Founder Spotlight: Nhat Nguyen, Co-Founder of Otrafy

Network News: Marvell, Golden Gate Ventures, SoftBank Ventures Asia, VinaCapital Ventures

Funding: Kamereo, Alterno, Tepbac, CNV

Vietnam Tech and Startup Environment: FDI, Hi Tech Manufacturing, and More

Vietnam Film and Music Industry News: Film Festivals, Awards, International Success, and More

Vietnam has more public libraries than every other Southeast Asian country combined Vietnam has the highest density of electric vehicle (EV) charging stations in the world Vietnam is the second largest exporting nation in Southeast Asia, after Singapore

Nhat Nguyen, Co-Founder of Otrafy

According to Nhat and his co-founders, Otrafy’s vision is to be the source of truth for real-time food history and safety information by building the data infrastructure to enable the transaction of products between different parties and jurisdictions. They aim to make managing documents easier, make tracing origins effortless, and make life simpler for their customers. This aspiration appeared compatible with the investment strategy of many VCs, making it easier for Otrafy to get their foot in the door and give them a bargaining chip when it came to negotiating the valuation of the startup.

To date, Nhat has orchestrated the design and implementation of an Agile framework at Otrafy, adeptly scaling the company from a 3-person startup to a robust 40-member team, geographically distributed across 3 different continents (US, Vietnam and Brazil) while hiring, training, and leading many of them himself. Since the beginning, he has owned and executed Otrafy products strategy. Most notably, he decided to pivot Otrafy’s technology from blockchain to AI in 2019, significantly broadening their customer base and achieving product-market fit. This involved sunsetting existing products and rehiring of the engineering. Impressively, he also spearheaded the customer discovery process with 30 food manufacturers in the Midwest region within a month. With such dedication and hard work, it is no wonder he was able to raise $1 million pre-seed from angels and another $2 million of seed funding from VCs.

Personally, Nhat’s hobbies include soccer, bouldering and board games. His ultimate goal in life and business is to innovate within the space industry by developing products that address significant challenges through advanced technologies. His personal and business philosophy centers around continuous learning and improvement, both in technology and team dynamics. I basically encourage everyone to adapt a growth mindset. He also recently took on the role at the Space Generation Advisory Council as the National Point of Contact for Vietnam, so anyone interested in doing more to help grow the space industry in Vietnam should feel free to talk to him.

Join us to learn how Nhat raised $1 million pre-seed from angels and another $2 million of seed funding from VCs.

You are invited to a Zoom webinar. When: Apr 25, 2024 02:00 PM Vietnam

Topic: Founder Spotlight: Nhat Nguyen , Raising Seed Funding and VC Valuation

Please click the link below to join the webinar:

https://us06web.zoom.us/j/88425270195?pwd=mF9Kk3hhsONzN5GhartgtdsMWw0HZw.SwBbqRwiCKivBorR

Passcode: 303832

UPDATES

Marvell

Marvell has seen a large boost in value this year, rising about 73%. Why? Signs point to the AI chip craze. Marvell’s expertise is not in GPUs. Although the company develops and sells a diverse set of products, its specialty is in Digital Signal Processing (DSP) and Application Specific Integrated Circuits (ASICs). Marvell works with a partner, like Amazon’s AWS, to design and develop a bespoke chip to solve a unique problem. Marvell recently hosted its Accelerated Infrastructure for the AI Era Event in New York City. The event featured presentations and a Q&A session with the senior leadership team, including CEO, Matthew Murphy. Much of the event was dedicated to explaining new technologies that Marvell has developed – or is just on the horizon – that will allow the company to better position itself in the AI arms race. As AI technology continues to become more powerful, the hardware driving it becomes more complex. Companies, even mega-caps like Microsoft or Google (Alphabet Inc), often struggle to develop solutions in-house and partnering with Marvell and creating custom ASIC solutions becomes more attractive, even necessary, as the arms race grows. The leadership team also focused on the company’s DSP business and its position as market leader. The technology was, as recently as last year, thought of as starting to become obsolete in the AI space. That sentiment has reversed and they are now expected to continue to play a central role.

Golden Gate Ventures

Golden Gate Ventures, a Singapore-based venture capital fund, has on Wednesday announced the appointment of Partner Angela Toy as its Chief Operating Officer (COO). This newly created position reflects Golden Gate Ventures’ commitment to robust expansion and strategic leadership in startup ecosystems as the firm continues to experience swift growth, with presence now across Southeast Asia, Middle East and North America, Golden Gate Ventures said in a statement. In her role as COO, Angela Toy, who is also Partner for Portfolio Growth at Golden Gate Ventures, will play a pivotal role in driving operational excellence, supporting the firm’s expansion initiatives, and fortifying its corporate structure. It is noted that Toy brings to this position a decade of unparalleled dedication and strategic leadership, having been an integral part of Golden Gate Ventures since its inception in 2011, where she served as employee number two. She, who celebrates her 10th anniversary with the firm today, made Partner in mid-2021, assuming a key role in spearheading portfolio growth.

SoftBank Ventures Asia

Style Theory, a platform for renting designer apparel in Indonesia and Singapore, announced today it has raised $15 million in Series B funding. The startup says this is the first closing of the round. It was led by SoftBank Ventures Asia, the early-stage venture arm of SoftBank Group, with participation from other investors, including Alpha JWC Ventures and the Paradise Group. Both SoftBank Ventures Asia and Alpha JWC Ventures are returning investors, having previously participated in Style Theory’s Series A. Founded in 2016 by Raena Lim and Chris Halim to counteract the waste created by fast fashion, Style Theory currently has more than 50,000 pieces of clothing and 2,000 designer bags in its inventory. In addition to its app, the company opened a flagship store on Orchard Road in Singapore last month. On average, Style Theory’s subscribers rent up to 20 pieces of clothing and two designer bags a month and it has delivered more than one million items since launching, its founders say. In a press release, SoftBank Ventures Asia senior partner Sean Lee said, “Fashion has emerged as one of the last frontiers of the sharing economy, and with an attractive business model, Style Theory has proven that the company can change the way people consume fashion in Southeast Asia. I am excited to support Style Theory’s expansion across the region as well as continuous disruption.”

VinaCapital Ventures

VinaCapital Ventures, the technology investment vehicle of VinaCapital Group, has announced its investment in Quickom, a Vietnam-based video conferencing communication provider with proprietary and US-patented technology. It is leading the current 1.5 million USD seed funding round. Quickom was founded in 2021 by Dr. William H. Nguyen, a Vietnamese technology pioneer and serial entrepreneur with a history of successful ventures in communication technology, education, computer network and data security, serving tens of millions of users worldwide. Hoang Duc Trung, Partner at VinaCapital Ventures, said: “Vietnam is quickly closing the gap in terms of technological advancement and the digital transformation of the economy is well underway. Quickom is a perfect example of one of the startups leading the way. Its solutions are innovative and advanced, addressing important current issues such as cyber security and data privacy as well as future cyberspace threats. We are thrilled to be one of Quickom’s early investors and are excited to see where they take the business”

Kamereo

KAMEREO, Vietnam’s pioneering B2B food sourcing platform, is set to transform the country’s culinary landscape following a substantial investment of $2.1 million in pre-Series B funding. Since its inception in 2019, the company has experienced a remarkable average annual sales growth rate of over 300%, solidifying its position as a key player in Vietnam’s food supply B2B ecommerce sector. The recent funding round, co-led by Reazon Holdings, Inc., Quest Ventures, and Thoru Yamamoto, CEO of FOODISON, marks a significant milestone for the company, bringing its total funding to $7.2 million.

Alterno

Vietnamese battery startup Alternō has successfully secured over $1.5 million in an oversubscribed round co-led by leading impact and venture capital funds The Radical Fund (Singapore) and Touchstone Partners (Vietnam). Alternō said in a statement on Tuesday that the round also saw participation from Antler (Vietnam), Impact Square (Korea), and Glocalink (Singapore) along with grants from international organizations, surpassing its initial seed funding target. Alternō is a firm that provides an innovative thermal energy storage solution utilizing sand battery technology tailored for agricultural applications across drying, warming, or heating needs. This patented technology comprises insulated sand with custom heat-conducting tubes.

Tepbac

In Vietnam, one startup is looking to emulate eFishery’s success. Tepbac – which serves 5,000 shrimp farmers in three southern provinces Long An, Ca Mau, and Bac Lieu – is seeking US$10 million to US$20 million in funding to scale its business. CEO and founder Duy Phong Tran, whose family has been shrimp farmers for over 25 years in Bac Lieu, established Tepbac in 2012. Initially, it was just an informational website where farmers can get advice about sustainable shrimp farming practices and technology applications. Tran stated that Tepbac’s revenue in 2023 reached approximately 10 billion dong (US$395,500). The startup offers its IoT device package at around US$2,770 and a Farmnext subscription of US$82 per year.

CNV

CNV, a Vietnamese cloud-based business and marketing solutions provider, has secured US$1 million in seed funding from US- and Singapore-headquartered VC firm Wavemaker Partners. Last week, CNV said its latest funding comes after the company’s “stellar performance” in 2022 and 2023. The company particularly highlighted 2023 as an important milestone in its development for the launch of its Zalo mini apps – which created an app-in-app experience that enabled businesses to acquire users at lower costs and engage them in a “deeper and more seamless manner.” CNV counts multinational corporations, SMEs, and government agencies among its 20,000 customers.

“Vietnam’s trade ministry said on Thursday that automaker Chery had signed a joint venture agreement with a local company to set up an $800 million plant, becoming the first Chinese electric vehicle maker to set up a facility in Vietnam. The manufacturing plant, which will be jointly established by Chery’s Omoda&Jaecoo unit and Vietnamese company Geleximco, will be in the costal province of Thai Binh, the ministry said in a statement following a signing ceremony.”

“U.S.-based Warburg Pincus, a leading global growth investor, announced on Monday its investment in Ho Chi Minh City-based Xuyen A (Trans-Asia), a major private general hospital group. The investment size has yet to be revealed but Warburg Pincus said it is currently the largest global private equity investor in Vietnam. The firm’s investment in Xuyen A, with its full English name being Trans-Asia Hospital Investment Joint Stock Company, underscores its focus on Vietnam’s rapidly emerging healthcare sector, Warburg Pincus said on its website on Monday.”

“Japan’s Meiko Electronics Co. Ltd. has turned the first sod at an electronic printed circuit board (PCB) factory in Hoa Binh Province with a total investment of US$200 million, the fifth of its kind established by the company in Vietnam. The firm conducted a broundbreaking ceremony for the PCB factory in Bo Trai Song Da Industrial Park in the namesake city of the province on Saturday, in the presence of Vietnamese Prime Minister Pham Minh Chinh, Meiko Electronics director and executive vice-president Atsushi Sakate, and other participants.

Covering an area of 9.2 hectares, the factory will be built at an estimated cost of VND4.66 trillion ($200 million), according to Meiko.”

“Prime Minister Pham Minh Chinh on Tuesday requested Apple CEO Tim Cook to make Vietnam the company’s manufacturing hub for its global markets. Chinh told Cook at the Government Office in Hanoi that he appreciated Apple’s expansion in Vietnam in recent years which created 200,000 jobs. He urged the company to support Vietnam in green production manufacturing and clean energy production, while also developing a highskilled labor force to establish the country as its manufacturing hub. The PM promised to establish a task force to support Apple’s operations in Vietnam. Cook said that he was having a “wonderful” trip in Vietnam where he had met with many local developers. He added that he wanted to increase partnership and high-quality investment in the country.”

“Growing up, I wasn’t very aware of Vietnam. I never saw tourism ads for the country, at least not in the same way I did for places like Malaysia and India (Malaysia Truly Asia and Incredible India, anyone?). Vietnamese food also wasn’t as popular or easy to find in the malls I frequented. Now, that’s all changed. Vietnam’s come up on the global stage on all fronts, and its startup scene in particular is in the limelight. Some investors are seeing it as the third major startup market in Southeast Asia, after Singapore and Indonesia.”

