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Tag: Startups

  • Bangkok named world’s best city for working remotely

    Bangkok named world’s best city for working remotely

    Bangkok, the capital city of Thailand, has been recognized as the best location globally for remote work. This ranking comes from a recent study conducted by QR Code Generator, an organization specializing in QR technology solutions. The study assessed various cities worldwide using criteria including internet speed, access to remote work visas, and overall cost of living. Each city was rated on a scale of 0 to 100.

    Bangkok led the pack with a score of 69.98. The city was lauded for its high-speed mobile internet, affordable living costs, and rich cultural offerings.

    The city’s unique blend of modern and traditional attractions, coupled with its lively street life, makes it an attractive destination for digital nomads. Not to mention, the city’s delicious food and beautiful temples add to its allure.

    Coming in second place was Bucharest, Romania, with a score of 65.62. Bucharest was praised for its easy access to remote work visas, abundant green spaces perfect for outdoor activities, and a rich arts and architecture scene.

    Rio de Janeiro, Brazil, earned the third spot with a score of 62.35. The city’s strong local purchasing power played a significant role in its high ranking.

    Buenos Aires, Argentina, secured the fourth position, being recognized as one of the most affordable cities globally when it comes to groceries and dining.

    Rounding out the top five was Beijing, China, which was appreciated for its high-speed broadband and mobile networks, ensuring reliable global connectivity for remote workers.

    Reacting to these rankings, a spokesperson from the Thai government, Sasikarn Watthanachan, shared that a new Destination Thailand Visa has been introduced. This visa aims to attract foreign nationals who wish to combine travel with remote work or participate in cultural and medical activities.

    In addition, the spokesperson highlighted that the Thai government is also making efforts to boost tourism by extending its visa-free scheme to 93 countries and territories, allowing stays of up to 60 days.

    Questions & Answers

    What criteria were used to rank the cities in the study?
    The criteria included internet speed, access to remote work visas, and overall cost of living.

    Which city topped the rankings?
    Bangkok, Thailand, topped the rankings.

    What measures is the Thai government taking to attract remote workers?
    The Thai government has introduced a new Destination Thailand Visa to attract foreigners looking to combine travel with remote work. They are also expanding a visa-free scheme to 93 countries and territories, allowing stays of up to 60 days.

  • HCMC Ranked Among Southeast Asia’s Top 5 Most Innovative Startup Ecosystems

    HCMC Ranked Among Southeast Asia’s Top 5 Most Innovative Startup Ecosystems

    Ho Chi Minh City is lighting up the entrepreneurial landscape as it secures a spot among the top five leading innovative startup ecosystems in Southeast Asia for the first time. This remarkable achievement highlights the city’s journey into becoming a powerhouse for startups and innovation.

    Rapid Rise in the Rankings

    A recent report from StartupBlink, a globally recognized benchmark for assessing startup ecosystems, reveals that Ho Chi Minh City has steadily climbed the global rankings for four straight years, particularly showing impressive growth in the Fintech sector. The city has now earned a spot in the global Top 30 for Blockchain technology, ranking second in Southeast Asia—a feat that certainly adds a dash of excitement to its entrepreneurial reputation.

    Vibrancy at Its Core

    Known as Vietnam’s most dynamic startup hub, Ho Chi Minh City is enhancing its support infrastructure, fostering creativity, and building a robust startup community. The strong backing from local authorities and a progressively improving business climate have transformed the city into a magnet for innovators and entrepreneurs alike.

    Lam Dinh Thang, Director of the municipal Department of Science and Technology, emphasized that the city’s commendable rise in the StartupBlink rankings is a testament to the collective efforts of its political framework and the innovative spirit of its startup ecosystem. According to him, Ho Chi Minh City aims to place its startup and innovation framework within the Top 100 most dynamic ecosystems globally by 2030. He pointed out that the city is concentrating on key areas such as policy, infrastructure, and human resources to achieve this ambitious goal.

    A Bright Future Ahead

    This year’s rankings not only showcase Ho Chi Minh City’s relentless drive to refine its startup environment but also offer a chance for the metropolis to realign itself within the global startup landscape. Underlining this commitment, the city plans to work with experts to develop a roadmap for advancing its innovation-driven startup ecosystem from 2025 to 2030. This strategic preparation aligns with the targets set by the Politburo, steering Ho Chi Minh City toward its goal of joining the ranks of the Top 100 most dynamic global startup ecosystems.

    Why did the startup cross the road? To get to Ho Chi Minh City, of course!

