Startups on the move in Vietnam social media market
Over the past decade, the social media market in Vietnam has been booming and shows no signs of slowing anytime soon, say representatives of Vietnam Social Media Corporation.
VSMC is one of the leaders in the social media segment of Vietnam that has successfully taken on multinational giants such as Google, Facebook, YouTube, Twitter and Microsoft.
The company, founded in 2007, is based out of the capital city of Hanoi and has a primary business strategy of catering to the younger generation of computer users with it three main products ACC, Ciao and Dore.
ACC is a social network specifically targeted for individuals with a passion for Japanese manga and animation. Ciao is a national destination directory and location searching service.
Dore is a mobile comic publishing business developed in-house and available on 3G and WiFi networks.
Another up and coming startup is NCT Corporation, which was founded in 2008 and originally named Nhaccuatui Corporation. Its first product, says company rep Nhan The Luan, was a music sharing website where customers could share their favourite music with family and friends.
In 2009, the company decided to expand business to e-commerce and nava.vn was born as the first professional B2C website in Vietnam. Nava.vn quickly became popular within the internet community and shows great promise for yet further increased future sales and earnings.
In 2010, viss.vn, an online dating service was introduced and quickly attracted internet fans. So, in just two short years the company developed three major products, experienced triple digit growth and grew to some 35 employees.
But it is without question not the end.
To win in the marketplace, you must first win in the workplace, says The Luan. For a startup, one of the most daunting challenges is recruiting top talent — the very same talent leading enterprises like Facebook and Google are trying to recruit.
Vietnam Communications Corporation is another leading startup internet company in Vietnam, with top products in online content, e-commerce, social media, ad networks and mobile value-added services.
Nguyen The Tan, general director of VC Corp, boasts it is the largest ecosystem of online and mobile services in Vietnam.
VC Corp provides its customers a wide array of online portals. Its sites include Kenh14, Afamily, GameK, Soha, CafeF, Muachung, Muare, Rongbay, Enbac, Sohaphim, Sohatv, Sannhac, Admicro.
Several of the company’s sites are in the top 100 most visited in Vietnam, says The Tan.
Since 2012, the company has sourced most of its funding from Intel Capital, Intel’s global investment and M&A organization, which invests heavily in innovative technology start-ups and companies worldwide.
Lastly, the startup VTC Technology & Digital Company, a subsidiary of Vietnam Multimedia Corporation, has officially been operating since January 2006. Its success has been largely attributable to its young creative workforce, says Director Nguyen Thanh Hung.
VTC Intecom is one of top social media companies in Vietnam with its primary strength in the digital content segment. It’s a startup on the move, says Thanh Hung, with big plans for future development in Vietnam— a market with unlimited potential.
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