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Top 10 Best Unicorns In Vietnam

Top 10 Unicorns In Vietnam

Unicorns: The Vietnamese tech company, VNLife, has been a relatively low profile compared to the other big names in Southeast Asia and has been one of Southeast Asia’s unicorns. In nominal terms, Vietnam’s GDP is USD 261 billion, making it 44th globally. Vietnam’s service sector contributes more than half its GDP. Its largest trading partner is the United States.

Besides its convenient location, access to modern ports and sea routes, low corporate tax rate, and affordable labor, Vietnam has an extensive startup ecosystem. Ho Chi Minh City and Hanoi are the two biggest cities in Vietnam for startups.

Vietnam functions as the nerve center of the Southeast Asian startup ecosystem in the new millennium, as it hosts more than 1,600 tech startups, including ten publicly traded companies.

Inventiva keeps up with the latest news about startups and the ecosystems that support them, including venture capital funds, private equity funds, and investment banks.

  1. Sky Mavis

After three years since the launch of Axie Infinity, startup Sky Mavis has surprised its Vietnamese community by reaching a market capitalization of US$2.4 billion after releasing the game.

It is a favorite game of players in many Asian countries, a blockchain-based game developed by Vietnamese developers. Many Asian countries played this game during the Covid-19 epidemic to make money while staying home.

According to CNBC, Cabanatuan in the Philippines is undergoing an Axie Infinity phenomenon. Axie recently sold for over $70,000 for 300 ETH (ETH).

Nguyen Thanh Trung, the CEO and founder of Sky Mavis is at the helm. Trung, 29, is on the verge of becoming Vietnam’s first tech billionaire. An investor-funded startup brought $7.5 million to the company in May 2021.

Previously, Nguyen Ha Dong’s Flappy Bird was a global hit. More than 50 million people downloaded Flappy Bird from its “golden” time in February 2014.

A TechInAsia report said that at the time, Nguyen Ha Dong may have earned $50,000 per day without incurring any marketing costs. He quickly recognized his name around the world.

The online gaming industry grew rapidly during Covid-19. In ASEAN countries, the number of paid online game players grew from 35% to 45% between the first and second quarters of this year, according to RedSeer, a management consulting firm.

The same is true for Vietnam. Dezan Shira and Associates say that Covid-19 has rekindled interest in Vietnam’s online gaming market, seeing rapid growth.

Despite its impact on social life, Covid-19 also offers opportunities. Games, in particular, take off when consumers have to stay at home because they provide entertainment, but they also earn money. Startups can grow if they can take advantage of these opportunities.

Vietnamese gaming industry leader VNG Corporation, founded by five members in 2004 under the name Vinagame to provide Vietnamese gamers with technology-driven games, is one of the most well-known names in the country’s game industry.

Vo Lam Truyen Ky created an unprecedented record for the Vietnamese online game market when more than 200,000 people played the game in 2005 when VinaGame and KingSoft signed a distribution contract.

Only three years after VinaGame’s establishment, it generated $17 million in revenue from its Internet cafe management system, Cyber Station Manager.

Cloud services, personal finance, and mobile payments are just three of the world’s hottest tech trends that VNG has adapted quickly to catch up with.

The corporation distributes the world’s top-selling games in Vietnam and organizes many e-sports tournaments in Southeast Asia. Also, many “made in Vietnam” games are developed and won internationally. Opening branches in places such as Thailand, Myanmar, and the Philippines and cooperating with leading international partners have allowed VNG to explore opportunities in international markets.

When VNG was valued at $1 billion in 2014, it became the first unicorn.

To become a unicorn, VNPay took advantage of opportunities. According to the eConomy SEA report, VNPay became Vietnam’s second unicorn company after VNG in 2020 with its QR code payment network.

Vietnam’s largest city, Hanoi, has a popular cashless payment network called VNPay. Many banks have partnered with this application, attracting over 15 million users.

VNPay is one of the payment and financial services startups to receive large investment capital in 2020 in Southeast Asia, contributing to a record level of $1.7 billion in investment capital for Southeast Asian fintech startups, up by more than 40% versus last year.