    Questions & Answers

    What factors contributed to Ho Chi Minh City’s rise in startup rankings?
    The city’s growth can be attributed to its vibrant startup community, strong support from municipal authorities, and improvements in its business environment.

    What sectors are driving Ho Chi Minh City’s startup growth?
    The Fintech sector, particularly in Blockchain technology, is at the forefront of the city’s entrepreneurial boom, propelling it into the global Top 30.

    What are Ho Chi Minh City’s goals for its startup ecosystem by 2030?
    The city aims to be among the Top 100 most dynamic global startup ecosystems by focusing on policy, infrastructure, and human resources development.

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  • Singapore-based fintech startup Tyme raises $250M

    Singapore-based fintech startup Tyme raises $250M

    Singapore fintech startup Tyme Group has secured a US$250 million investment, which it calls the “largest fintech raise this year in Southeast Asia,” giving it a valuation of $1.5 billion.

    The company received the investment from Brazil-headquartered lender Nubank and other investors, it said in a news release Tuesday

    With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia as it eyes to expand its presence in Southeast Asia.

    Tyme, backed by South African billionaire Patrice Motsepe’s African Rainbow Capital Investments, has been developing and operating digital banks since 2019.

    The company entered the Philippines in 2022 in a joint venture with a local company.

    Southeast Asia’s loan book balance is expected to reach up to $300 billion by 2030, quadrupling from an estimated $71 billion this year.

    Startup investment in Southeast Asia remains weak this year, with 474 equity deals taking place in the first three quarters, the lowest level since 2020.

  • Sri Lanka’s Growing Remote Work Ecosystem

    Sri Lanka’s Growing Remote Work Ecosystem

    The telecom sector is playing an essential role in this transition by providing the necessary infrastructure and services for remote workers to thrive. With advancements in high-speed broadband, affordable mobile data plans, and co-working spaces, the country is building a robust ecosystem for remote professionals.

    Historically, the shift began with the expansion of broadband access and investments in IT services, particularly after the country’s digital transformation strategy launched in 2017. Today, Sri Lanka boasts 61.48% internet penetration, with initiatives like “Digital Sri Lanka” enhancing connectivity even in rural regions.

    Interestingly, data from Sri Lankan job portal, XpressJobs, showed a 45% increase in remote job postings in 2023, particularly in sectors like IT, customer service, and digital marketing.

    The rise of remote work in Sri Lanka is being driven by factors such as affordability, scenic locales, and an influx of digital nomads seeking a balance between work and leisure. That being said, Sri Lanka’s proposed digital nomad visa, gingerly approved in 2021, is yet to be launched. In the meantime, digital nomads can apply for a 30-day Electronic Travel Authorization (ETA), which can be extended for 30-90, 90-180, or 180-270 days.

    Bolstering the essential connectivity needed for remote work is Sri Lanka’s telecom industry, which is, similarly, evolving rapidly, through investments in 4G LTE, fiber optics, and early explorations into 5G. Telecom operators like Sri Lanka Telecom (SLT-MOBITEL) and Dialog Axiata have introduced Fiber-to-the-Home (FTTH) services, affordable mobile data plans, and public Wi-Fi zones, ensuring widespread connectivity essential for remote work success.

    Sri Lankan telecom companies have made significant strides in enhancing remote work infrastructure through strategic partnerships and innovations. Dialog Axiata PLC, Axiata Group Berhad, and Bharti Airtel Limited recently agreed to merge their Sri Lankan operations, a move expected to strengthen the country’s telecommunications sector. This merger aims to boost network capacity, ensuring more reliable and faster connectivity for remote workers across the nation.

    Dialog Axiata has been at the forefront of innovation, launching Sri Lanka’s first eSIM service, enhancing flexibility for mobile users. Additionally, Dialog Enterprise collaborated with Microsoft and H One to introduce Operator Connect—a pioneering service that integrates directly with Microsoft Teams. This launch marks a significant step forward in providing seamless communication tools essential for remote work environments.

    Similarly, SLT-MOBITEL has embraced digital transformation to cater to the growing demands of remote work by deploying Microsoft 365 productivity and security solutions. By integrating tools like Microsoft Teams, Microsoft 365 F3, E3, and E5, SLT-MOBITEL has created a seamless and secure environment for its employees to collaborate remotely. This shift has empowered frontline workers and executives alike, allowing real-time access to essential applications and secure data protection from anywhere.

