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STARTUPS

GoStream, a Vietnamese startup that provides multi-platform livestream broadcasting for social sellers,
marketers, and content creators, has received a seven-digit investment from VinaCapital Ventures to help it
expand its business. “Their innovative streaming technology is helping more businesses reach more viewers
and customers, and we look forward to working with them as they further expand their capabilities and play
an even greater role in Vietnam’s growing digitalization,” said Mr. Trung D. Hoang, a Partner at VinaCapital
Ventures. Founded in 2017, GoStream is an easy-to-use platform for any type of user, even for those with little
or no technical knowledge. It enables them to reach a larger audience from different platforms to increase visibility and get more views.
The company is currently serving multiple corporate clients and facilitating over 100,000 livestreaming sessions daily.

Local e-wallet provider MoMo has raised an undisclosed sum in Series D financing, led by Goodwater
Capital, Kora Management, Warburg Pincus, and Macquarie Capital, as well as existing shareholders
Affirma Capital and Tybourne Capital Management. The investment will be used to develop MoMo’s latest
Super App platform and upgrade its ecosystem to better serve tens of millions of users around the country.
“The investment not only demonstrates investors’ recognition of our achievements but also their belief in
our vision - to provide all citizens in Vietnam with access to the best and most affordable mobile payment
services,” Mr. Nguyen Manh Tuong, MoMo’s Executive Vice Chairman and CEO, said. MoMo has recently opened 120,000 payment
points and tied up with 30,000 partners. It is also directly connected to 28 local and international banks in Vietnam, providing services
to more than 90 per cent of the population.

The AppotaPay platform has signed a bilateral cooperation agreement with Nam A Bank for services such as e-
wallet linking and payment gateways. Nam A Bank will also open accounts, Chip/VCCS cards, and non-physical
cards with eKYC (electronic Know Your Customer) for AppotaPay customers, and provide them with
comprehensive financial solutions. The cooperation agreement will help customers easily use AppotaPay
services through Nam A Bank’s transaction channels in a quick, safe, secure, and convenient way, while offering
lower risks for customers when trading with cashless payments. To promote cashless payments, AppotaPay
wants to maximize convenience and safety for users and optimize the cost for businesses through a network of more than 1,000 direct
transaction points, 10,000 indirect points, and the ability to connect with 50 million users of Appota in Vietnam. Mr. Dao Tuan Anh,
Director of AppotaPay, said this will be a new step helping them build a position and provide safe and stable products and the best customer
experience, putting their five years in the payment sector to use in serving a larger and broader customer base.

Lamita Dance Fitness, a fitness studio chain startup, has announced the closure of all of its centers after it went
bust because of Covid-19. Established in 2012 as a Zumba Center in Hanoi, Lamita developed into member
brands, including Lamita Fitness, Lamita Star, Lamita Shop, and La Pham. It had 65 studios and 200 employees
before the pandemic struck. However, starting last July, it began to close some studios and cut staff, since it was
unable to pay wages as Covid-19 had hit cash flows. By August, only 16 studios were left. Ms. Do Thi Kim Lien,
Chairman of the Song Duong Joint Stock Company, and Mr. Pham Thanh Hung, Vice Chairman of the Cen
Group, previously invested VND10 billion ($435,000) in securing a 35 per cent share of Lamita Fitness. Ms. Vu Thi Thuy Linh, CEO of
Lamita Fitness, said the main reason for the failure was Covid-19 and not internal problems, but admitted she was at fault for not realizing
the risk of expanding the business despite the pandemic. “The pandemic has left the company unable to revive operations, resulting in a
cash flow imbalance and unpaid wages, so we had to make the decision to shut down,” she explained. “If we had not relied on the investment
fund but on ourselves, developing steadily just like seven years ago, then maybe these regretful outcomes could have been avoided.”

Vietnamese logistics startup EcoTruck has raised about $4.3 million in a Series A funding round led by local
investor VNG Technology Group as well as domestic and foreign investors. EcoTruck will continue to invest in
its technology system and human resources, and promote service development in the ecosystem. The company
will also expand its scope of operations, in order to improve efficiencies and enhance ecosystem services for
transport partners. Established at the end of 2017, EcoTruck partnered with more than 400 corporate customers
and managed over 400 garages with 7,000 vehicles, including trucks and tractors. In 2018, in a Pre Series A fund
raising round, it attracted $1.7 million from investors such as 3CC, VietCapital Ventures, Nextrans, Access Ventures, FuturePlay, and some
Vietnamese individuals.

Vntrip has launched a TMS (Travel Management Solution) app to provide a technology platform to help
businesses manage and optimize travel costs. TMS provides a hotel booking system, an airline ticket
booking system, an order management system, and a data report analysis system for businesses. “Vntrip
will prioritize the business customer segment because we hold more advantages, while CEOs who are really
close to business expense management will choose Vntrip’s work management technology solutions,” said
Mr. Le Dac Lam, CEO of Vntrip. Vntrip.vn has now built a network with more than 12,000 hotels around the
country. Amid Covid-19, it still successfully raised investment of $7 million.

38 | VIETNAM ECONOMIC TIMES | FEBRUARY 2021