“The military-run telecom service provider Viettel on April 10 inaugurated its data centre in Hoa Lac Hi-tech Park in Hanoi – one of the largest data centres in Vietnam so far. The new centre has racks with a capacity of three times higher than the average in Vietnam. It meets the development trend of artificial intelligence (AI) with high-performance computer chips to increase computing ability ”

“During a 15-minute meeting the two discussed the Vietnamese music scene and the singer’s career trajectory. Suboi played her song, which highlights the societal pressures faced by Vietnamese women to conform. Cook, after listening to the song on Apple headphones, exclaimed it was “so great” and that he absolutely loved it. Suboi, who lives in HCMC, made her way to Hanoi on Sunday following an invitation from Apple. She believed it would be a standard company gathering and was surprised to learn Cook would be attending. She did not do much preparation since she preferred their interaction to unfold naturally, she said.

The meeting was held in a Hanoi studio, where Viet Max, a pioneering Vietnamese hip-hop artist, welcomed Cook and introduced him to local talent.”

“Over 200 Vietnamese and foreign filmmakers, visitors, and artists have gathered at the first ever HCM City International Film Festival 2024 (HIFF 2024), which runs from April 6-13. The event will give awards to outstanding Vietnamese and foreign movies, host multiple relevant activities, and promote the film industry. There are three main competition categories, including Southeast Asian, debut and short films, with relevant awards such as Golden Star for the best Southeast Asian film, Best Emerging Director, Best short film, and HCM City film. There are also personal awards for directors, actors, actresses, cinematographers, editors, and visual effects.

The festival has received over 400 entries, 56 film projects for Chợ dự án (Project Market) and 87 scripts for Vườn ươm kịch bản Việt (VietScript Lab).”

“This is the first time a Vietnamese film has obtained the highest award at an Asian Film Festival in Italy. Vietnamese Ambassador to Italy Duong Hai Hung described this award as a great honour for the entire crew and thanked them for helping affirm the development of Vietnam’s cinematography in the international arena. The film is about a journey of a young man tasked with delivering his sister-in-law’s body to their countryside hometown after a tragic motorcycle accident. Amidst the mystical landscapes of rural Vietnam, he begins a search for his older brother, who vanished years ago. The Asian Film Festival in Italy features new and the best works from East Asia. It is also an occasion for guests, including directors, actors/actresses, and producers, from different countries to meet Italian producers and distributors to seek cooperation chances.”

“The Vietnamese music scene is getting a serious boost, and guess who’s leading the charge? Yep, it’s our talented female artists! From catchy pop hits to fiery rap verses, these ladies are shaking things up and leaving their mark. But it’s not just about the music—it’s about their drive, talent, and determination to succeed. And here’s the best part: they’re not just making waves locally; they’re putting Vietnam on the global stage. Keep an eye out for the latest sensation. She is not just gaining international recognition; she is proudly embracing her Vietnamese roots!”

“In the music video, viewers can enjoy the skilled sounds of the saxophone played to a familiar tune by Kenny G while being treated to visuals of culturally and historically significant locations in Hanoi and throughout the country, including Long Bien bridge at dawn, Hoan Kiem lake on the year-end days, the Imperial Citadel of Thang Long and the Temple of Literature. Speaking at the event, Editor-in-Chief of the Nhan Dan Newspaper Le Quoc Minh said this was the first time the newspaper has engaged in popularising Vietnamese tourism.”

Full List Coming Soon To https://www.savvicode.com/

Full List Coming Soon To https://www.savvicode.com/

Founder Spotlight: Ryvid Founders

Network News: Infina, JK Technologies, Gaw Capital Partners, Jungle Ventures

Funding: NativeX, BlokID, 1Long, Quickom

Vietnam Tech and Startup Environment: Foreign Acquisitions, Investments, Governmental Decrees, and More

Vietnam Film and Music Industry News: Industry Growth, The Most Popular Vietnamese Film of All Time, Trends, Culture, and More

Within 10 years, Vietnam’s stock exchange will be among the world’s top 20 largest Within 5 years, Vietnam will be in the top 10 largest exporters of goods to Australia Vietnamese agricultural exports are among the fastest growing in the world

Founders of Ryvid

Founded by enthusiasts, engineered by innovators, and designed by aerospace industry gearheads, Ryvid was formed by a desire to change the way the world lives, works, and plays through the use of efficient light electric vehicles. At the heart of the company lies four fundamental pillars that define its essence: the unwavering commitment to accessibility, the deep-rooted sense of community, the relentless pursuit of innovation, and the steadfast dedication to sustainability.

Ryvid has recently received a $20 million grant from the California state government, where its products are designed and assembled, with headquarters in Hawaiian Gardens and production in San Bernardino.

Founder and CEO, Dong Tran, is a transportation designer, avid motorcyclist, and gearhead with a passion for innovation and advanced engineering/manufacturing techniques. After graduating with honors from Detroit’s College for Creative Studies, he worked at General Motors, BMW DesignWorks USA, and Toyota’s Tokyo-based Design Laboratory, followed by Honda R&D where he focused on the Civic, NSX, and a Honda EV. Tran expanded into aerospace at ICON Aircraft, where he served as lead designer on the award-winning A5 amphibious aircraft, followed by a design head position at a stealth EVTOL start-up through his design consulting company. Tran’s passion for light vehicles stems from his roots as a car and motorbike builder from a very young age, lending him a unique perspective on Ryvid and the future of transportation. Tran says, “Seeing the Ryvid Anthem in my garage gets me emotionally charged. Ryvid is going to have a huge impact on how people view light electric vehicles.”

CXO – Vincent Nguyen – A first-generation Vietnamese American and California native, Vincent is a graduate of California Polytechnic University, Pomona. His career spans multiple industries, particularly within aviation manufacturing and production environments.

CTO – Vinh Tran – A Vietnamese American immigrant, Vinh is a graduate of The California Maritime Academy and the University of California, Irvine. He spent most of his engineering career in some of the California Bay Area’s most influential companies.

UPDATES

Infina
South Korea-based JB Financial Group is securing a 3.9% stake in Infina, a retail investing app based in Vietnam, The Korean Herald reported. With the deal, JB Financial aims to facilitate its further expansion in the Southeast Asian country. The company already has a presence there with a brokerage unit called JB Securities Vietnam. JB Financial’s acquisition is subject to increase to 5% depending on the results of collaboration between JB Securities Vietnam and Infina. Hanoi-based JB Securities Vietnam offers financial services such as stock brokerage and corporate bond issuance management. Infina, on the other hand, allows users to invest through a wide range of products, including fixed-income instruments, mutual funds, and stocks. The deal to acquire a part of Infina is the latest in a string of JB Financial deals in the fintech space. It signed an investment agreement to acquire a 15% stake in Hanpass, a Korean firm offering international remittance services, in December 2023. Earlier that year, JB Financial had also participated in the US$36 million series C round of Finda – a loan brokerage and management company – alongside 500 Global.

JK Technologies

During the Tet Lunar New Year celebration, JK Technologies partnered with the Ho Chi Minh City Department of Tourism to bring visitors of Nguyen Hue Walking Street an unforgettable experience; several augmented reality dragons all along the tourist hotspot. Through this partnership, JK Technologies was able to achieve over 15,000 users in just a few days for its newly released app, SeensioGo. The app is part of the company‘s plan to solve the problem of a significant, growing, and unmet demand for mixed reality experiences in social commerce which is caused by the growing accessibility and decrease in price of extended reality hardware. To accelerate this ambition and maintain its position as the number one augmented reality lifestyle platform in Vietnam, the company looks to raise additional funding this year.

Gaw Capital Partners

Gaw Capital Partners, one of Hong Kong’s biggest real estate private-fund management firms, is focusing on logistics in Vietnam and Mexico, as well as the artificial intelligence (AI) sector bailing out distressed office assets in the United States, amid challenges to an economic recovery in mainland China. The US-China trade tensions could continue to be an issue for the next 10 to 15 years, said Goodwin Gaw, the firm’s founder and managing principal. “I want to invest in countries that are the biggest beneficiaries of ‘China plus one’ [strategy],” Gaw said. China plus one seeks diversification for manufacturers by reducing reliance on the mainland as a production base. The world’s second-largest economy is also the largest manufacturer globally, with the most extensive supply chains. Vietnam, India and Mexico are seen as countries most likely to capture business from China. “Vietnam and Mexico are easier as these two countries welcome [Chinese firms] setting up production facilities,” Gaw said. “But India doesn’t like domestic investment from China. “The biggest beneficiaries will be those who allow Chinese factories to open up and hire local labour to produce the same goods for foreign clients.”

Jungle Ventures

The Ayurveda Experience (TAE), a direct-to-consumer (D2C) startup focussing on Ayurvedic products, on Friday, said it has raised $27 million in its series C funding round, led by Singapore-based Jungle Ventures. Last month, Mint was the first to report that the company is looking to secure additional funds. TAE plans to use the funds to deepen its presence in existing markets, improve customer engagement on its platform, ramp up product R&D, and scale new avenues for distribution, according to a company statement. “We are focused towards optimizing the fundamentals of the business with a long-term view to build a sturdy, sustainable business,” founder and chief executive of TAE, Rishabh Chopra, said in the statement. With the latest round, TAE has so far raised a total of $41 million, as per the release. Early investors in the company include Fireside Ventures and Riverwalk Holdings. Founded in 2010, TAE operates across North America, Europe, Canada, Australia, and India. It offers a variety of Ayurvedic products through four proprietary lines: iYURA, Ajara, A Modernica Naturalist, and Ayuttva. These products are manufactured, sold, and distributed via its platform, along with a range of services including consultations, content, webinars, and courses on Ayurveda. The company claims to have a global sales footprint in 20 countries, including India, with over 97% of its sales coming directly from its app and website. “As India continues to assert itself on the global stage, a distinctive opportunity arises for our entrepreneurs to establish global brands with uniquely Indian flavours. The remarkable accomplishments of TAE’s team, achieving a sizable scale with minimal resources are truly commendable,” Arpit Beri, partner at Jungle Ventures.

NativeX

Established in April 2023, the online English-learning platform offers live classes taught by foreign experts. The edtech startup has recently wrapped up its seed round by raising US$2.5 million, which brought the total to US$4 million. Ansible Ventures and Blueprint Ventures co-led the round, with participation from Northstar Ventures and other investors. Planning to spend 80% of the new funds on product enhancement, NativeX is preparing to launch a dual learning program in June. It is going to combine English conversation lessons and soft skills training, said Ai Chau, co-founder and academic head at NativeX.

BlokID

BlokID, a Vietnam-based developers of blockchain-powered privacy protection solutions for the digital advertising industry, has on Wednesday announced the completion of a $1.25 million seed round of financing led by Ascend Vietnam Ventures (AVV) and AppWorks. BlokID said in a statement that with this round of financing, BlokID will accelerate product development, focus on user acquisition, and initiate market expansion—with an outlook to launch by the second quarter of 2024. Founded in July 2023, BlokID is a next-generation developer of privacy protection solutions for the digital advertising industry, leveraging blockchain technology to bring an independent, immutable source of truth to digital advertising.

1Long

Vietnam-based 1Long, an advanced financial technology platform focused on helping individuals achieve financial goals, today announces securing a US$500,000 investment in a pre-seed round. The funding, contributed by major investors including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital, reflects the confidence key industry players have in 1Long’s innovative approach to wealth management. The new capital will be channeled into technology development, partnerships with asset managers and financial institutions, and strategic team expansion.