    Furthermore, SLT-MOBITEL is leading the way in 5G development, laying the groundwork for next-generation remote connectivity. Moreover, partnerships with companies like Nokia have accelerated nationwide fiber network expansion, ensuring broader access to high-speed internet. Another key development includes the groundbreaking Maldives-Sri Lanka Cable project, completed in 2020, which enhanced regional telecom infrastructure, improving international connectivity through a Wavelength Division Multiplexing (WDM) subsystem and an 863-kilometer fiber optic cable.

    Further strengthening its position, Dialog Axiata partnered with Rakuten Viber in 2021, becoming Sri Lanka’s largest A2P (Application-to-Person) messaging provider. These advancements collectively demonstrate Sri Lanka’s commitment to fostering a robust telecom ecosystem, essential for supporting the growing remote work sector. The partnership enabled more than 300 Rakuten Viber carrier partners to comfortably communicate with more than 16 million Dialog Axiata customers using the Rakuten Viber A2P bilateral service, further enhancing remote working capabilities.

    Dialog Axiata has significantly advanced rural connectivity in Sri Lanka, presenting new opportunities for remote work by deploying its 4000th LTE network tower in the Thihawa village (located within the Kurunegala District). Since March 2020, the company has invested LKR 50.9 billion (USD 255.8 million) to address rising connectivity demands, particularly during the pandemic, when mobile data traffic doubled, and fixed broadband usage tripled.

    Dialog Axiata upgraded over 2,800 4G towers and added spectrum capacity to meet these demands. By year-end, it plans to increase capacity across 75% of its sites and deploy 450 new towers in rural areas to achieve 4G coverage for 95% of Sri Lanka’s population, supporting the government’s Gamata Sanniwedanaya initiative to enhance connectivity in remote regions.

    Sri Lanka’s unique value proposition as a remote work destination is further enhanced by its diverse landscapes and affordable living costs. Sri Lanka aptly captures this phenomenon, showcasing how reliable telecom services have enabled professionals to transition from boardrooms to beaches, balancing productivity and leisure.

    Co-working spaces in cities like Colombo and Kandy now offer high-speed internet, video conferencing tools, and cloud storage, ensuring seamless collaboration for global teams. However, challenges like inconsistent connectivity in rural areas and the high cost of importing telecom equipment need to be addressed to fully harness the potential of remote work.

    In addition to infrastructure, digital literacy is key to Sri Lanka’s success in the remote work economy. As emphasized, developing skills in fields like web development, digital marketing, and graphic design is crucial for locals to tap into remote job opportunities. Telecom companies can play a pivotal role by partnering with educational institutions, creating awareness campaigns, and facilitating access to e-learning platforms. These initiatives can not only empower Sri Lankans with global opportunities but also position the country as a competitive player in the remote work market.

    Despite the progress, challenges remain, particularly in ensuring consistent connectivity across rural areas. These challenges present opportunities for targeted investments in broadband expansion and innovations such as 5G. Government collaboration with telecom operators, coupled with policies incentivizing innovation and tax breaks, can accelerate technological advancements.

    The economic benefits of remote work for Sri Lanka are immense. A strong telecom infrastructure can increase foreign exchange earnings by attracting digital nomads, create new jobs in sectors like IT and hospitality, and alleviate urban congestion by enabling professionals to work from less crowded areas. Moreover, remote work can provide resilience in times of economic uncertainty, offering diverse income opportunities for Sri Lankans. With continued investment in digital and physical infrastructure, Sri Lanka is well-positioned to emerge as a global hub for remote work.

    Looking ahead, the telecom sector will remain central to Sri Lanka’s remote work ambitions. Innovations in connectivity, such as the rollout of 5G, will enhance remote work experiences, while government policies supporting digital entrepreneurship will drive long-term growth. It was highlighted that Sri Lanka already has the elements needed to thrive in the remote work landscape, provided it continues to invest in its digital capabilities. By addressing existing challenges and leveraging its strengths, Sri Lanka can unlock new pathways to economic prosperity.

    Sri Lanka’s telecom sector is at the forefront of this transformation, enabling a new generation of workers to embrace flexibility and connectivity. From fiber-optic networks to mobile data plans, the industry is laying the foundation for a thriving remote work ecosystem. With strategic investments and skill-building initiatives, Sri Lanka can position itself as a global leader in

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  • Only 25% of Vietnamese firms have website

    Only 25% of Vietnamese firms have website

    According to the Vietnam Internet Network Information Center, only 25% of businesses in Vietnam have a website with a national domain, compared to over 70% in Europe.

