The app maker, which has more chat users than Facebook in Vietnam, “has every intention” of eventually completing an initial public offering in the U.S., a source with direct knowledge of the matter told Nikkei Asia. It filed for an IPO a week after the debut of Vietnamese electric vehicle maker VinFast, which like other newly listed companies has seen volatile trading in its first weeks on the market.

“Market conditions are still very challenging,” the source said.

VNG declined to comment when contacted by Nikkei Asia.

VNG was one of several businesses cited by the White House this month as an example of Vietnamese companies tapping “U.S. capital markets to fuel growth and innovation.”

With divisions in payments, cloud computing and music, it would be one of the few Vietnamese companies to sell stock overseas and is thus seen as a test case of investor appetite for firms in the region, as well as of regulatory scrutiny.

“Elements of our corporate structure are unprecedented and have not been tested in any court in Vietnam or elsewhere,” the company previously said in a securities filing.

The filing said it would list a Cayman Islands holding company that has a stake in VNG Corp. of 49% — Vietnam’s foreign-ownership limit for certain sectors — plus a 21% indirect interest.

Source: Nikkei Asia

He hailed the successful operation of Apple in Vietnam at the meeting with Nick Ammann, Director of Apple Global Government Operations. Apple’s export value in Vietnam reached around $30 billion in 2022.

He suggested that Apple keep putting more money into Vietnam, increase the amount of local content in its products, and help U.S. companies and Apple’s partners invest in the Southeast Asian country. He also thought that Apple would make Vietnam an important part of its line of production and supply.

During a reception for Brendan Nelson AO, the senior vice president of Boeing Company and president of Boeing Global, Pham urged Boeing to expand its manufacturing and supply chain in Vietnam and soon build its maintenance facility there.

The Prime Minister also used the event to ask Boeing to help Vietnamese partners with training their employees and sharing technology so that they can play a bigger role in Boeing’s supply chain.

Pham called upon Google to support Vietnam’s national innovation center and provide digital transformation training for Vietnamese firms while receiving Karan Bhatia, the Vice President, of Government Affairs and Public Policy at Google.

He also voiced his support for Google to expand operations in Vietnam.

On the same day, Prime Minister Pham witnessed the exchange of investment agreements between firms of the two countries in industrial park development, green growth, production and distribution of pharmaceuticals, and human resources training in semiconductors.

Source: VGP

Vietnam’s e-learning market is expected to hit US$3 billion in value by the end of the year.

In a bid to capitalize on this demand, local edtech firm Vuihoc has raised US$6 million in its series A funding round led by TNB Aura. The fresh funds will be used to improve the company’s product offerings and invest in AI to offer personalized learning experiences for students.

Founded by Lam Do and Thu Do in 2019, Vuihoc has amassed over 1.1 million users, primarily from Tier 2 and Tier 3 cities. The platform offers educational content, including video lectures and quizzes, and has an inventory of over half a million resources.

The firm also offers live classes that enable students to learn in private or in small groups and where they can get instant feedback.

“We believe that the support of technology will bring the best possible education to all students, especially those outside of big cities, giving them better opportunities for the future,” Do said in a statement.

Before its series A round, the company most recently raised US$2 million in a bridge round led by Bace Capital, an investment firm backed by Ant Group.

Source: Tech in Asia