Quickom

VinaCapital Ventures, the technology investment vehicle of VinaCapital Group, has announced its investment in Quickom, a Việt Nam-based video conferencing communication provider with proprietary and US-patented technology. It is leading the current US$1.5 million seed funding round. Quickom was founded in 2021 by Dr. William H. Nguyen, a Vietnamese technology pioneer and serial entrepreneur with a history of successful ventures in communication technology, education, computer network and data security, serving tens of millions of users worldwide.

“Tech giant FPT Corp has bought its first company in Japan as it seeks to strengthen its position in the market. The acquisition of IT services firm Next Advance Communications enables FPT to benefit from a talent pool of 300 engineers with expertise in technology, architecture design, system planning, and other areas, the company said in a statement Friday. FPT hopes to achieve US$1-billion revenues in Japan by 2027 and have foreigners make up more than half of its payroll there. The acquisition of the 13-year-old company reflects FPT’s commitment to assisting Japanese businesses achieve digital transformation and green transformation.”

“Financing remains one of the challenges for SMEs in Southeast Asia. Many of them remain underserved due to difficulties in obtaining financing because of strict collateral requirements and complex screening processes. Validus, a Singapore-based fintech firm, aims to tackle the issue. It uses data analytics, AI, and supply-chain partnerships to provide financing for SMEs in the region. To support its business growth in Vietnam, which it entered in 2019, the company has secured a new investment from Japanese firm Reazon Holdings. The amount was undisclosed.”

“Pham Nhat Vuong, founder of Vietnamese electric vehicle maker VinFast, has launched a new venture that would focus on developing and deploying an EV charging station ecosystem that “prioritizes supporting VinFast vehicles.” Called V-Green, the new company will invest nearly US$404 million over the next two years to build new stations, upgrade and complete VinFast’s existing charging infrastructure, and oversee the stations’ operations and management. Vuong, who is also the Vietnamese billionaire behind local conglomerate Vingroup, holds a 90% stake in V-Green – which is spun off from VinFast’s charging station development division.”

“Under Decree 10/2024, which is effective from March 25, 2024, investors venturing into infrastructure projects within high-tech parks will enjoy a range of benefits, including exemptions from land lease fees and reimbursement for land clearance expenses. Additionally, preferential interest rates on loans and access to capital within established legal frameworks will be made available to support these endeavors.”

“Growing up, I wasn’t very aware of Vietnam. I never saw tourism ads for the country, at least not in the same way I did for places like Malaysia and India (Malaysia Truly Asia and Incredible India, anyone?). Vietnamese food also wasn’t as popular or easy to find in the malls I frequented. Now, that’s all changed. Vietnam’s come up on the global stage on all fronts, and its startup scene in particular is in the limelight. Some investors are seeing it as the third major startup market in Southeast Asia, after Singapore and Indonesia.”

“Prime Minister Pham Minh Chinh has stressed the need to adopt appropriate strategies to attract and retain investments given the growing interest in Vietnam of global technology giants. He was speaking at a Government meeting held in Hanoi today, March 2, which reviewed the nation’s socioeconomic performance in February and the first two months of this year. PM Chinh said international corporations and investors needed a more enabling business environment and that Vietnam should be promoted as an attractive hub for high-tech companies. During the meeting, Government ministers said there emerged positive drivers for Vietnam’s economy early this year, including a robust agricultural sector, a rebound in industrial output, and a big improvement in tourism. However, challenges such as potential macroeconomic instability and a sluggish real estate market persist, they said.”

“Deadline.com, a US premier news source covering the business of entertainment, including movies, television, online, digital and related areas, has described Vietnam as one of Asia’s fastest-growing cinema markets. In an article entitled “How Vietnam Has Become One Of Asia’s Fastest Growing Markets With New Multiplexes, A MovieHungry Audience & Vibrant Local Film Biz” published on February 23, Liz Shackleton wrote that some Vietnamese film-makers shared their views to draw a positive bright outlook for Vietnam’s film industry.”

“Mai,” directed by comedian Tran Thanh, has collected VND500 billion ($20.25 million), surpassing his 2023 superhit “Nha Ba Nu” (The House of No Man) as the highest grossing Vietnamese movie ever. According to Box Office Vietnam, the milestone was reached on the afternoon of March 1, 20 days after the movie hit theaters as “Mai” dominated the box office. The distributor of “Mai,” CJ, said the film has sold 5.5 million tickets. Thanh is overjoyed at the reception since, due to its 18+ rating and a dramatic plot that deviates from the usual Tet comedy, he did not expect it to be such a blockbuster. Notably, he now holds the distinction of directing the three biggest ever hits in Vietnam. “Nha Ba Nu” collected VND475 billion, and the third, “Bo Gia” (Dad, I’m Sorry), grossing VND417 billion.”

“Singers and musicians from the South will appear in a new talk show on Hồ Chí Minh Television (HTV) this week. The show, called Trò Chuyện Cùng Thời Gian (Stories of Time), features Vietnamese music and songs by famous artists. The artists will share and discuss various topics related to Vietnamese music as well as their careers. Their stories will be in the form of an interview or simple conversation hosted by producer Tùng Leo.
The first episode on March 8 highlighted pop star Cẩm Vân.”

“The Vietnamese pavilion left a strong impression on international visitors at an exhibition held within the framework of the World Youth Festival 2024, which is currently taking place in Sochi, Russia. Coming from the Russian city of Tula, Russian youngster Liza and her friends are excited to attend the World Youth Festival 2024 and explore new things from different culture. Amidst a space covered with sounds and cultural colours, she was attracted by the beautiful sound of the Vietnamese ‘dan nhi’ (two-string fiddle). While feeling the melodies she had never heard before in her life, Liza told the members the Vietnam Music and Dance Theatre that she wanted to try playing the instrument.”

“Vietnamese rap has evolved beyond a fleeting trend, solidifying its presence in the music scene. Instead of merely imitating Western styles, Vietnamese rappers craft a unique identity rooted in local experiences and culture. Their original works resonate not only with the artists themselves but also with their local community. The genre’s burgeoning popularity and the increasing recognition of Vietnamese artists, both locally and internationally, underscore its cultural significance. The distinction between a trend and a culture lies in longevity, impact, and community engagement. While a trend enjoys temporary popularity and fades, a culture endures with deep roots in a community or society. It encompasses shared beliefs, values, customs, behaviors, and artifacts that society members use to interact with their world and one another.”

“The popular Vietnamese movie “Mai” will be screened in several foreign markets from March 22, including the United States, the Czech Republic, Germany, and Slovakia, according to local film producer-director Tran Thanh.”

Full List Coming Soon To https://www.savvicode.com/

Full List Coming Soon To https://www.savvicode.com/

Network News: Do Ventures, Gaw Capital Partners, Wavemaker Partners, VietnamWorks

Funding: Be Group, Igloo, Copenhagen Infrastructure Partners, Validus Vietnam

Vietnam Tech and Startup Environment: Semiconductor manufacturing investment, AI, EVs, Renewables investment, and More

Vietnam Film and Music Industry News: International music collaborations, film festival, the overall music market, and more

Vietnam is the safest place to visit in Asia, according to Global Law and Order Index The WEF Founder predicts Vietnam to be in the top 20 largest economies in the future Vietnamese companies account for around 18% of Cambodia’s economy Vietnamese make up the largest percentage of Japan’s foreign workforce

SAVVi Code would like to wish a very happy Lunar New Year to its Members!

As we celebrate the coming and going of the Lunar New Year, we wish you and your loved ones an abundance of joy, prosperity, and good fortune in the Year of the Dragon!

May this special time bring you closer to family and friends, filled with cherished moments and laughter. Let’s embrace the spirit of renewal and hope as we embark on new beginnings together.

May the coming year be blessed with success in all your endeavors, and may each day be a step closer to your dreams. Here’s to health, happiness, and prosperity in the year ahead!

Chúc Mừng Năm Mới!

Warmest wishes,

SAVVi Code

UPDATES

Do Ventures

According to Do Ventures, in the face of a difficult global economic context, venture capital activities in Vietnam continue to slow down, marking a decrease for two consecutive years since 2021. Statistics show that in the first 9 months of 2023, the total value of deals decreased by 13%, reaching a total of 427 million USD. This trend is more clearly shown in the sharp decrease of 40% in the number of deals, reaching the lowest level since 2018 with 56 recorded transactions. The number of transactions has also decreased significantly in deals with small and medium capital call sizes, with the most significant decrease of 50% in deals worth less than 500 thousand USD. Meanwhile, the number of transactions in the range of 10 million USD – 50 million USD decreased significantly, still remaining at a higher level compared to the period before 2022. This trend shows the increasing presence of “mature” technology companies in Vietnam’s startup ecosystem. Ms. Do Hoang Uyen Vy, co-founder and CEO of Do Ventures, commented: “In the context of many challenges facing both the domestic and global economies today, raising capital is becoming increasingly difficult. when investors are very cautious with disbursement decisions. When evaluating a company, investors will pay more attention to unit economics instead of rapid growth, especially with early-stage companies. Therefore, startups need to adapt and shift to a sustainable growth model to be able to overcome the current period of volatility.”

Gaw Capital Partners

In compliance with corporate records submitted to local authorities, Gaw Capital Partners has concluded the sale of the Hotel G in Singapore to a company under the ownership of CapitaLand Group. Beh Siew Kim, Hoe Kit Mak, Patricia Goh, and Edward Bin, all senior executives with Capitaland Group’s investment or lodging units, are listed as directors of a special purpose vehicle that houses the 308-key budget hostelry. According to sources familiar with the transaction, the Temasek-backed giant paid just under S$240 million ($180 million) for the property close to the Bugis area. After Mingtiandi revealed that CapitaLand’s Ascott lodging business was conducting exclusive due diligence to purchase the 94,560 square foot (8,785 square meter) hospitality asset from a fund managed by the Hong Kong-based private equity firm, the deal finalized in less than two months. In an interview with Mingtiandi last year, Capital and Investment, the listed fund management division of the largest real estate company in Southeast Asia, stated that it hopes to nearly double its current production from the lodging category by 2028, to S$500 million in fee income. Acquisitions are one of the main strategies the company plans to use to achieve this goal. In 2015, Gaw Capital Partners made its first acquisition in Singapore’s hospitality industry when it paid S$203 million (about $144 million) for the Big Hotel, which was located at the intersection of Middle Road and Bencoolen Road.

Wavemaker Partners

Meiro, a Singapore-based customer data platform, has secured US$3 million in a pre-series A round, marking its first external raise. Wavemaker Partners led the round, with Singapore-based angel investment network Angel Central also participating, Meiro said in a statement. The startup integrates user data from various sources, including social media platforms and websites, to establish a unified database. This is then employed to construct an identity graph, enabling its clients to formulate personalized marketing strategies. Since it was founded in 2018, Meiro has relied on internal funding, with its founders investing about US$740,000 from Datadriven, a consulting firm they also started. The founders previously mentioned to Tech in Asia that securing an investor would not have contributed value to their venture during the company’s earlier days. Meiro has also managed to achieve and maintain its profitability since 2019. However, the latest funds will help the firm expand further as it aims to increase its presence in Southeast Asia and Europe. It also wants to enter the Middle East, opening a branch in Dubai by 2024. The startup also aims to double its annual revenue and expand its team from 50 to 70 members. Moreover, its 2024 plans include incorporating genAI tech into its platform. “While we have always been self-sufficient, this investment will help us address market demand, accelerate the development of our product and business, and strengthen our presence in the international markets while we have a competitive advantage,” said Meiro CEO and co-founder Jana Marlé-Zizková. In 2022, the company’s operating profit grew by 13%, reaching some US$150,000. At the same time, its revenue increased by 60%, totaling US$2 million.

