Digital Biz

Analysts told the online “Developing a service management policy on the internet and promoting the development of the digital economy in Vietnam” seminar that in order for the digital economy to account for 20 per cent of GDP by 2025, in addition to promoting digital infrastructure development, Vietnam has been perfecting policies relating to digital technology, including legal policies for services on the internet.

VNG, Vietnam’s leading internet and technology company, announced on February 16 a $22.5 million investment in Funding Societies, a digital capital funding platform for Southeast Asian small and medium-sized enterprises (SMEs) and which operates in Singapore and Indonesia under the name Modalka. The latter is licensed and registered to operate in four countries and territories in the region and will operate in Vietnam shortly.

Infina, an investment and accumulation platform focusing on the Vietnamese market, has raised $6 million in seed funding from investors including Sequoia India’s Surge program and Y Combinator Incubator, and investment funds such as Saison Capital, Starling Ventures, Alpha JWC, and AppWorks.

Non-cash payments have developed strongly in many fields because of the Covid-19 pandemic, including food and beverages (F&B). Vietnam has developed non-cash payment methods for the sector, which has opened up further development opportunities.

Under the provisions of the “Minimum Technical Requirements Criteria for Online Meeting Platforms”, issued recently by the Ministry of Information and Communications (MoIC), content data and audio and video recording activities on online meeting platforms must comply with existing regulations on the protection of personal information and the Law on Cybersecurity.

Selly, a pioneering social commerce platform in Vietnam, has raised $2.6 million in a Pre-Series A funding round. After ten months in business, the company has grown 300-fold, creating jobs for hundreds of thousands of women and those left unemployed during Covid-19.