VNPay and VNG are as dominant in Southeast Asia as Bukalapak, Traveloka, Bigo, Gojek, Lazada, Grab, Razer, Sea Group, OVO, and Tokopedia. The startup ecosystem in Vietnam is predicted to thrive over the next decade to attract 10 technology unicorns.

An additional Vietnamese startup, Momo, has announced that it has 20 million users and has a 100% user growth rate after just one year. Startups like this may even become super apps, open platforms that help companies transform.

E-commerce, however, is not affected by the pandemic and has successfully raised over $100 million in investment capital.

The number of startups in Vietnam has grown exponentially, from 400 in 2012 to nearly 1,800 in 2015 and 3,000 in 2017, according to “The picture of creative startups in Vietnam.” In 2020, total investment reached $451 million, 48% below the previous year, and a few large companies made significant investments. Only about 17 % of investment deals decreased, however.

NIC, a department under the Ministry of Planning and Investment, released the Vietnam Innovation and Technology Investment Report 2020. The Vietnamese government has been making excellent efforts to promote digital economic growth and to create a conducive business environment so that foreign investors can invest in Vietnamese startups. Therefore, Vietnam certainly has a chance at making 10 “unicorns” in the years to come.

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Company overview

Legal Name

Vietnam Payment Solution Joint Stock Company

Industries

Banking, Consumer Electronics, E-Commerce, Finance, Financial Services, FinTech, Payments, Telecommunications

Founder(s)

QUANG THONG NGO, Tanh Le

Founded Date

Mar 1, 2007

Total Funding Amount

NA

Investors

Viet Nam Payment Solution Joint Stock Company is funded by GIC.

  1. VNPay 

A Series Of Funding Rounds Led By U.S. Investors Have Raised Over $250 Million For VNPay, Which Provides Digital Payments Services.

 SoftBank Vision Fund and GIC, two-state funds based in Singapore, reportedly provided $300 million to VNLife in 2019. However, it did not disclose the funds at the time.

Agribank, Vietcombank, VietinBank, and BIDV are some of the top banks in Vietnam powered by a VNPay mobile app.

According to VNLife, over 15 million consumers use the apps to pay bills, transfer money, top-up mobile credit, book bus tickets, and even shop for groceries.

Also, the company operates the cashless payment network VNPay-QR, which serves over 150,000 merchants and 22 million users.

VNPay is not an e-wallet itself. However, VNPay-QR competes with digital wallets like MoMo and Moca to gain users and merchants.

70 percent of the Vietnamese population does not have access to banking services, opening the door for players capable of integrating financial services and effectively monetizing acquired data.

Vietnam’s leading e-commerce company and the digital payments giant are teaming up to push up demand for online shopping. Customers are expected to benefit from the partnership through a safe, fast, and convenient experience.

A user can add the products they want to purchase to their shopping cart after logging into the TIKI website on a computer. Then, after choosing VNPAY-QR and scanning the QR code, they can pay quickly. In addition, TIKI app customers will be able to make payments seamlessly since they only need to confirm the payment without needing to log out to use other mobile banking services.

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Through VNPAY-QR code scanning on the TIKI website and app, consumers can use VNPAY to make online payments.

Customers’ habits are rapidly changing, and this deal reflects the market trend. With online shopping on the rise, many consumers are turning to contactless payment methods in place of cash.

Director of VNPAY-QR, Ngo Anh Tuan, says his company strives to achieve its mission by enhancing the digital shopping experience. Paying with cash has become standard as it makes life easier, so TIKI is thrilled to partner with VNPAY to provide seamless payments.

Vietnam hopes to benefit from this strategic collaboration as it continues to develop the digital age. More than 25 million customers use VNPAY e-wallets and mobile banking, making it the largest fintech company in Vietnam in digital payments. In addition, VNPAY constantly diversifies its offerings in response to demand.

Furthermore, a representative of the TIKI e-commerce platform shared that the numerous benefits of VNPAY-QR’s incentive programs and various benefits will appeal to customers.

Many attractive offers, free shipping, and super-fast delivery are available to customers when shopping at Amazon. Consumers benefit from VNPAY’s expansion, but e-commerce vendors benefit from reaching more customers and promoting sales more easily.