VietnamWorks

VietnamWorks’ “Empower Growth” campaign won the international PR Awards 2023, Asia’s Leading Technology and Asia’s Excellent and Sustainable Enterprise. Understanding the major changes in workers’ perspectives and expectations since the post-Covid-19 “great labor crisis”, in 2022, the VietnamWorks job site under Navigos Group makes a transformation with a new mission. “Empower Growth”. This mission is guided by Navigos Group’s “Human Growth” philosophy with the purpose of accompanying workers and businesses, building a long-term career path. Ms. Pham Thi Phuong Khanh – Marketing Director of Navigos Group said “Human Growth – comprehensive human development” is the philosophy concluded by Navigos Group after more than two decades of operation in the human resources industry in Vietnam. “This is the mission that affirms our efforts in long-term companionship with businesses and workers to develop comprehensively and find meaning and happiness in work,” she shared. Activities within the framework of “Empower Growth” have been recognized by many international awards. Accordingly, the innovation of applying AI to the story of creating Job Envision (a picture depicting a happy career) received a gold award at the “PR Awards 2023” ceremony, in the “Best Use of Technology” category (roughly translated: The most impressive technology application PR campaign). In November, this innovation continued to be recognized at the awards ceremony in Singapore with the “Asian Technology Excellence Awards 2023” award for technology and technological innovation in Asia by organized by Asian Business Review magazine.

Be Group

Be Group has raised over $30 million from VPBank. This investment will add financial potential to firmly support Be Group to continue promoting its strong development strategy since COVID-19, aiming to become the leading multiservice application in Vietnam and better compete with Grab, their regional rival.

Igloo

Igloo closes $36m Pre-Series C funding round, poised for further expansion in Việt Nam. Igloo’s offerings include Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Việt Nam and Indonesia. “With a low insurance penetration rate of 3.3 per cent, Việt Nam presents significant growth potential for the insurance industry and remains a key market for Igloo,” said Trí Nguyễn, Country Manager Vietnam, Igloo. “The additional funding will empower us to drive initiatives for further expansion in the Vietnamese market, including the introduction of new products and fostering collaborative relationships with partners across verticals,” he added

Copenhagen Infrastructure Partners

$3 billion fund to develop renewable energy projects in emerging markets including Việt Nam. With a focus on developing and building offshore and onshore wind, solar PV, energy storage and Power-to-X projects in selected high-growth markets across Asia, Latin America and EMEA, including Việt Nam, the Philippines, India, etc., the fund has a target size of US$3 billion. It is expected to deliver renewable energy infrastructure projects reflecting over $10 billion of capital investment. This will enable more than 10 GW of new renewable energy capacity.

Validus Vietnam

Validus Vietnam, a financing platform for small and medium-sized enterprises (SMEs), has secured an investment from Japan’s Reazon Holdings. The sum was not disclosed. This investment into VGrowth Development Co. Ltd., commonly known as Validus Vietnam, signifies a strategic move to support SMEs in the region, which are often hindered by limited access to traditional funding sources.

Through this investment, Reazon Holdings said that it will actively support Validus Vietnam’s business growth, including support for financing procurement through its group network.

“Prime Minister Pham Minh Chinh has called on global investors to look at Vietnam’s AI, auto and semiconductor industries, saying they are guaranteed government support. He was speaking at a meeting with executives from Google, Mitsubishi Heavy Industries, Qualcomm, and Siemens in Davos, Switzerland, Tuesday where he is attending the World Economic Forum. The meeting, organized by the Ministry of Planning and Investment, the Vietnamese embassy in Switzerland and tech giant FPT Group, prioritized discussions about the three sectors.”

“Vietnamese electric vehicle maker VinFast on Tuesday launched a prototype of its new pickup truck, and said it plans to launch its mini-sized VF 3 model globally. VinFast said the electric pickup truck being showcased at the CES 2024 trade show in Las Vegas, VF Wild, is in the mid-size pickup category. It did not disclose a timeframe for its roll-out or its expected driving range. The company also said on Tuesday its four-seater mini-eSUV VF 3, which has a target driving range of more than 125 miles per full charge, will be up for sale globally, having initially been aimed solely at the Vietnamese market.”

“More than 10 universities across Vietnam have introduced courses in integrated circuit design and technology to meet the increasing demand for skills in those fields. The Hanoi University of Science and Technology has announced the setting up of the semiconductor microchip technology department. The Vietnam-Korea University of Information and Communication Technology is calling for applications to IC design courses and offering scholarships covering 50-100% of fees. Last year three member universities of the Vietnam National University, Ho Chi Minh City – the University of Technology, the University of Information Technology, and the University of Natural Sciences – had gotten approvals to set up IC design and semiconductor technology departments.”

“Investors from Singapore and Taiwan wish to invest more than US$20 million in total in two solar power projects in north-central Vietnam’s Quang Tri Province, the provincial Department of Planning and Investment reported on Wednesday. The two foreign investors are Shinfox Energy Co. Ltd. from Taiwan and Camellia Energy Pte. Ltd. from Singapore. Each of them is planning to acquire shares worth VND122.5 billion ($5.05 million) at Gio Thanh Energy Joint Stock Company, a business located in Quang Tri’s Gio Linh District.”

“Dozens of hybrid and pure electric car models are on display at Yen So Park in Hanoi at an exhibition that opened on Saturday. The Electrified Vehicle Exhibition 2024, organized by VnExpress, is the first exhibition held in Vietnam dedicated to electrified vehicles, with the participation of many famous brands.”

“Vietnam aims to be among four leading countries in ASEAN and 50 globally in terms of AI research, development, and application by 2030. It will strive to build 10 prestigious AI trademarks in the region; and develop three major national data and high-performance computing centres. After two years of implementation, the country has achieved significant results with a number of AI products used in all sectors nationwide.”

“Goertek plans to invest US$280 million to set up a new subsidiary in Vietnam as it seeks to expand in the Southeast Asian market. To be based in the northern province of Bac Ninh, it is likely to manufacture headphones, smart watches and virtual reality and augmented reality electronics products, the Chinese company said in a recent filing with the Shenzhen Stock Exchange. It hopes to “make better use of local resources in Vietnam to enhance the company’s overall competitiveness.” It has been in Vietnam for 10 years with subsidiaries Goertek Vina and Goertek Technology Vina. In 2022 the latter reported revenues of $2.5 billion and a net profit of $191 million.”

“When he became an engineer for leading semiconductor company Renesas, Tran Dac Khoa did not expect to wait for five years to design his first chip. The job, listed in a daily newspaper, came with a short description about the Japanese-owned company, one of the world’s top 10 chipmakers. In 2004, when Renesas opened an office in Vietnam, there were few other technology companies in the country. “It was a dream job for engineers like me,” Khoa recalls. In the early 2000s, semiconductor was an emerging industry in Vietnam. The arrival of Renesas in 2004 and Intel’s US$1 billion assembly and testing plant opening in 2006 were the catalysts that Vietnam needed to kickstart its semiconductor industry.”

“A brief but revealing panic struck Vietnam this month. On January 12th the country’s 79-year-old leader, Nguyen Phu Trong, failed to meet the visiting president of Indonesia. Mr Trong’s name was removed from the official schedule without explanation. Rumours spread that he was dead. For three days noodle shops raged with speculation about who his successor might be. Would it be someone corrupt? Or more pro-China? The ruling Communist Party, a secretive bunch, revealed nothing. Then, on January 15th, official media showed a frail Mr Trong attending a humdrum session of the legislature in Hanoi, as if to holler “I’m not dead!” like a Monty Python plague victim. The public may never know whether it was sickness or something else that made the party chief disappear from view. But it was unsurprising that his absence should scupper a meeting with a global leader. Everyone wants to be Vietnam’s friend these days.”

KP Aero Industries, a South Korean supplier for Boeing, has received approval to invest $20 million in building a factory in Da Nang City to manufacture components for Boeing 787 and 737 Max aircraft. The permits were issued Thursday by the Management Board of Da Nang Hi-Tech Park and Other Industrial Parks. The factory will produce auxiliary power unit doors, wingboxes, and winglets. Construction is scheduled to start in February and is expected to be completed by the end of the year. KP Aero Industries supplies Korean Air’s engineering division, which directly supplies Boeing. This marks the second aerospace project at Da Nang Hi-Tech Park, following Universal Alloy Corporation Vietnam’s establishment in 2019 to produce and export aircraft parts to North America and Europe.”

“Hyosung Group, a South Korean conglomerate known for its expertise in electrical transformer manufacturing, is planning to inject an additional investment of US$2 billion into Vietnam this year.”

“The U.S. has expressed interest in cooperating with Vietnam in renewable energy and semiconductor chip production.”

“Prime Minister Pham Minh Chinh has raised concerns about the prevalence of foreign films in Vietnam, both on television and in cinemas, during the inaugural National Conference on the Development of Cultural Industries. The event, which took place on Dec. 22 and was presided over by the Prime Minister, witnessed participation from numerous governmental departments, UNESCO’s Vietnam representatives, heads of industry organizations, businesses, specialists, and artists. The focus was on the evolution of Vietnam’s cultural sector, including its challenges and potential strategies for improvement.”

“Vocal teacher and singer Ngọc Mai, winner of The Masked Singer Vietnam 2022, has released her latest MV (music video) featuring contemporary folk music. The work features Theo Em Về Nhà (Returning Home), a song that uses Vietnamese folk melodies by young composer Công Tuyền. It is part of the singer’s new album featuring Vietnamese songs about flowers and women. The album is expected to be released next year. Mai worked with her producer, GUNG Production, to record and film the MV with a new style. Vietnamese dances are used to highlight the song’s theme. “My MV showcases a love story of tears and smiles with quality music. I hope to infuse my love for Vietnamese folk music to young fans,” said 36-year-old Mai, who began her career in 2002 in Huế City when she was at university.”

“Jeremy Chua, founder of Singapore-based production company Potocol, produced Vietnamese director Phạm Thiên Ân’s 2023 film Inside the Yellow Cocoon Shell. The film won the Camera d’Or at this year’s Cannes Film Festival and the Best Asian Feature Film prize at the Singapore International Film Festival (SGIFF) earlier this month. At the SGIFF, Lê Hương chatted with Chua about the film and his plans to cooperate with more Vietnamese directors.”

“K-pop idol group TEMPEST performed for thousands of Vietnamese fans at the 2023 HOZO Super Fest in HCMC on Saturday. The group performed a series of hits like “Vroom Vroom”, “Dangerous”, “Can’t Stop Shining”, and “Taste the Feeling”. Member Hyeongseop said the city “feels like home” with the support of thousands of fans.”

“The first HCM City International Film Festival (HIFF) is scheduled to take place in early 2024 and is expected to contribute to the establishment of HCM City as a “film city”. HIFF 2024 is planned to be held from April 6-13, 2024, aiming to discover new talents, nurture young talents in the film industry, and contribute to the development of film in HCM City and Việt Nam as a whole. The films competing at HIFF 2024 will be screened in HCM City, and the winning films will be announced at the award ceremony. Other non-competing films will also be shown in the “Film Gala” programme. Various specialised knowledge training classes conducted by professional filmmakers, directors, actors, and producers will be organised throughout the film festival.”

“Singer My Tam has reached a milestone as the Vietnamese female artist with the most YouTube views, accumulating 1.6 billion. The record was announced on her Facebook account on Wednesday. “I’m thankful to my fans for their constant support, making this achievement possible,” Tam wrote in the accompanying caption. Since launching her YouTube channel on Nov. 20, 2013, Tam has uploaded 481 videos, primarily music videos and behind-the-scenes footage from her concerts and live performances, and gained 2.4 million followers.”

“”The Greatest Night in Pop” by award-winning director Bao Nguyen documents 46 of the biggest names in music coming together to record “We Are the World.” According to Deadline, the documentary revolves around the historic moment on Jan. 25, 1985, when 46 music legends gathered in a Los Angeles studio to record the song “We Are the World,” the sales’ proceeds of which were to be donated to African famine relief programs. Offering a unique perspective with never-before-seen footage and interviews featuring artists who participated in the recording, the documentary chronicles the early planning stages, from the song’s writing sessions with Lionel Richie and Michael Jackson, to the recording session’s memorable night at the famed Henson studio.”