    Amid a growing trend of omnichannel commerce, many retailers invest only in social media and e-commerce platforms, and do not build websites, causing many shoppers to worry about the legitimacy of the shops they encounter, thus detracting the shopping experience, VNNIC director Nguyen Hong Thang said. “Many entities are not fully aware of the importance of a legitimate online presence.”

    He said a website is like the home or headquarters of a retail store on the Internet, and could integrate and link to other sales platforms without being dependent on the policies and algorithms of social networks and e-commerce platforms.

    According to the Ministry of Information and Communications, there are 14 million grocery stores and over 9,000 traditional markets in the country, accounting for 75% of the retail market and meeting 85% of consumer needs.

    If their digital transformation is not ensured, the business activities of small traders would be affected and have social consequences, it warned.

    To encourage businesses to go digital and promote e-commerce, it has launched a program to support their online presence with digital services using the national domain “.vn.”

    The program offers free domain names and accompanying digital services for two years, including email and website services for their “.vn” domain for new businesses and individuals aged 18-23, and support for creating a website within one hour.

    The government seeks to have 350,000 id.vn domain names and 50,000 biz.vn domain names by 2025.

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  • Record number of new firms seen in eight months

    Record number of new firms seen in eight months

    A record number of 103,658 new firms were established in the first eight months of this year, a rise of 2.3% year on year, the Ministry of Planning and Investment (MPI) reported.

    In August alone, the country saw more than 14,000 newly established businesses, up 17.9% year on year. However, the number of firms returning to the market in the month dropped 3.1% year on year and 10.9% month on month.

    In the January-August period, 149,400 enterprises newly joined and returned to the market, a slight drop of 0.03% year on year, but 1.2 times higher than the average figure recorded in the period from 2018-2022, the ministry said.

    The education sector saw the highest rise in the number of new firms at 35%, followed by the healthcare sector at 18.9%, and employment services, tourism, machinery and equipment rental and other supporting services 16.3%.

    However, the total registered capital of the newly established firms fell 14.7% year on year to VND969.61 trillion (over $40.2 billion).

    Meanwhile, in the reviewed period, 124,684 businesses withdrew from the market, up 19.5% year on year, including 71,833 businesses halting operations, 41,064 logging dissolving requests and 11,787 others dissolved.

    In order to support business development, Deputy Minister of MPI Tran Quoc Phuong said that along with applying flexible, active and effective monetary and fiscal policies and measures to remove difficulties for business and production activities, the ministry will propose adjustments and supplementations to some relevant mechanisms and policies.

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  • Education startup TEKY raises $5M from foreign investors

    Education startup TEKY raises $5M from foreign investors

    Education startup TEKY Alpha has raised US$5 million from Singaporean investment firm Sweef Capital to expand its operations.

    TEKY plans to expand its educational services at public schools and after-school programmes for children aged five to 18, Sweef Capital said in a statement.

    The startup, founded by Dao Lan Huong in 2016, delivers science, technology, engineering, the arts and mathematics (STEAM) education.

    It operates 16 STEAM coaching academies in five cities and partners with more than 45 schools to deliver STEAM courses to more than 25,000 children.

    “I’m excited about our expansion plan to open more STEAM centers across the country in the next two years and the prospects of a partnership with public schools to integrate the STEAM curriculum and increase accessibility,” Huong said.

    The International Labour Organization has forecast that 137 million workers in Southeast Asia, or a fifth of the region’s population, will lose their jobs because of automation, robots and artificial intelligence in the next two decades.

    Workers around the world are likely to need to switch jobs and learn new skills, but many of the new jobs created by 2030 by technology would not have existed before.

    Vietnamese education must keep pace with these big shifts so that the future workforce could seize the opportunities of the industry 4.0 era, Huong said.

    This is Sweef Capital’s first investment from its Southeast Asia Women’s Economic Empowerment Fund.

    Existing investor Hong Kong-based Strategic Year Holdings also participated in the round.

  • Vietnam edtech startup receives $15M investment

    Vietnam edtech startup receives $15M investment

    MindX, a startup that offers training in technology and programming, has received a US$15 million investment from a group of international funds in the Series B round.

    The funding round was led by Singaporean fund Kaizenvest, which has invested in many famous startups in the field of education technology (edtech), including unicorns Byju’s and upGrad in India, and Yola English Center in Vietnam.