VNPAY has announced several deals to celebrate the partnership. When paying by VNPAY-QR and entering the code VNPAYNEW, shoppers on TIKI will receive a 20 percent discount on orders between $45,000 and $149,000. In addition, a discount of VND10,000 ($0.44) is also offered to customers when entering the VNPAY10K code on bills from VND99,000 ($4.33). Regularly it will announce new offers.

Company overview

Legal Name

Vietnam Payment Solution Joint Stock Company

Industries

Banking, Consumer Electronics, E-Commerce, Finance, Financial Services, FinTech, Payments, Telecommunications

Founder(s)

QUANG THONG NGO, Tanh Le

Founded Date

Mar 1, 2007

Total Funding Amount

NA

Investors

Viet Nam Payment Solution Joint Stock Company is funded by GIC.

  1. Flying higher

In a series C funding round led by Spark Capital, the Amsterdam-based cloud communications platform MessageBird raised $200 million. MessageBird now has a market capitalization of $3 billion.

  • MessageBird allows developers and enterprises to communicate with customers via omnichannel products and cloud-based APIs.
  • Due to Covid-19, MessageBird is gaining traction in response to a global surge in companies seeking messaging-first communication platforms. Startup transforms into an omnichannel platform-as-a-service company from a communications platform-as-a-service.

By securing additional funding, MessageBird will be able to triple its global team size and expand further into Europe, Asia, and Latin America.

It’s a move that will elevate Vietnam Airlines among the world’s best airlines for the company’s 14th Airbus A350-900.

The Airbus A350-900 made its debut with Vietnam Airlines in July 2015, when it became the first wide-body aircraft of its generation in Southeast Asia. 

The company’s Airbus A350-900 fleet has been serving domestic and international routes for more than four years, mainly transcontinental routes to Europe, Australia, and North Asia and domestic routes between Hanoi and Ho Chi Minh City. 

Among the Vietnam Airlines Group (which includes Vietnam Airlines, Jetstar Pacific, and Cambodia Angkor Air), there are 105 aircraft from Airbus, including 89 narrow-body aircraft and 16 wide-body aircraft. At the same time, Vietnam Airlines accounts for 88% of its fleet with 86 Airbus airplanes. 

Vietnam Airlines’ president and CEO, Duong Tri Thanh, said, “Airbus aircraft account for 90% of our fleet, demonstrating the sheer scale of the company’s contributions.”

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Company overview

Legal Name

Flying higher

Industries

flights 

Founder(s)

Nguyen Thi Phuong Thao

Founded Date

NA

Total Funding Amount

NA

Investors

NA

  1. VNG

Vietnamese Internet giant VNG is one of the biggest in the country. Vietnamese gamers and tech-savvy individuals are familiar with his entrepreneur story. However, probably few have heard about his entrepreneurial story outside of Vietnam. That is why I arranged for this interview.

Vinagame was founded in 2004 as Vinagame. But today, they do so much more. It owns social networking properties, as well as media properties. Yet Vinagame owes its existence to Minh’s interests in gaming. When he was 15, he was enamored of Nintendo and PC games, like most boys. According to him:

As young children, many kids my age were familiar with computer games. In 1992, I was 15 years old, and the first video games were released in Vietnam. After that, computer games were my passion. In 2004, I founded VNG so that we could develop games. Originally, I wanted to develop games.

Shares of VNG have been sold for 1.861 million Viet Nam dong. Considering the number of shares issued, 34.5 million, and the number of shares in circulation, 27 million, the Singaporean investors valued the company at $2.77 billion.

Analysts were surprised by the high price. The profit reported by VNG was about VND347 billion in 2018. This is quite small compared to the profit of another large company – FPT.

According to Nhip Cau Dau Tu, investors are well within their rights. They value shares based on what they predict the future will yield. 

Shares of VNG sell for hundreds of thousands of dong on the OTC market. In 2010, investors believed that VNG shares were worth hundreds of thousands of VND, according to data on sanotc.com. 

The undivided gross profits of VNG are now VND4.968 trillion despite having a charter capital of VND345 billion.