“The entertaining software VieON has released its global version, offering a free trial period with numerous features for the first month. The global version of VieON, a part of the DatVietVAC Group Holdings entertainment media technology ecosystem, was unveiled in early 2024, offering loads of benefits. Its mission is to both satisfy the entertainment requirements of Vietnamese nationals residing overseas and promote Vietnamese cultural values globally.”

“Vietnamese animation studio Sconnect on Wednesday announced the launch of Sconnect Academy of Media Arts (SAMA), Vietnam’s first animation and game design school. Sconnect is the producer of the popular cartoon Wolfoo, an animated series first released in 2018 which follows the adventures of a wolf and his friends and family. The Hanoi-based academy’s mission is to train young talents who have a passion for animation and game design and wish to enter Vietnam’s animation workforce. According to People’s Artist and director Pham Ngoc Tuan, the launch of SAMA signals a boom in Vietnam’s animation industry, helping the future animation workforce unlock the industry’s potential.”

“Mai,” directed by comedian Tran Thanh, grabbed ticket revenues of VND100 billion (US$4 million) after just 3 days in cinemas, the fastest in Vietnamese box office history. On the morning of Feb. 13, the movie surpassed the previous record set by “Nha Ba Nu” (Nu’s Family), the 2023 film also by Tran Thanh. According to the Box Office Vietnam, an independent box office monitoring unit, “Mai” had a screening occupancy rate of 43% over its first three days, attracting 850,000 spectators.”

“Apple debuts its first collaboration with a Vietnamese artist, releasing rapper tlinh’s music video “Dung Lam No Phuc Tap” (Don’t Complicate It) Friday. This collaboration is part of Apple’s “Shot on iPhone” campaign in Asia.”

“Vietnamese-made films tallied more than VND350 billion in ticket sales in the first nine days of the Lunar New Year, between January 22 and January 30, according to the independent analytical website Box Office Vietnam. “Nha Ba Nu” (The House of No Man) by Tran Thanh pulled in VND251 billion, whereas Vu Ngoc Dang’s “Chi Chi Em Em 2” (Sister Sister 2) saw ticket sales totaling VND58 billion. Tran Thanh’s directorial debut earned VND31 billion on a single day, January 25, with 313,000 tickets sold. According to a representative of Lotte Cinema, a worldwide network of movie theaters, the Vietnamese film industry has recovered 90% this year compared to 2019.Local multiplex operator Galaxy Cinema also reported an increase in moviegoers during the holiday weekend between January 27 and 29, the sixth day to the eighth day of Tet, notably in Hanoi and HCMC ”

Full List Coming Soon To https://www.savvicode.com/

Full List Coming Soon To https://www.savvicode.com/

Founder Spotlight:  No Spotlight this month due to the holidays

Network News:  Golden Gate Ventures, Quest Ventures, BUYO

Funding:  Inflow, Prep, Namitech, Vntrip

Vietnam Tech and Startup Environment: Local brand expansion overseas, FDI, market conditions, and more

Vietnam Film and Music Industry News: Box office expansion, recent film successes, film festivals, and more

Network Posting: Marvell looking to hire analog designer

Vietnam generates two-thirds of ASEAN’s renewable energy After Singapore, Vietnamese startups raise the most money in Southeast Asia Vietnam is the most searched country in the world by Indians

Dear SAVVi Community,

We’d like to take this opportunity to extend our warmest holiday wishes to each and every one of you. We hope this holiday season brings an abundance of joy and cherished moments.

May this holiday season bring you many moments of laughter and fun. May the New Year usher in a life of health and prosperity. Dream and dream big!

Thank you for being a part of the SAVVi family. We’ll see you in 2024!

Warm regards, The SAVVi Team

UPDATES

Golden Gate Ventures
According to experts from Golden Gate Ventures, in a challenging year for most economies, Vietnam has shifted its economic development into high speed, asserting itself as the new economic growth center. Speaking at the 2023 Vietnam Innovation Investment Fund Forum that took place on October 30, Deputy Minister of Planning and Investment (MPI) Tran Duy Dong said that Vietnam is facing many challenges and mixed opportunities. According to him, despite the unpredictable difficulties of 2023, Vietnam has attracted more than 20 billion USD in foreign direct investment (FDI) in the first 9 months of the year, an increase of 7.7% over the same period last year. Along with that, Vietnam is making continuous efforts to improve the investment environment to attract FDI capital and develop mechanisms to support the innovation and digitalization ecosystem. Policies and partnerships are key to helping Vietnam’s economy stay on track according to the National Master Plan for the period 2021 to 2030. Assessing the Vietnamese economy, Mr. Vinnie Lauria, Founding Partner of Golden Gate Ventures Fund, said that in a challenging year for most economies, Vietnam has shifted its economic development direction to a faster pace, affirming itself as the new economic growth center of Asia. According to him, with a solid position in the global supply chain and continuously receiving investment from multinational corporations, the innovative startup ecosystem is growing strongly, nurturing the desire for change.

Quest Ventures

On the afternoon of November 23, at the National Innovation Start-up Festival (Techfest-Whise 2023) that took place in Ho Chi Minh City, Department of Science and Technology signed a cooperation agreement with Quest Ventures. Collaborative activities include: training and coaching the angel investment fund network, startup accelerator incubation courses, promotion and connection in the field of innovative startup ecosystems. In addition, the Department of Science and Technology of Da Nang City will support workspace for Quest Ventures in Da Nang at Vietnam Innovation Hub. The cooperation between the two parties is an opportunity to learn, share experiences, connect and develop the innovative startup ecosystem in Da Nang; At the same time, it brings the potential to attract international investment capital, promoting innovation and creativity in the local startup community in the coming time. Quest Ventures venture capital fund is headquartered in Singapore. To date, Quest Venture has invested in more than 100 startups in Asia, of which 3 startups have become technology unicorns, valued at $1 billion or more. At the signing ceremony, representatives of Quest Ventures Investment Fund expressed their desire to support and improve the capacity of start-up businesses in Da Nang city, giving portfolio companies access to the international capital market and ecosystem of the fund.

BUYO

BUYO Bioplastics, a Vietnamese startup, has developed technology to convert organic waste into a new kind of material that can replace plastics. This bioplastic product is 100 percent organic and can decompose in a natural environment. Bioplastics are safe to the environment and human health. They contain features of normal plastics and have reasonable production cost. BUYO Bioplastics’ CEO Do Hong Hanh said the most popular organic waste the company uses is brewer’s grains discharged during beer production, and other types of waste from seafood processing. Hanh shared that this is new pioneering technology that has been developed entirely by BUYO’s experts and scientists. BUYO has applied for two patents on bioplastics and is preparing to file two more applications. During the process of developing the product, BUYO received support and consultancy from AB InBev, the world’s largest brewer with a brewery in Binh Duong, as well as from the HCM City Biotechnology Center and the HCM City University of Natural Resources. What differentiates BUYO’s bioplastics from other products is the materials used. All of the materials are organic waste, with no petroleumorigin materials. Also, it doesn’t use starch so the production won’t harm the nation’s food security. Hanh said that bioplastics are degradable in the natural environment and will disintegrate entirely within 3-12 months, while normal plastics need 500 years to fully decompose. The product doesn’t create microplastics. BUYO’s bioplastics production consumes little energy, and organic waste is recycled during the bioplastics production, so it helps minimize carbon emissions and reduce the volume of waste. Another plus of the product is that it has features similar to normal plastics, while its production cost is reasonable. Bioplastics made of brewer’s grains have production costs equal to plastics made of paper and bagasse, and it is more waterproof and heat resistant. After two months of research and development, BUYO has successfully called for $750,000 worth of capital from international venture investment funds. The startup is running a factory in the pilot period with capacity of 10 tons of bioplastics a month in HCM City. It plans to increase production capacity to 100 tons a month in 2024. Vietnamese consume $12 billion worth of plastic products each year, so BUYO’s products have great potential in the Vietnamese market.

Inflow
Inflow, a Vietnamese fashion supply chain platform, aims to further revolutionize the country’s textile and garment industry. The startup company recently received $2 million in seed funding, aiming to further assist Vietnamese small fashion brands bring their designs to life.

Prep
Prep, a Vietnam-based standardized language test preparation platform, is in talks to raise around $6 million in a new funding round. Southeast Asian private equity major Northstar Group is understood to be in talks to invest in the company, according to multiple sources aware of the development.

NamiTech
Vietnamese voice biometrics and natural language processing developer Namitech has secured a US$2 million pre-Series A funding round. The round was led by Thien Viet Securities (TVS), a Vietnamese brokerage house known for backing local e-wallet unicorn MoMo and fintech service Finhay. The Ho Chi Minh-based company, also known as Nami Technology, offers a biometric voice authentication product called VoiceDNA as well as voice analyzing and customer service audio solutions.

Vntrip
Vietnamese travel startup Vntrip said it has secured an undisclosed new funding round from Ctrip co-founder Fan Min and existing investors. Prior to this round, Vntrip had raised over US$20 million from investors such as John Wu, the former CTO of Alibaba, Swiss private bank IHAG, and Hong Kong’s Hendale Capital.

” Vietnam accounted for 69% of ASEAN’s solar and wind generation last year and was the region’s main growth driver in renewable energy development in recent years, a report has found. Vietnam’s share of renewable electricity generation led the 10-country bloc last year at 13% and it was followed by Cambodia, Thailand and the Philippines, according to a report released last week by U.K.-based energy thinktank Ember.”

“Nvidia (NVDA) CEO Jensen Huang reportedly said the company plans to strengthen the company’s partnership with Vietnam’s top tech firms, focusing on artificial intelligence (AI) talent development and digital infrastructure enhancements. Speaking at an event in Hanoi Monday, in his first visit to the country, Huang said Nvidia would expand ties with several Vietnamese companies including Viettel, FPT, Vingroup, and VNG.1 Yesterday, Huang also expressed interest in setting up a second base for Nvidia in Vietnam.”

“According to Nikkei Asia, Apple is working with China’s BYD, a key iPad assembler, to move new product introduction (NPI) resources to Viet Nam. NPI involves a tech company like Apple collaborating with suppliers on the design and development of new products to make sure the blueprints are doable. This is the first time Apple has shifted NPI resources to Viet Nam for such a core device.”

“Kim Kyung Hwan, CEO of Hyosung Vietnam, revealed that the carbon Vietnam fiber plant situated in Phu My II Industrial Park is progressing significantly. This project underscores Hyosung’s commitment to pioneering advanced material production. The proposed biotech fiber facility, to be located in the Phu My 2 Industrial Zone, represents Hyosung’s first global foray into using ecofriendly technology for Spandex fabric production. This initiative aligns with the group’s broader strategy of diversifying its manufacturing portfolio and reinforcing its environmental commitments.”

“FPT, Vietnam’s leading tech firm, announced the establishment of an automotive technology subsidiary in Texas, with a $100 million investment to expand globally to serve clients such as Hyundai and Honda. “We anticipate a total investment of $100 million in the next five years, at a minimum,” FPT Software CEO Pham Minh Tuan told Reuters. “The company will prioritize strategic markets, including the United States, Europe, Japan, South Korea, China, India, and Vietnam,” he added. Separately, the FPT chairman stated that the company would continue to expand globally but that there were no urgent plans to go public in another country to acquire capital.”

“Global e-retail giant Amazon will make Vietnam an emerging link in its global e-commerce supply chain, as the Southeast Asian country has become increasingly prominent as a major manufacturer regionally and internationally, said Eric Broussard, vice-president of worldwide Amazon global selling and international seller services. Broussard made the statement after his business meetings with a number of Vietnamese entrepreneurs, sales partners, and service providers during his recent visit to Vietnam.”

