Vietnamese start-ups have invested US$129 million in fintech and the industry is forecast to continuously attract heightened investor interest next time, according to the Ernst & Young (EY) ASEAN FinTech Census 2018. According to Varun Mittal, EY ASEAN fintech leader, with a population of young smart phone users, high consumer growth and low unemployment, Vietnam is becoming a promising market for fintech developers. Vietnam’s fintech attracted hundreds of millions of dollars from investment funds “Foreign investors are also more interested in buying some fintech companies due to the huge market potential," said Mittal. The number of incubators and accelerators and innovation labs in Vietnam is estimated at 24, the second most among ASEAN region, following Singapore. However, another EY report showed that up to 90 percent of payments in the country were made in cash. Therefore, Vietnamese fintech companies are focusing on the field of payment with 47 … [Read more...] about Fintech industry lures big start-up investment
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Where money does not talkBy Son Nguyen Businesswise, the prospects are irresistible when the potential investor puts forth a huge project worth VND2,100 billion, or roughly US$91 million, to develop a cable car system linking Duy Xuyen District and Hoi An City in Quang Nam Province. The ancient town’s authorities, however, have brushed aside the project in a straightforward manner, saying the investment scheme is not aligned with the city’s cultural merits. In a sense, traditional values prevail in the competition with economic benefits. As widely covered in local media, Hoi An City’s leadership today, July 5, bluntly rejected the cable car project suggested by Quang Nam-based NVN Joint-Stock Company, following a meeting between the company and the ancient town’s leaders early this week. Earlier, the provincial government of Quang Nam had sent a correspondence to Hoi An City and relevant agencies, instructing that these bodies have a working session with the … [Read more...] about Where money does not talk
Local banks warn of online fraud A customer withdraws cash at an ATM - PHOTO: TL HCMC – Many local banks have repeatedly warned their customers about sophisticated hi-tech scams that could leave victims with little or no protection from their banks, Tien Phong newspaper reports. The Bank for Foreign Trade of Vietnam (Vietcombank) said in a notice that some of its customers have recently transferred money to unintended persons, after their customer emails were hacked. The scam goes like this. Thieves spy on emails sent between customers and their partners, and then illegally change bank details on transaction documents so that money could be sent abroad. Crooks are targeting small and medium-sized businesses which have low levels of security in their network management systems, or have not put in place sufficient regulations on safe email usage. Following the money transfers, the victims have asked Vietcombank to retrieve their money from foreign banks, especially in … [Read more...] about Local banks warn of online fraud
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”?
Viet Nam News by Brian Spence This week, we take a look beyond shares and bonds at some of the more unusual and potentially lucrative alternative investment opportunities. “Alternative” investments is a catch-all term for anything that is not shares, bonds, mainstream property or cash. Beyond these traditional asset classes, Vietnamese investors can invest in everything from stamps and fine wine. Of course, the fact that alternative investment opportunities exist does not mean these investments are safe or advisable. Before you even consider an alternative investment opportunity, you need to understand the risks. When you’ve understood some of the dangers, take a look at some of the alternative investment ideas below. All of them are available to Vietnamese investors, although not all are Việt Nam-based. We’ve put them roughly in order of risk, starting with the “safest” and ending with those you should definitely steer clear of. This is … [Read more...] about Alternative investment opportunities in Việt Nam