    The other participating investors are Thai education group Aksorn, Japanese human resources group Mynavi, and venture capital funds like Wavemaker Partners and Beacon Fund.

    MindX, founded in 2015 in Hanoi, specializes in technology training for people of various age groups. It has centers in many cities, and also provides training online.

    In November 2021 it had raised $3 million in a Series A round.

    Sandeep Aneja, the founder of Kaizenvest, said the demand for learning technology in Vietnam and Southeast Asia is increasing.

    “This investment is commensurate with the market potential and our belief in today’s growing demand for technology learning.”

    Nguyen Thanh Tung, MindX’s co-founder, and CEO, said being equipped with skills and critical thinking to apply new tools and technologies is the way for Vietnam to have a pioneering generation of innovation, considering how technology is constantly evolving today.

    With the new funding, the company plans to expand its scale and portfolio of products and services and optimize the user experience and data systems.

    MindX is also partnering with more than 200 firms in countries like Singapore, Australia, and Thailand, allowing the world to access Vietnam’s highly skilled digital workforce.

    The $15 million represents one of the largest amounts raised by edtech in Vietnam this year.

    According to the e-Conomy report by Google and Bain&Company, investments for startup projects in Vietnam went down to $0.7 billion in the first half of 2022.

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  • Investment in Vietnamese startups down 56%

    Investment in Vietnamese startups down 56%

    Investment in Vietnamese startups reached $634 million in 2022, down 56% over the previous year due to the impact of global economic fluctuations.

    This investment was directed to startups through 134 deals, according to the Vietnam Innovation and Technology Investment 2023 Report, published Thursday by Do Ventures, a venture fund, and the National Innovation Center (NIC).

    Vietnam ranked third in the number of deals and fourth in investment in Southeast Asia last year, the report said.

    “The investment decreased due to the absence of big deals,” said Le Hoang Uyen Vy, managing director of Do Ventures.

    By sector, financial services attracted the most investment, increasing 248%. Retail was the second, despite its capital decreasing by 57%, followed by health and education.

    Vietnamese funds led the way in capital inflows for the first time, with a total of $287 million, followed by investors from Singapore, North America and South Korea. “Amid difficult circumstances, domestic investors are the ones fueling startups,” Vy said.

    Regarding the 2023 outlook, nearly 100% of surveyed investors said they would at least keep the current level of investment, according to the report. In the medium term, Vietnam’s startup ecosystem is still very attractive.

    At the “Vietnam Innovation Forum” on Thursday, Nguyen Anh Quang, senior investment director of SK – a South Korean fund that has invested $2 billion into Vietnam – is interested in consumer and healthcare projects.

    South Korea’s STIC Investment, which has invested $300 million in Vietnam, is interested in startups in the fields of logistics, e-commerce, and healthcare.

    Tran Duy Dong, Deputy Minister of Planning and Investment, said Vietnam’s startup ecosystem still has some areas it needs to improve, such as having few unicorns, startups valued at $1 billion upwards, venture capital funds, and big deals.

     

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  • Foreign startups eye Vietnam’s young population

    Foreign startups eye Vietnam’s young population

    Foreign startups are eyeing Vietnam as one of their main markets thanks to the country’s large and young population, low costs and cheap and abundant labor force abundant.

    Vietnam has been among the top markets in terms of revenue for Singapore’s insurance startup Igloo ever since the company was launched in 2021.

    “Vietnam is becoming one of our key markets,” Nguyen Huu Tu Tri, CEO of Igloo Vietnam. “The country’s insurance industry is set to reach $3.5 billion in 2026, but only 2-3% of that goes to tech insurance,” he said, adding that this means there is a large room for tech insurance growth.

    In its two years of operation, Igloo has sold 13 million insurance policies in Vietnam,10 million in last year alone. The target customers are people with low incomes who are not yet insured.

    The company also chose Vietnam as a site to launch its first insurance policy aimed at protecting rice farmers using weather data and blockchain.

    Igloo hopes to become the top insurtech company in Vietnam.

    For India’s car rental startup Zoomcar, the market in Vietnam is promising as the country has a population of nearly 100 million people and a growing demand for cars.

    Zoomcar connects unused car owners with renters and has recorded over 100,000 registered users, including 3,000 car owners.

    “We are approaching the breakeven point on each trip and expect to grow 200%-300% this year,” said Kiet Pham, national manager of Zoomcar Vietnam.

    Vietnam’s advantage lies in its young and tech-savvy population and its rising middle-class, the two startup leaders said.