“Broadcast Music Inc. (BMI), the music licensing agency that represents thousands of songwriters, has announced that it will sell to the private equity firm New Mountain Capital, The New York Times reports. Terms of the deal have yet to be disclosed; in August, Billboard cited sources claiming the deal could be worth $1.7 billion. The sale needs to be approved by shareholders and undergo “customary regulatory approvals.” The two sides expect the deal to close by the end of 2024’s first quarter.”

“It’s becoming a critical market for us in terms of collaborations. Every year we launch Call for Proposal for feature films and one of the categories of that is the Southeast Asian Co-production grant, we provide 300,000 dollars for every successful project that we award, but the condition is that it must have a Singapore talent involvement as well as Southeast Asia representation. In the last few years, what we’ve noticed is that increasingly our Singaporean talents have been collaborating with Vietnamese talents. This year, one of the projects that we had awarded was a Singapore-Việt Nam co-production, and we are eagerly expecting that it will be a good production. For example, Inside the Yellow Cocoon Shell, that’s a Singapore-Việt Nam co-production, among others. So we see Vietnamese talent definitely up and coming, especially in the film industry.”

“Judy Song, the daughter of South Korean actor Song Kangho, known for his roles in “Parasite” dedicated three months to learning Vietnamese in preparation for her role in the film “White Butterfly.” Portraying May, a Vietnamese-Korean woman raised in the U.S. who travels to Vietnam after learning of her mother’s death, Song delivers fluent Vietnamese and English dialogue in the film. Her Vietnamese was said to be smooth and emotional. Commenting on the film, Song said May’s story resonated with her own life, as she was also born in South Korea but relocated to the U.S. from a young age. She also recognized how the Vietnamese and South Korean cultures shared similarities.”

“The second Da Nang Asian Film Festival (DANAFF II) will be held in the central coastal city of Da Nang from July 2 to July 6, with the event attracting the participation of leading filmmakers from throughout the Asian region. The event aims to select and honour excellent cinematographic works, encourage talents from both Vietnam and throughout the Asia-Pacific region, and widely introduce new and high-value Asian and Vietnamese cinematographic works to the public. Entries will compete in the Asian films category which is to be decided by an Asian judging panel, as well as the Vietnamese films category judged by Vietnamese experts.”

“The year 2023 marks an important milestone in the history of Vietnam’s cinema when film director Pham Thien An won the Camera d’Or (Golden Camera) for ‘Ben Trong Vo Ken Vang’ (Inside the Yellow Cocoon Shell). 2023 has also been a special period when a Vietnam-made film Nha ba Nu (The House of No Man) saw record high revenue of VND475 billion. The film, hitting screens on Tet holiday, sold 5.8 million tickets. Prior to that, in March 2021, Bo Gia (Dad, I’m sorry), became a phenomenon when it attracted people back to cinemas after the Covid-19 pandemic. As many as 5.2 million tickets were sold which brought revenue of VND427 billion. The appearance of successful movies has heated up the film industry and put filmmakers in high spirits.”

“Hollywood performers in the union SAG-AFTRA have voted to ratify a new three year TV/theatrical contract with major studios and streaming companies. The deal with Netflix, Amazon, Warner Brothers, Universal, Disney and other studios was made last month after a 118-day strike.”

From Marvell

Marvell is looking for a top analog designer willing to relocate to Vietnam to build a team. Currently Marvell has 2 design centers with about 300 engineers in HCM city.
Marvell is aiming to increase the workforce by 50% in 3 years. Qualifications:

1. High speed AA along design , Serdes, validation
2. 15+ years of experience
3. Track record of successful product development
4. Leadership skills
5. Speaks Vietnamese and English fluently
6. Willing to relocate to VN
7. MS or PhD in EE

Please email SAVVi Code at contact@savvicode.com with the subject line: MARVELL Analog Designer, if you’re interested and/or have referrals.

Full List Coming Soon To https://www.savvicode.com/

Full List Coming Soon To https://www.savvicode.com/

Founder Spotlight:  No Spotlight this month due to Thanksgiving

Network News:  Gaw Capital Partners, Cocoon Capital, ELSA

Funding:  Mobile World, Saigon Hi-Tech Park, Quang Tri Province, Netflix

Vietnam Tech and Startup Environment:  Local brand expansion overseas, FDI, market conditions, and more

Vietnam Film and Music Industry News: Box office expansion, cultural music inspirations, the convergence of tech and music, and more

After Singapore, Vietnam will be the biggest economic gateway into SEA by 2030 Vietnam continues to be Laos’ and Cambodia’s largest foreign investor Vietnam is the second most visited country in the world by South Koreans

Dear SAVVi Community,

In observance of Thanksgiving in the US, there won’t be a Founder Spotlight this month. We’d like to take this opportunity to extend our warmest wishes to each and every one of you. We hope this Thanksgiving brings an abundance of joy and cherished moments as you gather around the table with your loved ones to give thanks.

We understand that our community spans across borders, reaching Vietnam and beyond. Whether you’re celebrating in the heart of Vietnam or in any corner of the world, we wish you a delightful Thanksgiving filled with warmth, gratitude, and the company of cherished friends and family.

Thank you for being a part of the SAVVi family. We’re truly grateful for your continuous support and engagement.

Warm regards, The SAVVi Team

UPDATES

Gaw Capital Partners
Gaw Capital Partners – a private equity investment firm focusing on real estate has signed an agreement to establish a strategic partnership with Sinar Primera, Indonesia’s leading new economy real estate development enterprise, to develop a Data Center in Batam, Indonesia. The alliance between Gaw Capital Partners and Sinar Primera underscores a shared vision to capitalize on emerging opportunities in the digital infrastructure sector. With Gaw Capital Partners as the main investor, Sinar Primera will acquire a minority stake in this real estate project and assume the role of development director of the project. Mr. Kok Chye Ong, Managing Director and Head of Internet Data Center Platform of Gaw Capital Partners Asia (ex-China) said: “We are delighted to partner with Sinar Primera for the hub project. This important Internet data center in Batam signifies Sinar Primera’s commitment to promoting real estate in the new economy and is fully aligned with our vision and their extensive experience and industry knowledge, which perfectly complement the investment capabilities of Gaw Capital Partners.” In recent years, Asia has been a prominent region in the data center sector, offering many opportunities for growth and development. Gaw Capital Partners’ data center platform, in line with this trend, already includes a strategic data center network located in key Asian markets including China, Indonesia, Japan, Korea, Vietnam and recently Malaysia”

Cocoon Capital

Augmentus, a Singapore-based firm in no-code robotics software, has successfully raised $5 million in Series-A funding. The round was led by Sierra Ventures, along with Cocoon Capital, Augmentus said in a statement on Tuesday. According to the statement, the funds will be used to scale operations in the United States, Europe, and Asia, meeting increasing customer demand of various industries and sizes. Augmentus has supplied to more than 30 manufacturers worldwide, including Fortune 500 companies. The platform is compatible with over ten major robot original equipment manufacturer (OEMs), including ABB, Kawasaki, and Kuka. As part of its expansion plans, Augmentus will leverage its Augmentus System Partner (ASP) program to onboard system integrators and channel partners, focusing on high-mix and complex manufacturing. A portion of the investment will also be allocated to intensify research. “We are excited to tap into Sierra Ventures’ expertise and network to execute our commercial plans and enhance our product,” said Leong Yong Shin, Co-Founder and Chief Executive Officer of Augmentus. “We are also thrilled to receive Cocoon Capital’s continued support for our vision, “This funding highlights the potential future where robots can adapt to any part and process with no downtime and expertise required,” he added.

ELSA

The English learning application ELSA Speak adds the feature of applying generative AI, allowing users to create and practice any role-playing conversation situation using voice. Specifically, with the ELSA AI feature integrating generative artificial intelligence technology, users can choose four situations related to work and real life with two options: built-in or self-created. specific communication topic. The application also suggests sentence patterns to help basic-level learners know how to maintain a conversation and more easily hone their reflexive communication skills. Besides, after each conversation, ELSA AI will provide a detailed assessment of the user’s speaking skills according to the following factors: pronunciation, intonation and grammar. A representative of the unit shared, ELSA expects this new feature to become one of the optimal English self-study features for users to practice quick reflex skills in real communication situations on the phone. ELSA AI is one of the unit’s new achievements, launched after successfully raising Series C capital of $23 million. Ms. Van Dinh Hong Vu – Co-founder and CEO of ELSA shared. With this new investment, the company continues to promote product development and conquer more new areas. This capital is used to focus on development in Vietnam and Taiwan, expand to the Middle East and Turkey, and at the same time, promote the Japanese market to continue the success with student user groups and customers. business cooperation. “English is the most requested language by many employers around the world. We want to help our workforce access the global job market more easily thanks to good foreign language skills,” she emphasized. Previously, with $27 million from leading investors in Silicon Valley, this startup has continuously improved ELSA Speak over the past 8 years by taking advantage of artificial intelligence. Because I algorithms identify each level and proactively adjust the appropriate path, a convenient learning experience for each individual is created. According to a report by Grand View Research, the market size of AI applications in global education is expected to reach 32.3 billion USD by 2030. After many years of development, ELSA Speak helps users learn to speak and communicate in English by comparing their voice with the standard native accent. This startup’s artificial intelligence technology is developed by collecting English voice data from many different countries. From there, the application identifies errors when using this language by non-native speakers and provides instructions for correction. According to the unit’s recent announcement, ELSA Speak has had more than 50 million downloads worldwide. To experience unlimited conversations with ELSA AI, users need to upgrade to the ELSA Premium package. In addition to the above new features, the package includes ELSA Pro – the basic paid package of the application, which helps score and edit the pronunciation of each syllable according to a personalized learning path. Based on each person’s level, the app recommends daily lessons to improve pronunciation, listening, intonation and fluency skills through simple lessons, conversations and games. In addition, the package includes ELSA Speech Analyzer – an English speaking analysis and practice tool with the ability to record and evaluate free speech based on 5 factors: pronunciation, intonation, fluency, vocabulary and grammar. At the same time, this program is capable of predicting speaking test scores for international certificates such as IELTS, TOEIC, TOEFL, PTE and CEFR.

Mobile World
Mobile World Group chairman Nguyen Duc Tai has registered to buy one million shares of the company after they fell to a three-year low. The transaction, which is scheduled between Nov. 8 and Dec. 12, will increase Tai’s total ownership to 36.1 million shares, or a 2.46% stake in the electronics retail giant (MWG). At current prices, the deal is estimated to cost Tai VND39 billion (US$1.6 million).

Saigon Hi-Tech Park
Associate Professor Dr. Nguyen Anh Thi, head of the management board of the Saigon Hi-Tech Park in Ho Chi Minh City, has hinted at setting up a microchip development fund worth US$5 million to train 50,000 engineers nationwide. The fund is aimed at easing a potential shortage of workers facing the microchip industry in the future. To become an integrated circuit design center in Vietnam, Ho Chi Minh City should train nearly 40,000 engineers from now until 2030, equivalent to some 6,000 engineers a year.

Quang Tri Province
Quang Tri Province in north-central Vietnam has called on private investors to pour a combined VND14.7 trillion (US$602 million) into various projects to promote its night-time economy from now until 2030. The province calls on investors to channel funds into such tourism projects as a VND2-trillion ($81.7 million) commercial service and entertainment center in Dong Ha City, a VND1-trillion ($40.8 million) Lao Bao international border gate service center in Huong Hoa District, a VND4-trillion ($163.6 million) resort complex in Gio Linh District, and many others.

Netflix
Netflix launches film fund worth VNĐ5 billion (US$192,300) for Vietnamese filmmakers. The fund was announced in a livestream event titled “Cinema Beauty – Việt Nam Creative Economy Fund” on October 31 with the support of the Ministry of Culture, Sports and Tourism, representatives of the Hồ Chí Minh City Film Association and many Vietnamese artists. YeahOne Entertainment Company in Việt Nam will manage the fund on behalf of Netflix.

