two countries in areas, especially economics, while expressing their pleasure with the continued expansion in bilateral trade and investment cooperation despite impacts of COVID-19. They spoke highly of … [Read more...] about President Nguyen Xuan Phuc meets Russian Chairman of State Duma & Prime Minister

On, a startup operating in the field of e-commerce (e-commerce) in Vietnam, has raised US$ 1.1 million in a seed round, according to TechinAsia. On's seed round was led by venture fund Touchstone Partners. This round also had the participation of investment fund ThinkZone Venture. These venture capital funds are all based in Vietnam and keen on startups in the fields of technology such as Fintech, Edtech, Logistics and others. Launched in March 2021, On is a platform that allows individuals to market products to their friends and family and earn commissions based on each transaction. On will handle the entire process, from introduction, processing, and implementation to delivery. This platform will help generate income from sales for those who want to do business online. In particular, participants in this network will not need capital to import or store goods. To make it more convenient for both sellers and buyers, On is developing a delivery platform called … [Read more...] about Vietnamese e-commerce startup raises millions of US dollars

Hoang Anh Gia Lai Joint Stock Company will sell more than 48.1 million shares of its subsidiary HAGL Agrico (HNG) from January 17 to February 15 to pay debt. Hoang Anh Gia Lai will sell over 48 million HNG shares to pay debts. – Photo: VNN If the share sale is successful, Hoang Anh Gia Lai’s ownership at HAGL Agrico will decrease from 16.07% to 11.73%. From November 2021 until early this week, both HAG and HNG shares grew strongly. HNG surged nearly 72% to VND13,500. However, HNG dropped to the floor price at VND11,200 today. At this price, Hoang Anh Gia Lai would get some VND540 billion from 48.1 million HNG shares. At its recent shareholders’ meeting, the company affirmed that financial restructuring will be one of its major tasks this year. Hoang Anh Gia Lai seeks to reduce its debt to VND5 trillion. As of the end of the third quarter last year, Hoang Anh Gia Lai had approximately VND8,320 billion worth of debt. The company targets its revenue and profit at … [Read more...] about HAGL sells over 48 million shares to pay debts

Speaking at the handover ceremony in Hanoi on November 11, Italian Ambassador to Vietnam Antonio Alessandro said the order is the noblest reward that Italy presents to foreigners who make outstanding contributions to promoting friendship and cooperation between Italy and other countries. The presentation of the order to Quang is to recognize his contributions to the enhancement of ties between Italy and Vietnam and his efforts to support collaboration activities between people of the two countries, especially in cultural and academic activities, said the ambassador. The Italian diplomat underlined that Quang, who is also the President of the Vietnam-Italy Friendship Association, has paid great attention to strengthening relations between the two countries and deploying various cultural activities to create a bridge between Vietnam and Italy. For his part, Quang said it was a great honor for him to receive the order, describing it as a milestone in his long, close attachment to … [Read more...] about VASS President honored with Order of the Star of Italy

Open-ended funds from VinaCapital Fund Management Joint Stock Company achieved among the highest returns in their respective categories in 2021. — Photo courtesy of VinaCapital Open-ended funds from VinaCapital Fund Management Joint Stock Company achieved among the highest returns in their respective categories last year. They include the Vietnam Equity Special Access Fund (VESAF), VinaWealth Equity Opportunity Fund (VEOF), VinaCapital Insights Balanced Fund (VIBF), and VinaWealth Enhanced Fixed Income Fund (VFF). VESAF reported a return of 67 per cent, making it the best-performing open-ended equity fund in the market in 2021, a continuation of its leading position in 2020. With a 56.5 per cent return, VEOF was the second best performer in the market. VIBF achieved a return of 35.2 per cent, the second highest among funds with similar investment strategies. VFF, a bond fund, returned 7.7 per cent, also the top performer in its class. Both pure equity funds significantly … [Read more...] about VinaCapital open-ended funds report outstanding returns in 2021