    Tri said that after the Covid-19 pandemic people are starting to be more interested in insurance products, with a surge in the number of those who are ready to make purchases.

    Zoomcar sees a large demand for car usage in Vietnam. However, the company says that the cost of owning a vehicle is high, which means there will be a large demand for rental services.

    Vietnam’s car rental market is set to reach $884 million by 2027 with a compound annual growth rate of nearly 14%, according to market researcher Mordor Intelligence.

    “Vietnam is the fastest growing market for Zoomcar in Southeast Asia,” Kiet Pham said.

    The number of start-ups from Singapore venturing overseas through Enterprise Singapore’s Global Innovation Alliance (GIA) acceleration programs has ballooned to more than 400 in less than five years. And one of the more popular destinations is Vietnam, with its large workforce, lower labor costs and sizable market.

    From 2020 to 2022, nearly $2 billion has been poured into startups, according to the Ministry of Planning and Investment.

    The Vietnam Silicon Valley Capital Investment Fund, a partner of Lotte Ventures and Korean government agency KISED, last year introduced 14 excellent Korean startups, which plan to bring new products to Vietnam.

    Hong Sun, vice president of the Korean Chamber of Commerce and Industry, said that Korean startups tend to invest in Vietnam after they see many successful companies in the market. He also forecast that many new startups will come to Vietnam in the near future.

    Last year, a report by the World Intellectual Property Organization (WIPO) said that Vietnam ranked 48th out of 132 countries and territories in achieving the greatest progress in the past decade.

    Although Vietnam has fallen four places compared to 2021, it is still in the third position in Southeast Asia, after Singapore and Thailand. Vietnam is also ranked 54th in the global innovative startup ecosystem, up five places compared to 2021

    But startup insiders have found many challenges, especially in changing user attitudes.

    The technology insurance industry, people’s confidence in insurance in general is low and therefore people are not willing to pay for it.

    Furthermore, the lack of high-quality human resources in the technology sector will make it a struggle for Vietnam to meet the development needs of foreign startups.

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  • Vietnamese delivery app on the brink of turning profitable

    Vietnamese delivery app on the brink of turning profitable

    Delivery startup Loship is confident it will make profits this year, something most of its competitors have yet to achieve.

    Nguyen Hoang Trung, CEO of one of only two delivery startups in Vietnam said that Loship suffers “very little” loss.

    Last year its revenues increased by 500% thanks to business optimization with 250,000 locations and more than five million customers.

    It expects to turn profitable this year.

    Losing money is the norm in the food delivery and ride-hailing industry.

    As of 2021, Grab Vietnam had chalked up cumulative losses of VND4.365 trillion (US$186 million). Gojek is also VND4 trillion in the red.

    Both incur huge selling expenses running ino trillions of dong.

    Trung said all other apps are also affected by Regarding the increase in gasoline price, this but “honestly not too much”. When the Russia-Ukraine war took place, it was a nightmare in the beginning. But so far, the gas price has not changed too much and it’s even cheaper than at the beginning of the crisis. It shows that gas price will continue to increase and then decrease. In the short term, this affects the income of shippers, but not in the long term.

    He said gasoline price increases have a knock-on effect on all prices, including restaurants’. But when they go down, other prices do not follow suit and remain high, and this causes people to gradually stop ordering food, which affects shippers, he said.

    Over time many shippers decide to stop working for apps, as is happening in places like China, Europe, the U.S., and India.

    In 2021 and 2022 Loship spent a lot of money on acquiring new customers, and so marketing costs accounted for over 60% of its expenses. This led to some differences of Loship from others in the market that weren’t “properly recognized” by the customers. One of these differences is that Loship offers free delivery within a certain distance.

    Trung and his team wondered if Loship would be any different from its competitors if they continued to do this. Existing users are still Loship users but they can also be using other apps. Realizing the problem, Loship began to cut its promotions, reducing costs.

    Trung explained: “No matter how big you are, there is always a limit. Money doesn’t fall from the sky.

    “Each company has a long-term strategy for the amount of money it has. The better their strategy, the more money in in their account. Then, even during difficult times they can afford to be generous to their customers.”

    To achieve the goal of breaking even this year Loship is prioritizing cash flows. Last year the company cut 50% of its payroll. Besides, from the second quarter all marketing activities essential ones were frozen.

    Trung thinks the reason Loship is approaching breakeven is that it has found the balance between customers, shippers and restaurant partners, something he admitted was not easy to achieve. Any increase in price could drive customers into the arms of another platform, and any cut in payments to shippers could cause them to take out their frustration on customers, he pointed out.