“Three Vietnamese businesses, namely Pho’s, Phuc Tea milk tea, and Care With Love spa, have clinched franchise agreements with their partners in the Philippines. During the launch event of the Go Global Franchise Fund (GGFF) on November 2, a representative from Go Global Holdings said that this marks the first occasion when three out of the nine businesses within the Go Global Holdings ecosystem have successfully expanded their franchises into the Philippines. Among them, the spa brand Care With Love and milk tea brand Phuc Tea have signed master franchise contracts with their partners. The first Care With Love store in the Philippines is expected to open within the next two months. Meanwhile, the franchise partners of the Phuc Tea brand plan to open around 20 stores in Manila by 2024.”

“Apple supplier Luxshare ICT has received approval for its proposal to expand a factory in the northern province of Bac Giang at a cost of US$330 million. The expansion of the plant in the Quang Chau Industrial Park, to be completed within 24 months, will increase the project’s total investment to $504 million, according to local authorities. The Chinese company first invested in Bac Giang in 2019 and has one more factory in the province. In the last two months Luxshare has been seeking to hire 20,000 new employees for its two plants.”

“Technology giant FPT has acquired U.S. engineering services company Cardinal Peak, its third acquisition in that market this year. FPT expects the investment to double its revenues from product engineering services – which include hardware and software development – in the Americas in the next two years. The Colorado state-based Cardinal Peak has 100 engineers in the U.S. Earlier this year FPT had acquired the IT services division of tech firm Intertec International and stakes in Landing AI, a leading computer vision and AI software company, in the U.S. It has committed to investing US$100 million in the Americas this year.”

“BE Semiconductor Industries N.V. (Besi), a Dutch maker of chip equipment, will develop a factory project for semiconductor equipment components with a firstphase cost of US$4.7 million in the Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City, an economic hub in southern Vietnam. With the certificate, Besi will develop and operate a factory to manufacture semiconductor equipment components in the SHTP in 2025, according to Voice of Vietnam. The project has an operating term of 50 years and will cost more than VND115 billion ($4.7 million) in its first phase.”

“Chinese solar panel maker Trina Solar is planning to invest an additional $420 million in Vietnam’s northern province of Thai Nguyen, raising its total investment in the country to nearly $900 million, the provincial government said on Sunday. Reuters in September exclusively reported that Trina, one of the world’s biggest solar panel makers by sales, would invest $400 million in a new plant in Vietnam.”

“In the near future, Vietnam will become a reliable partner and an important link in the global semiconductor manufacturing and supply chains,” according to Minister of Planning and Investment Nguyen Chi Dung. The semiconductor industry is of strategic importance globally and Vietnam is participating more strongly in the regional and global semiconductor ecosystems. The Foreign Investment Agency under the Ministry of Planning and Investment said that foreign direct investment (FDI) into Vietnam reached more than 25.7 billion USD in the first 10 months of this year, up 14.7% year-on-year.

“Filmmaker Victor Vu has announced that “Nguoi Vo Cuoi Cung” (The Last Wife) is set to screen in the U.S., Australia, and New Zealand in December. The film has grossed VND78 billion (US$3.2 million) domestically.

According to Thanh Nien Newspaper, as a VietnameseAmerican born and raised in the U.S., Vu did not have many chances to be exposed to Vietnamese culture throughout his childhood. And in the limited cultural products featuring Vietnam he had the chance to see, Vietnamese people were often portrayed unremarkably.”

“According to Ms. Nguyen Thi Thanh Thuy, Deputy Director of the HCMC Department of Culture and Sports, the city identifies eight cultural industries, including film, performing arts, fine arts, photography, exhibitions, advertising, cultural tourism, and fashion. In the field of cinema, the city boasts 873 out of a total of 17,670 cultural enterprises. However, considering the production value of cultural industries up to 2020 (the last year with available statistics), the film industry contributed VND3,367 billion (out of the total of VND36,732 billion for all cultural industries), ranking below advertising and exhibitions but significantly surpassing cultural tourism, fine arts, and photography.”

“Hollywood studios and the union representing some 160,000 actors have reached a tentative agreement to end a strike that’s shut down TV and film production. The SAG-AFTRA TV/Theatrical Committee approved the tentative agreement in a unanimous vote, according to statement Wednesday from the union. The 118-day strike will end at 12:01 a.m. Thursday.”

“The Ministry of Culture, Sports, and Tourism, along with Lam Dong Provincial People’s Committee, are jointly organising the event. The Film festival aims to promote Vietnam’s cultural identity, said the organisers. The event consists of opening, closing, and awarding ceremonies. Additionally, conferences will be held to discuss the intellectual aspects of films and establish evaluation criteria aimed at developing the film industry. It will also feature interactions between artists, audiences, and students, as well as outdoor film screenings.”

“The inauguration of the National Innovation Center (NIC) under the Ministry of Planning and Investment in Hoà Lạc HiTech Park recently cemented innovation as society’s driving force. A series of events have been held at the NIC recently, including the Vietnam International Innovation Expo 2023, the Technology Experience, an e-sport tournament, TEAM activities for high school students, the Gala for Better Choice Awards votes, and the Car Choice Awards.
During the gala, top honours were awarded to Việt Nam’s latest products by leading brands including Viettel, Win/Winmart and FPT. At the gala, a newcomer from the third season of the Rap Việt competition Double2T performed his huge hit À Lôi. It was a roaring success. The show also featured another top rapper Đen Vâu, whose music videos go viral on YouTube every time he releases them. Đen Vâu started as a barefoot rapper with catchy tunes, great flow, and meaningful lyrics.”

“Young singer and songwriter Phương Mỹ Chi is sharing her love for Vietnamese folk culture through a new project to celebrate her 10 years in the music industry. “I love the beauty of traditional culture. It’s in my blood,” Chi told local media. Chi is dubbed “Cô bé Dân ca” (Teen Folk Songstress) due to her love and passion for folk music and traditional culture. The 20-year-old joined the music industry in 2013 after being the runner-up in the first season of The Voice Kids of Vietnam, a reality television singing competition for children from six to 14 years old, based on the concept of The Voice Kids of Holland.”

Full List Coming Soon To https://www.savvicode.com/

Full List Coming Soon To https://www.savvicode.com/

Founder Spotlight:  Tay Nguyen

Special Promotion and Event for SAVVi Community: Phat Burger Halloween Popup

Network News:  Jungle Ventures, Patamar Capital, MeridianLink, Dat Bike

Funding: Air City, Vulcan Augmetics, Masan Group, Tin Thanh Group

Vietnam Tech and Startup Environment: Semiconductor manufacturing investment, international startup cooperation, drug production, and more

Vietnam Film and Music Industry News: International music collaborations, film festival, the overall music market, and more

Vietnam is one of the most geopolitically neutral countries on Earth Vietnamese luxury dress designers are among the most in-demand in the world Within 10 years, Vietnam will be the second largest rice exporting country

Tay Nguyen

Tay Nguyen has been a founder, technology executive, and entrepreneur in multiple industries. He has a Bachelors and Masters degree in Aerospace Engineering from Texas A&M University, where he was awarded a full academic scholarship as a National Merit Scholar.

After graduation, Tay spent several years as a consultant and technology architect for Accenture, working in the energy sector in Houston, Texas. During his time at Accenture, where he was entrusted with designing and deploying cutting edge technology, Tay learned to put people first, whether they be clients or fellow team members. This philosophy served him well when he left Accenture in 2000 to co-found DivX with two of his Aggie roommates.

At DivX, Tay led the engineering team for four years, and then the consumer software business unit for three years. DivX took advantage of the rise in creation, distribution and consumption of Internet video content, at a time when it was costly to deliver large files over the Internet due to high bandwidth costs. For context, a T1 line, with a throughput of only 1.5 Mbps, cost approximately $1000/month in 2000. Compare that with today’s prices, where 1,000 Mbps can be had for $65/month. That’s over six hundred times more bandwidth for less than one tenth the cost!

DivX video compression allowed substantial reduction in file sizes, while maintaining high visual quality. This was due to the international team of rock star codec engineers recruited to solve difficult algorithm and chip level optimization problems. In addition to technology innovation, the company also created an innovative business strategy, driving mass market consumer adoption first by making the codec tools easily available to the public and working directly with burgeoning online video compression communities. This consumer first, brand building strategy eventually drove consumer electronics manufacturers such as Sony and Samsung to negotiate deals to incorporate the DivX technology and brand into their DVD players, TV’s and other consumer electronics devices. Similar to Dolby, DivX built a large revenue stream from licensing its technology and brand to the CE manufacturers.

In 2006, DivX had a successful IPO on the NASDAQ. While many would consider an IPO the pinnacle of entrepreneurship, Tay, and his roommates, left shortly after the IPO, chafing against the constraints that a public company placed on their entrepreneurial spirit.

Tay continued to follow his philosophy of people first, partnering with friends on entrepreneurial projects, big and small.

Dr. Dominic Munafo, Tay’s friend and Chief Medical Officer at SleepData, the largest sleep medicine clinic in Southern California, hired Tay to be the company’s President and COO. As an executive at SleepData, and its spinoff company, Optisom, Tay had the opportunity to apply technology to deliver more cost effective healthcare solutions that resulted in better patient outcomes.

Tay was lured away from healthcare by a DivX alumni who was a partner at a VC firm. The role of VP of Operations at AlphaRing, a fusion energy startup, was a dream job for Tay. Even though he held a VP title, Tay got to be hands-on in the lab, working with PhDs solving unique problems in particle physics. His personal highlights from this time include writing software to detect neutron emissions from high energy particle collisions and turning a wrench to build high vacuum chambers.

However, traveling every week between SoCal and the Bay Area proved to be unsustainable for Tay’s family life, so he resigned from AlphaRing, but was promptly offered a consulting, and shortly thereafter, the CEO position at Activbody, a company owned by an AlphaRing investor.

Activbody, whose products include Activ5, a connected fitness exercise device, and Activforce, a medical device used by physical therapists, was based in San Diego, allowing Tay to spend more time at home with his wife and teenage son and daughter. However, as the old adage goes, be careful what you wish for, because two months into his tenure as CEO, the pandemic hit and he spent much, much more time at home than expected! Tay navigated Activbody through those unprecedented times, and once the world had returned to semi-normal, decided to pull back from work to enjoy his family, his 14 nieces and nephews, and other aspects of life.

Currently, Tay and his wife, Ann, reside in a suburb of Minneapolis, having relocated there to be close to their children, who attend college at the University of Minnesota. When not consulting for startups, Tay runs half-marathons, with a goal of running a full marathon someday, works on perfecting his espresso, and reminisces about the days when he could go surfing on a whim.

Tay is profoundly grateful for the perseverance and sacrifices made by his parents who immigrated to the US from Vietnam with Tay, who was three years old at the time. Having started at the very bottom of the socio-economic ladder, Tay appreciates every day of his blessed life and endeavors to pay it forward by helping entrepreneurs with actionable, meaningful, and relevant advice.

You are invited to a Zoom webinar.

When: Oct 31, 2023 02:00 PM Central Time (US and Canada)

Topic: Founder Spotlight: Tay Nguyen, DivX bringing Internet Media to the Masses

Please click the link below to join the webinar:

https://us06web.zoom.us/j/82756696101?pwd=ljqFgyEKGmmnbYZ3LOW3dTGremRr4A.mN-GsS9qFovG_O-W

Passcode: 370089

SAVVi Code is pleased to collaborate with Phat Burger Bro, a burger bistro founded by an American for the Asia market. Phat Burger will only be available for 2 days at Lush Saigon during Lush’s annual Halloween party, the biggest Halloween celebration in Ho Chi Minh City with over 10k party goers. Come have a great American burger, meet the founder, and celebrate entrepreneurship -10% off for SAVVi subscribers.