Tech companies are characterized by their unique ability to develop technologies that can change people’s lives for the better, which can translate into big profits for them. As a result, apple, Amazon, Alibaba, and Tencent also gained sharp growth. 

A VNG share is worth hundreds of thousands of dong on the OTC market. In 2010, investors believed that VNG shares were worth hundreds of thousands of dong, according to data on sanotc.com. 

It set a record price of VNG per share in 2017 at VND800,000.

VNG is an attractive investment because its profits have now exceeded its charter capital by a large margin.

VNG’s undivided gross profits have risen to VND4.968 trillion, despite having a charter capital of VND345 billion. Despite the sharp drop in profit, the company’s charter capital was still higher than its 2018 profit of VND347 billion. As of 2018, VNG reported earnings per share of VND12,000. Its shares were in circulation at 27 million and issued at 34.5 million.

Analysts said that there are very few shares with earnings per share above VND12,000 on Vietnam’s stock market. In contrast, if EPS were calculated using VNG’s 2017 profits, it would come out to VND34,000.

Despite the challenges VNG is facing today, such as the reduction in revenue from games, Singaporean investors continued to trust the company’s future in the transactions made last February.

VNG’s potential is greater than FPT’s, says Huynh Minh Tuan, CEO of Bien An Toan, asset management and consultancy firm.

FPT is primarily engaged in software development. Furthermore, VNG’s Zalo is an entire ecosystem encompassing highly lucrative businesses, such as media and games.

Cash payments will gradually be replaced by e-wallets, according to Tuan. So VNG would have big revenue streams by that time with Zalo.

unicorns

Company overview

Legal Name

VNG

Industries

Internet, Software

Founder(s)

Bryan Pelz, Hong Minh

Founded Date

2004

Total Funding Amount

$500K

Investors

CyberAgent Capital and Tencent are the most recent investors.

  1. MoMo

Mobile users can pay for hundreds of services with one touch using MOMO E-Wallet. In addition, the Momo digital wallet extends beyond money transfers to cover areas such as movie tickets and airline tickets.

In 2019, the Vietnamese online payment market grew rapidly, with hundreds of Fintech companies emerging and huge foreign capital investment. How impressive is that? Momo, a digital wallet, has transformed mobile payments. The Momo Super App is the one-stop solution for cashback, discounts, gift vouchers, etc.

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Recent years have seen remarkable growth in Vietnam’s digital payment sector. Nearly 100 fintech companies operate in Vietnam, including 26 intermediary payment service providers, up from 40 in 2016 to almost 100 in 2018. Digital Payments will generate US$10,073 million in total transactions in 2020, according to Statista.

Also, mobile payments using e-wallets are growing in popularity. VND 53,1 trillion (USD 2.3 billion) worth of e-wallet transactions were reported in 2017 by the State Bank of Vietnam (SBV). In addition, the Vietnamese fintech sector has approved licenses for about 30 startups providing intermediary payment services, mostly e-wallets.

In a market where e-wallets are becoming more competitive, Momo E-Wallet is moving to approach alternatives to the predominant preference for cash in the country. In addition to Vietnam, Momo super app is now used by top innovations in global fintech companies.

Here’s a look at Momo Vietnam’s mobile wallet if you’re wondering what it is or how it became a super wallet!

Following the footsteps of prominent Asian digital players such as Tencent’s WeChat, Go-Jek in Indonesia, and Grab in Singapore, MoMo has quickly evolved into a lifestyle “super-app.” It now has up to 10,000 partners from various industries, including consumer finance, insurance, e-commerce, shopping, and transportation.

Momo now has over 100 “mini-programs” secured. Momo Super App provides a chance to give a more immersive experience to customers. Users may send money, pay bills, buy insurance policies, and pay for things at more than 100,000 payment terminals around Vietnam without downloading any additional apps.

Company overview

Legal Name

MoMo

Industries

Wallet 

Founder(s)

Diep NguyeN

Founded Date

2007

Total Funding Amount

USD 134M

Investors

Warburg Pincus, Affirma Capital, Standard Chartered and 2 Other Investors

  1. Sendo

Vietnamese e-commerce retailer Sendo is the first online marketplace in Vietnam where buyers and sellers can trade products. It serves millions of customers and hundreds of thousands of merchants throughout Vietnam and is a Vietnamese software giant FPT Corporation subsidiary. Sendo prides itself on continuously upgrading its platform and enhancing customer experience by investing in R&D, artificial intelligence, and big data.