    In the next three years food delivery and supermarkets would still be the markets that have great competition. Apps would also offer additional services like their own e-wallets to increase convenience for users, he said.

    But he made it clear Loship has no intention of entering the fintech industry since that would require a big investment. Instead, they want to exploit the number of restaurant partners for raw materials supply.

    A recent report by iPOS, a platform that provides sales, operations, and human resource solutions for more than 100,000 restaurants and coffee shops, shows that the food delivery market in Vietnam grew three-fold since the Covid outbreak to VND29.9 trillion last year.

    More than 12 million people ordered food delivery through online platforms, with the number growing annually at 17.5%.

    But the market is dominated by foreign enterprises with 58% of consumers choosing to order on ShopeeFood. It was followed by GrabFood, Baemin and Gojek.

    The only two homegrown players in the market, Loship and beFood, accounted for around 7%. The market still has a lot of room for competition when most of the big applications on the market recorded a reduction in percentage of users.

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  • Deliveroo Partners with “A Plastic Ocean Foundation” to Tackle Environmental Pollution in Hong Kong

    Deliveroo Partners with “A Plastic Ocean Foundation” to Tackle Environmental Pollution in Hong Kong

    Deliveroo today announces its partnership with A Plastic Ocean Foundation (APOF), a local charitable organisation dedicated to stopping plastic pollution and initiating ocean recovery from human impacts, to safeguard and preserve Hong Kong’s precious wetland region, Ha Pak Lai, from plastic pollution and soil erosion through beach clean-ups and planting local bamboo trees. The company has committed to a series of clean-up operations in the wetland from this month through the end of 2023 as part of APOF’s #OneTonneLess programme.

    Rallying the Deliveroo Community for Coastal Cleanups

    As one of Hong Kong’s richest biodiverse areas, Ha Pak Lai is home to many rare species. The commitment from Deliveroo will see over 250 of the company’s staff, riders, and their families participating in beach clean-ups at Ha Pak Lai to protect the beachfront from plastic waste. As a result, at least one tonne of ocean garbage is projected to be collected by the end of 2023. The initiative also strives to raise public awareness of environmental preservation while teaching the next generation about the necessity of sustainability.

    Protecting Hong Kong’s Endangered Species from Habitat Destruction

    As Ha Pak Lai is one of the most important habitats for horseshoe crabs, an endangered species under the IUCN Red List of Endangered Species in Hong Kong, it is crucial to prevent habitat destruction. In recent years, onshore human activities have created water pollution and soil contamination, accounting for up to 70% of the loss of young horseshoe crabs. In addition, abandoned farm activities cause severe soil erosion, which washes contaminated soil into streams and the sea. Deliveroo intends to help to restore the ecosystem at Ha Pak Lai by planting new bamboo plants and using the plant’s characteristics. With fresh bamboo grown under this initiative, over 2,500kg of CO2 will be absorbed by the bamboo stems. Additionally, the initiative will see that elemental pollutants are eliminated by phytoremediation, and prevent habitat loss as the new bamboo plants will establish a natural barrier to prevent land-based plastic garbage from being washed into the sea by rainwater and wind.

    Andrew Hui, General Manager of Deliveroo Hong Kong, said, “Deliveroo is committed to being a part of the communities by taking steps to drive sustainability. With this collaboration initiative, we hope to stimulate and accelerate new eco-friendly behaviours that will contribute to long-term, sustainable change across generations. We believe that the solution to climate change is a communal effort, and so we’re excited to collaborate with APOF to take another step toward environmental preservation by contributing to ocean conservation, repairing the local ecology, and developing sustainable economies that benefit everyone. In addition, we’re excited to work with like-minded riders and their families to promote environmental conservation, resulting in a cleaner, more sustainable environment for everybody.”

    Willy Kwong, Director of A Plastic Ocean Foundation, said, “We’re delighted to have Deliveroo come on board and join us for this important initiative. Hong Kong lies on the eastern edge of the Pearl River Estuary surrounded by the South China Sea, the healthiness of the sea has a direct impact on everyone’s living quality. We are obligated to do everything we can to protect and preserve it for the wildlife that calls it home, and of course, for the people of the city too. Together we aim to collect over one tonne of pollutants, and I am confident that with more companies like Deliveroo by our side, we can achieve our goal in creating a necessary momentum in advancing towards a healthier, more beautiful and sustainable ocean.”