UPDATES

Jungle Ventures
Showroom B2B, a supply chain platform in the fashion and apparel sector, has raised $6.5 million in a pre-Series A funding round led by Jungle Ventures with participation from Accion Venture Lab, Saison Capital and ICMG Partners. Existing backers Strive, Gemba Capital, Titan Capital, Alteria Capital and Stride Ventures also participated in the round. Entrackr exclusively reported about the new round in June. Previously, it scooped up $1.35 million in seed funding in January this year and $180,000 in angel round in 2021. The proceeds will be used in scaling the company’s phygital distribution model and opening additional experience stores across India’s tier II and III markets, Showroom B2B said in a press release. Started by Abhishek Dua and Shubham Gupta in 2021, Showroom B2B combines digital and physical markets to offer a unique proposition to manufacturers and retailers. It covers major apparel fashion categories like men’s, women’s, and children’s wear. It has tied up with more than 500 garment manufacturers and 3,000 retailers. In May, Singapore-based Jungle Ventures announced a $600 million fund for new and follow-up investments in its portfolio companies. Its portfolio of B2B startups includes Moglix, CityMall and NirogStreet.

Patamar Capital

In the field of startup investment in Southeast Asia, Beacon Fund is a new name and quite secretive. Before the commitment of support from DFC, the Beacon Fund was incubated by Patamar Capital, together with Vulpes Investment Management. Although it is a new and rather secretive name in the field of venture capital, Beacon Fund is supported by the US International Development Finance Agency with up to 50 million USD, focusing on medium-sized enterprises. and small, women-owned. The founder of Beacon Fund is Ms. Shuyin Tang – currently also a partner at Patamar Capital – an impact investment company, focusing on the Southeast Asian market. Beacon Fund was born in 2020, focusing on startups in three main markets: Vietnam, Indonesia and the Philippines. In particular, Beacon Fund mainly supports lending, or investing in small and medium-sized businesses owned by women and with growth potential in Southeast Asia through flexible lending financial solutions. active. Before being supported by DFC, Beacon Fund said it had mobilized about 25% of the target total of 50 million USD from investors. Beacon Fund uses an open fund structure (evergreen fund) – instead of the traditional closed fund model with a term of 10 years.

MeridianLink

In trading on Tuesday, shares of MeridianLink Inc (Symbol: MLNK) crossed above their 200 day moving average of $17.55, changing hands as high as $17.73 per share. MeridianLink Inc shares are currently trading up about 2.3% on the day. The chart below shows the one year performance of MLNK shares, versus its 200 day moving average:

Looking at the chart above, MLNK’s low point in its 52 week range is $12.49 per share, with $22.67 as the 52 week high point — that compares with a last trade of $17.65. powers digital lending and account opening for financial institutions and provides data verification solutions for consumer reporting agencies. MeridianLink’s scalable, cloud-based platforms help customers build deeper relationships with consumers through data-driven, personalized experiences across the entire lending life cycle. MeridianLink enables customers to accelerate revenue growth, reduce risk, and exceed consumer expectations through seamless digital experiences. Its partner marketplace supports hundreds of integrations for tailored innovation. For more than 20 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities

Dat Bike

Dat Bike has released details about one of its newer models, the Dat Bike Quantum. Quantum has a range of 270 km, and the automatic throttle feature is equipped for the first time on popular electric motorbikes in Vietnam. The Vietnamese electric motorbike company introduced its latest product called Quantum, with a design similar to gasoline-powered scooters. With this shaping method, Dat Bike’s products are closer to the masses. The company’s previous products such as Weaver, Weaver 200 to Weaver++ all chose a dusty, masculine look but were picky about players. Quantum has a smooth appearance thanks to curved lines on the body, fairing or rear of the vehicle. The overall design is unisex style, suitable for both men and women. In addition to the pure black version, Quantum has two options with combined body color tones to attract young people, including white-black and orange-black. The car is equipped with LED headlights with round lenses and turn signals located on the fairing. Rear LED taillights with three elegant vertical stripes. Multi-color LCD speed screen, smartphone connection. Dat Bike Quantum costs 49.9 million VND including battery. Vietnamese car company warrants Quantum and the car’s battery for 3 years. For customers who buy cars in 2023, the battery warranty is 10 years.

AirCity
Vietnamese startup AirCity, which specializes in the management of buildings, apartments, and dormitories using technology, has revealed that it secured investment from South Korean investment fund Sopoong in the initial seed funding stage. Details of the invested amount remain undisclosed. AirCity, established in 2021, is a technology-driven startup focused on managing various types of properties, including rental buildings, dormitories, apartments, and offices. The startup’s ambitious objective is to expand its reach to manage 100,000 buildings in major Southeast Asian cities.

Vulcan Augmetics
SAVVi community member Vulcan Augmetics, a Vietnam-based robotic prosthetics firm, has on Monday announced that it has secured seed funding from Singapore-based venture capital firm Quest Ventures. Vulcan Augmetics said in a statement that the firm envisions broadening its scope beyond prosthetics to encompass the full suite of wearable technologies, from diagnostic and health devices such as Fitbit to augmented reality (AR) and Virtual reality (VR) control systems.

Masan Group
U.S. private equity firm Bain Capital has made its first investment in Vietnam, with at least $200 million in the Masan Group conglomerate, and could bring in other investors to raise that to $500 million, the firms said on Monday. The deal is set to boost competition in Vietnam’s retail market, as rapid urbanization draws domestic and foreign investors looking to expand or gain a foothold in the country of 100 million. Proceeds will go to strengthen Masan’s financial position, said the fast-moving consumer goods firm, which runs more than 3,200 supermarkets and minimarts in the southeast Asian nation.

Tin Thanh Group
Acuity Funding and Tin Thanh Group on Monday concluded a deal in which the former would provide US$6.4 billion for the latter’s green projects in Vietnam and the U.S.. As per the deal, Acuity Funding will pour $1 billion into four biomass power plants and thousands of hectares of grain cultivation in the central and southern regions of Vietnam. These facilities will be located in Da Nang City, Kon Tum Province, and An Giang Province, with a total capacity of 165MW. Acuity Funding also pledged some $1.7 billion for the Vietnamese firm’s project to build a truck service and retreading factory in South Carolina, the United States. The facility will serve over one million trucks in the U.S. to reduce gas emissions, save costs, and advance green energy transition

“Hana Micron, a major business in South Korea’s semiconductor industry, plans to pour US$1 billion into chip production in Vietnam by 2025, according to both local and regional media. The South Korean manufacturer of chip packaging and memory products told Nikkei it is moving equipment to its new, second factory in Bac Giang Province, located in northern Vietnam.”

“The Ministry of Science and Technology has issued a technology transfer registration certificate for AstraZeneca, allowing the company to manufacture advanced pharmaceuticals in Vietnam.

AstraZeneca will provide support in terms of personnel, production lines, machinery and equipment, technical documentation, as well as production and testing processes to Vietnam. The primary goal is to ensure that drug production in Vietnam meets the same standards, quality, and efficiency as the original drugs produced in Europe after the transfer of production lines to the country. Previously, AstraZeneca committed to providing VND2 trillion (equivalent to US$90 million) in funding to Vietnam to enhance the drug production capabilities of local drug firms. Between 2022 and 2030, three brandname drugs from AstraZeneca will undergo technology transfer and be manufactured in Vietnam.”

“VTRE plans to exploit, manage, and operate the mine in accordance with international standards and the European Environmental Certification. This will help ensure compliance with global firms’ requirements on the environment, labor, and products.

Tuan said that till now works of many categories have been ready for execution such as testing rare earth on a small-scale chain, designing a factory, and training experts for a factory separating ores into rare earth.”

“FPT Semiconductor JSC, a subsidiary of FPT Corporation, has recently signed a strategic partnership with U.S.-based company Silvaco to bolster the quality of human resources in the semiconductor industry and explore potentials for business expansion in this thriving sector. Under the partnership, Silvaco, FPT Semiconductor, and FPT University will work together to improve the workforce of semiconductor firms in the U.S. Along with the Government’s efforts, the stakeholders intend to build the Vietnam Semiconductor Training Center to grow and improve the talent pool for this sector in Vietnam.

“South Korea’s Amkor Technology, a global semiconductor packaging and test service provider, inaugurated its 23-hectare factory on Wednesday in Việt Nam. Amkor Technology Việt Nam, located at the Yên Phong II-C in the northern province of Bắc Ninh with a total investment of $1.6 billion by 2035, is one of the largest semiconductor manufacturing plants in Việt Nam. The initial phase, with a total investment of $520 million, focuses on providing advanced system-in-package (SiP) assembly and testing solutions, according to the South Korean group. The group said the factory is among its most advanced facilities worldwide, which will boost the formation and development of Việt Nam’s semiconductor ecosystem. The factory may provide employment to around 10,000 workers once full capacity is reached.”

“As Vietnamese startups have found it hard to access capital, the event is set to provide them with cooperation and development opportunities in Japan, she continued. A highlight of the forum was the introduction by nine Vietnamese and Japanese startups.”

“Music composers Duong Khac Linh and Only C have been working with the Barbadian singer-songwriter Shontelle on a rearranged version of her song “Impossible.” The two musicians met up with Shontelle on Tuesday at a HCMC recording studio. Linh (L) took a photo with the Barbadian singer and said he was glad to welcome Shontelle on her third visit to Vietnam for her performance at the 2023 Miss Earth Vietnam contest’s final night on Saturday. The singer also celebrated her 48th birthday with Vietnamese stars in HCMC last week.”

“Johnny Tri Nguyen returned to acting as he appeared in the series “The Continental: From the World of John Wick” with his girlfriend Nhung Kate. Johhny kept the role a secret before audiences saw him in the second episode of the series, which aired on September 29. His character named Khang, is the master of an assassin named Yen, played by Nhung Kate. Khang appeared at the start of the episode, speaking Vietnamese to Yen and encouraging her to go on a mission for justice.”

“Variety show “Hanh Trinh Ky Thu” (Let’s Feast Vietnam) has been chosen to compete for the Best Reality & Variety award at the Asia Content Awards and Global OTT Awards of Busan International Film Festival. Produced by BHD Vietnam Media Corp in collaboration with the Ministry of Culture, Sports and Tourism and Meta, “Hanh Trinh Ky Thu” features the journey of exploring Vietnam of six teams of content creators from Vietnam, South Korea, the Philippines, Taiwan, Hong Kong and Indonesia.”

“The inaugural WOW K-Music Festival 2023 is scheduled to take place on October 21 and 22 at Van Phuc City, a residential project in Thu Duc City, HCMC. Around 20,000 local and international spectators from regional countries, including South Korea, Thailand, Singapore, and China, are expected to attend the event. With its high-quality modern infrastructure and international-standard equipment, Van Phuc City aims to offer the audience an unforgettable music party, according to the organizer. WOW K-Music Festival 2023 aims to foster cultural exchange between Vietnam and South Korea and promote the Southeast Asian country’s tourism to international tourists.”

“As a country with a large, youthful population, a rapidly growing market for digital services, and a deeply ingrained musical culture, music streaming services in Vietnam are becoming more and more popular. According to a report from the International Federation of the Phonographic Industry, music is the most popular form of entertainment in Vietnam, with 75 percent of Vietnamese people listening to music on a daily basis. Additionally, a significant majority of respondents, 93 percent, use mobile phones to listen to music. In this light, it’s clear that music has become easily accessible and this is creating new opportunities for musicians, audiences, and businesses.”

“The first six months of the year witnessed a sharp increase in the local box office, clocking up 23 million admissions, comparable to the all-time high of 48 million recorded back in 2019 before COVID-19. Screen International, a British film magazine covering the international film business, recently published an article noting that Vietnam is on track to become a dynamic content market in Southeast Asia (SEA), particularly as it boasts a booming production sector, a boost in box office numbers, and international awards. The Vietnamese film industry is therefore celebrating its recent successes, including international accolades and local box-office record-breakers, the article wrote.”