A load testing project for Sendo’s website included the deployment of InfluxDB on the back-end. In addition, the performance of a cloud-native back-end infrastructure was tested using InfluxDB and Grafana, and K6, a developer-centric, open-source, load, and performance regression testing tool.

Among the features the team at Sendo found compelling about InfluxDB, said Hiep Nguyen, one of the company’s back-end developers. One of them is the speed at which data is ingested into InfluxDB. The Sendo team found that the ingestion rate of InfluxDB remains relatively stable since the database is designed for time-series data. According to Hiep’s tests, a single InfluxDB node can ingest 50 to 100 thousand lines per second.

According to Hiep, retention policies are InfluxDB’s second most compelling feature. The data in InfluxDB is not permanently stored until manually purged, as is the case with traditional databases. Instead, data retention policies are set by users, which means that data is automatically downsampled according to the retention policies. With high volumes of data coming in, storing it all can often prove expensive and may ultimately create a complex dataset at Sendo, especially in working with and collecting time-series data.

Ultimately, Hiep and his colleagues appreciated the flexibility InfluxDB offered them in working with their data, including the ability to run Continuous Queries on the time series data they were collecting to perform certain operations.

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Company overview

Legal Name

Sendo 

Industries

Online retailer

Founder(s)

Linh Tran Hai, Nguyen Phuong Hoang, Dung Nguyen Dac Viet

Founded Date

2012

Total Funding Amount

USD 130M

Investors

Kasikornbank, Beenos, SoftBank Ventures Korea and 9 Other Investors

  1. Tiki

Consumers benefit greatly from e-commerce in today’s fast-paced society. Tiki.vn is one of the most popular brands among consumers in Vietnam, an emerging country with an estimated 100 million inhabitants and projected market size of $23 billion by 2025. For all Vietnamese, the brand name is well-known. So how does Tiki compare to its fans?

Tiki, short for “saving” and “hunting” in Vietnamese, has grown to be one of the most popular e-commerce websites in Vietnam, trailing only Singapore’s Shopee in terms of web traffic but ahead of Alibaba-backed Lazada and Softbank Ventures Asia-backed and FPT’s subsidiary Sendo. Tiki.vn would not exist in today’s saturated Vietnamese industry if it hadn’t been for the founder and CEO Tran Ngoc Thai Son, who earned a Master’s degree in e-commerce in New South Wales, Australia, in 2007. Son and Tiki began with a $5,000 investment and have raised $192.5 million from investors around Asia, including Japanese banking conglomerate Sumitomo and Chinese JD.com.

Temasek Holdings, backed by the Singapore government, VNG, a Vietnamese IT behemoth, InnoVen Capital, an Indian venture capital firm, and, most recently, Northstar Group, a Singaporean private equity firm.

Though the company’s valuation has not been revealed, analysts say Tiki is worth more than $1 billion, making it Vietnam’s second unicorn.

Son, like Jeff Bezos, launched Tiki as a website to sell foreign language books after spending many years studying and working abroad. When he returned to Vietnam in 2009, he instantly recognized the need for readers to acquire and read books, particularly in English. “Reading books is not a habit of most Vietnamese people,” he explained, “but it is an indication of intellectual standards for those who want to modify their reading habits in the future.”

When Tiki first began selling books, it had fewer than 100 titles in English. Son used his bedroom to store books and develop Tiki due to financial difficulties and lack of funds. To avoid investment and as a co-founder, Son used to pack and deliver books to customers himself if any orders came in. 

Son never gave up despite how difficult it was. After two years of continuous efforts, Tiki quickly became the best e-commerce site in terms of customer service and delivery and the top choice for e-commerce websites focusing on books.

Tiki is one of the leading e-commerce websites in Vietnam because of its patience. The efforts and passions of Mr. Son are not betrayed despite many obstacles. 