    Mr Tsui, a Deliveroo Rider who attended the session with his wife and son, said,“I’m grateful to be a part of this important endeavour alongside my family. Giving back to the environment that makes Hong Kong such a wonderful place to live is always a satisfying feeling for me, because I firmly believe that we can all make a difference, no matter how small our efforts appear to be. Today, all three of us learned a lot, and thanks to Deliveroo and A Plastic Ocean Foundation, our family understands the importance of environmental protection. I look forward to taking part in future sustainability-driven Deliveroo programmes with my family and giving back to our city’s beaches and trails, and after today, I wouldn’t hesitate to recommend these initiatives to my   rider peers as well!”

    The partnership with APOF comes as Deliveroo pledged in 2020 to make imperative sustainable development goals. In early March, Deliveroo announced a major sustainability partnership programme with zero-waste packaging company, Sustainabl., which enables Deliveroo’s restaurant partners to adopt sustainable food containers at an affordable price under Deliveroo’s HK$2 million restaurant subsidy scheme. This programme aims to incentivise restaurant partners to go green in their delivery operations. The latest CSR effort with APOF, is among the many unique initiatives created by Deliveroo to support the community. Last year, two impactful initiatives were run to create compostable, eco-friendly food wrap packing for World Food Day with Cali-Mex, offering collection sites for Hong Kongers to drop off their mooncake boxes to be recycled – which saw over 500kg of packaging donated. The company has also launched cutlery opt-out globally since 2018.

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  • Missfresh summonsed by Beijing consumer rights group after complaints

    Missfresh summonsed by Beijing consumer rights group after complaints

    A Beijing consumer rights group said on Tuesday it had asked Missfresh to work on plans to refund its customers and explain how it will rectify its business after receiving a number of complaints, adding to pressures facing the Tencent Holdings and Tiger Global-backed grocery startup.

    The government-backed Beijing Consumer Association said in a statement on its website on Tuesday that a large number of Missfresh customers had complained about the platform’s “abnormal operations”.

    Missfresh did not immediately respond to a request for comment.

    The grocery delivery firm’s troubles come as China’s tech sector grapples with slowing growth amid COVID-19 lockdowns and tightening regulatory oversight.

    The company pioneered one-hour fresh food delivery services in China, a model that is extremely popular with consumers but is labour and capital intensive. It listed on the Nasdaq in June last year, raising $273 million.

    However, the company’s stock has lost 98% of its valuation since and in late July local media reported that it had abruptly laid off hundreds of employees and had not paid salaries, triggering labour arbitration complaints.

    Missfresh has cancelled its one-hour delivery service, changing it to a next-day model, and told local media that it had conducted layoffs due to business restructuring.

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  • 7 days left to register for Startup Viet 2022

    7 days left to register for Startup Viet 2022

    Startup Viet 2022, an annual event hosted by VnExpress to promote entrepreneurship, closes registration in seven days.

    The sixth edition of the competition, themed “the New Era of Innovation,” has received dozens of registrations since it opened June 13.

    The startups are from various sectors including e-commerce, logistics, fashion, manufacturing, agriculture, customer service, business management and software development.

    The contestants will be evaluated based on revenue growth, organization, sustainability and international prospects by startup experts, investors, venture fund representatives and other successful businesspeople.

    To register, click the link below:

    Startup Viet 2022 Registration

  • Financial startup Anfin raises $4.8 mln

    Financial startup Anfin raises $4.8 mln

    Financial startup Anfin, which seeks to make stock investment easy for any user, has raised funding of $4.8 million in a Pre-Series A round from a consortium of investors.

    It was led by angel investor Clement Benoit and U.S.-based startup accelerator Y Combinator. The money will be used to improve its app by building a social network in it so users can share their investment knowledge.

    Anfin was launched in October last year and has raised around $7 million to date.

    Its app allows users to invest as little as VND10,000.

    Its CEO, Phuoc Tran, said the app has over 100,000 active accounts with a total transaction value of $10 million.

    Benoit said creating a product that serves many groups of people in society is the right move in a big market such as Asia.

    He hoped the company would branch out to other countries and succeed in its social investing business model.

    Interest in stocks remains sky-high in Vietnam, with 476,300 new accounts opened in May, a new record.

    Phuoc said despite the volatility in the market, stocks remain an asset class with great prospects.

    Data from investment fund Dragon Capital Vietnam shows that in the last five years, stocks have given investors an average return of 16 percent a year, higher than real estate, bonds or gold.