CyberAgent Ventures chairman Soichi Tajima invested $500,000 in Tiki in March 2012, making him the first investor. Tiki has been the number one online bookstore in Vietnam for two years. This is a fast-growing startup with 80 employees, officers, and well-prepared storage facilities. Tiki was approached in 2016 by a Vietnamese technology conglomerate, VNG, which operates the Zing social network, Zalo, a messenger app, and many popular online gaming services. VNG invested VND 384 billion ($17 million) in Tiki to develop software to bolster the services and products it provides. 

Through customers’ shopping patterns, the CEO of Tiki figured out that online shopping was a viable and fast-growing business. As a result, the Tiki brand has evolved from an online bookstore to an interdisciplinary retailing online store that features 10 main categories: books, phones, tablets, digital devices, appliances, household items, beauty items, stationery, and toys, fashion, clothing, and maternity and infant supplies. In Ho Chi Minh City and Ha Noi, Vietnam’s two largest cities, Tiki has two major fulfillment centers.

Furthermore, a 55,000-square-foot fulfillment center in Ho Chi Minh City can store 1.5 million to 2.2 million products. Tiki is attempting to reduce delivery time from 2 to 4 hours in the two major metropolises of Ho Chi Minh City and Ha Noi because of many products.

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Tiki has survived and grown to become one of the most well-known online shopping websites in the highly competitive Vietnamese e-commerce business.

Through a shift in buying behavior, Tiki has satisfied its clients with prompt delivery, high-quality products, and time-saving services. To help new business owners achieve peak performance, Son offered the following advice: “Three primary criteria determine investment success: excitement, experience, and market.” 

In general, Tiki Vietnam’s and Mr. Son Tran’s success is one of the most inspiring stories that inspires and promotes the growth of entrepreneurs in Vietnam. As a result, we expect that there will be an increasing number of startup success stories in Vietnam in the coming years. For more information on Vietnam startups, the business environment, and investment prospects, visit VietLaunch.

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Company overview

Legal Name

Tiki 

Industries

Online retailer

Founder(s)

Tran Ngoc Thai Son

Founded Date

2010

Total Funding Amount

USD 67M

Investors

Northstar Group, InnoVen Capital, JD.com and 8 Other Investors

  1. Topica 

The Vietnamese startup Topica Edtech Group raised US$50m in Series D funding.

Northstar Group led the round.

It plans to use the funds to improve its technology and AI capabilities and accelerate its product development.

A provider of online education in South East Asia, Topica Edtech Group, was founded 10 years ago. It offers:

A few US universities recognize credits taken from Topica-powered programs, including top-tier institutions in the Philippines, Vietnam, and the USA; Topica Uni offers online degrees through collaboration with 16 universities, including top-tier US institutions;

A Thai, Indonesian, and Vietnam-based online tutoring company called Topica Native;

Providing video learning content on topics ranging from guitar lessons to raising children, Topica Edumall is a short-skill training platform in Thailand and Vietnam.

Topica Founder Institute is an accelerator that has helped its graduates raise nearly 15 million US dollars in three years.

With offices in Danang, Bangkok, Hanoi, Jakarta, HCMC, Manila and Singapore, Topica currently employs 1,400 full-time staff.

Topica, a seasoned member of Vietnam’s expanding startup ecosystem, has raised $50 million in a Series D round, making it one of the largest fundraising rounds for a Vietnamese digital business.

Topica has formed a decade ago and claimed to have benefited over 1 million adults through its online education network, which spans six of Southeast Asia’s main countries.

While Southeast Asia’s digital economy has a long way to go before competing with China and India, it is undoubtedly hot right now.

There are 650 million people residing in Southeast Asia, including 350 million internet users across the region’s 6 biggest countries (more than the US population). The digital economy of Southeast Asia is expected to increase to $72 billion this year, up from $50 billion last year and $19.1 billion in 2015.

Southeast Asia’s internet economy is expected to grow from $200 billion to $240 billion by 2025, doubling its current size.

What is the current driving force? Online travel brings in $30 billion in sales, just ahead of e-commerce, which brings in $23 billion.

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Company overview

Legal Name

Topica 

Industries

Educational technology

Founder(s)

Pham Minh Tuan

Founded Date

2008

Total Funding Amount

USD 50M

Investors

Northstar Group, Openspace Ventures, Patamar Capital and 7 Other Investors

  1. Coc Coc

A Vietnamese web browser and search engine were the company’s first products to launch in May of this year. Coc Coc attracted its first 10 million users within a year. According to Google Analytics data from March 2016, Cc Cc’s monthly audience has climbed to 20 million unique people. According to Global Stat Counter, Cc Cc is the second most used browser in Vietnam.

Cc C is a company based in Hanoi that develops big data-driven advertising solutions for the Vietnamese market.

Vietnamese were once known as the “three big lords” of IE, Firefox, and Chrome. However, Vietnamese have not been using Internet Explorer in the past two years. Also, Firefox has been forgotten.

Chrome is frequently called out for “eating up” too much of a computer’s CPU power by computer users.

Chrome, the giant, is facing intense competition from Coc Coc. Compared to Chrome and other browsers, Coc Coc is a “rookie.” This is its second year of existence. According to analysts, Coc’s developers can learn from such veteran experience and avoid the veterans’ mistakes.

To challenge Chrome’s Number 1 spot, three Vietnamese young men developed the Ec Coc application to compete with their “elder brothers” IE and Firefox.

Coc Coc was named one of the top three browsers in Vietnam in May 2013. It is presently Chrome’s most powerful competitor, and it is projected to overtake it in Vietnam.

Coc Coc can meet the demands that Vietnamese users have for modern browsers, such as accessing Facebook from any mobile network operator and downloading clips and videos from websites.

Users can download files at lightning speed with Coc Coc. Moreover, it provides various services to Vietnamese customers, including verifying Vietnamese spelling and providing the correct spelling with an accuracy rate of over 90%. In addition, Coc Coc has lately begun to assist users in answering math and chemical issues.

Analysts say that the Coc Coc team has optimized the browser to serve Vietnamese websites better. The Coc Coc browser is made for Vietnamese by Vietnamese developers.

Company overview

Legal Name

Coc Coc

Industries

Search engine

Founder(s)

Victor Lavrenko

Founded Date

2008

Total Funding Amount

USD 34M

Investors

Burda Principal Investments, Future Matters

  1. Leflair 

Leflair offers its members access to a broad range of international brands in fashion, home, and kids categories, unavailable in Vietnam. A new product is added to the platform every morning for a limited period. Shipping is handled through overseas warehouse hubs. Series A funds will upgrade the company’s warehouses, which have transitioned to a retailer model.

Taking your business to the next level in today’s crowded eCommerce market has never been more challenging. However, a startup may have already put the exact plan of proving its uniqueness, no matter how one plans to do it.

Fortunately, LeFlair is a well-known retail platform that distinguishes implementation and features. Moreover, the premise of appealing to a particular nation’s audience enabled LeFlair to obtain a funding sum of US $11.8 million.

LeFlair is a shopping portal that concentrates entirely on businesses known for their high-quality products. Nike, Adidas, Daniel Wellington, Michael Kors, and many other brands are among the featured brands on the purchasing portal.

Given LeFlair’s goal of bringing genuine and high-quality products to the Vietnamese people, the online store is suitable for anyone looking for a touch of luxury without sacrificing quality for a lower price.

People looking to invest in luxuries, according to LeFlair, are perfectionists who will only buy anything if it fits even the tiniest of their requirements. As a result, LeFlair assures that the consumer has access to a diverse range of items. As a result, LeFlair is the ideal shopping destination for anyone looking to spend their money on just the greatest things.

When shopping for luxury, consumers’ doubts regarding the product’s authenticity are always present in their minds. LeFlair recognizes the apprehension and assures customers that purchasing things are 100% authentic. LeFlair informs its clients that they have nothing to fear and that they may purchase without being concerned about the quality.

Company overview

Legal Name

Leflair 

Industries

fashion

Founder(s)

Pierre-Antoine Brun, Loïc Gautier

Founded Date

2015

Total Funding Amount

USD 13M

Investors

GS Group, Belt Road Capital Management, Capital Management Group and 5 Other Investors



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