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Vietnamese livestreaming firm GoStream raises $1 million funding from VinaCapital Ventures

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Vietnam-based live video-streaming platform GoStream announced that VinaCapital Ventures has invested US$1 million in the company to help it expand its business.

Launched in 2017, GoStream is a multi-platform livestream broadcaster for social sellers, marketers, and content creators. 

It enables users to reach a larger audience from different platforms to increase visibility and get more views.

Currently, the platform claims to facilitate over 100,000 livestreaming sessions daily and also serve corporate clients.

In 2019, GoStream was listed by Facebook as one of the 30 most used livestreaming platforms in the world for 30 days.

GoStudio, a product of GoStream, won first prize at the Vietnam Techfest 2020 last November. The contest’s organizing committee recognized the product’s ease of use and adaptability to a range of online channels, including social commerce, online training and online entertainment.

“We look forward to working with GoStream as they further expand their capabilities and play an even greater role in Vietnam’s growing digitization,” Hoang Duc Trung, a partner at VinaCapital Ventures, said in a statement.

The startup previously also received $200,000 in investment from VinaCapital Ventures and Zone Startups Vietnam in the seed round.

VinaCapital Ventures, an asset management company with over $3 billion in assets under management, said it will invest further in Vietnam’s digital economy, which is expected to grow to $52 billion by 2025.

Revenue in the video-streaming segment in Vietnam is poised to reach $162 million in 2021, according to data by Statista.

Earlier in 2020, VinaCapital Ventures had also backed Vietnam-based facial recognition firm Wee Digital and Homebase, a proptech startup.

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Source: https://tuoitrenews.vn/news/business/20210119/vietnamese-livestreaming-firm-gostream-raises-1-million-funding-from-vinacapital-ventures/58864.html

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Retired deputy minister becomes bank president

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VietBank’s president has unexpectedly resigned and his position has been transferred to a former government official.

Retired deputy minister becomes bank president

VietBank’s chair of the board of directors Bui Xuan Khu

VietBank has announced that Duong Ngoc Hoa resigned from the post of chair of the board of directors on February 23 and the office has been taken by Bui Xuan Khu, who was Deputy Minister of Industry Trade.

Khu became a member of the bank’s board of directors in 2011 after he retired. Later, he acted as deputy chair of the board of directors until he was appointed president of the bank.

Khu is the next former high-ranking official to become a bank president. Le Thi Bang Tam, former Deputy Minister of Finance, is now president of HDBank and president of Vinamilk.

Tam joined Vinamilk in 2013 as an independent member of the board of directors. She has been president of the nation’s leading dairy producer since 2015 and president of HDBank since 2010. She is also a senior advisor to some foreign financial institutions.

A lot of former government officials became businessmen after their retirement. Tran Xuan Gia, former Minister of Planning and Investment Tran Xuan Gia, became the president of ACB in 2008-2012. Gia, together with a lot of former senior managers of the bank, including Ly Xuan Hai, Le Vu Ky and Trinh Kim Quang, were investigated in a case related to Nguyen Duc Kien, or ‘Mogul Kien’.

Kieu Huu Dung, former director of the Banks and Non-bank Credit Institutions Department, served as president of Sacombank in 2014-2017. He later became president of ACB Securities and president of Sacombank Securities.

The other officials included Pham Viet Muon, who was Vice Chairman of the Government Office, Cao Sy Kiem, former Governor of the State Bank of Vietnam (SBV) and Truong Van Phuoc, former head of SBV’s Foreign Exchange Management Department.

Former Deputy Minister Bui Xuan Khu, who joined VietBank in 2011, also has a lot of business experience as he was general director of the Vietnam Textile and Garment Corporation (Vinatex), the largest garment producer in Vietnam, general director of Viet Tien Garment and deputy president of the Global Petroleum Investment JSC.

In mid-2019, VietBank put VBB shares into transactions on the bourse.

VietBank was established in December 2006 as a rural bank with charter capital of VND200 billion. Its founding shareholders have relations with Hoa Lam Group, ACB and Dieu Hien Company. The bank now has charter capital of VND4.19 trillion after five capital increases.

ACB has divested from VietBank, while Dieu Hien is no longer mentioned in documents and information about the bank. The shareholders from Hoa Lam Group still maintain their stake with Duong Ngoc Hoa as the representative. Duong Nhat Nguyen is now deputy chair of the bank. 

V. Ha

Source: https://vietnamnet.vn/en/business/retired-deputy-minister-becomes-bank-president-715484.html

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Shares recover on the back of banking and energy stocks

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A customer at a branch of Military Bank (MBB). Shares of MBB rose 1.1 per cent on Thursday. Photo courtesy of MBB

HÀ NỘI — Shares bounced back on Thursday on the back of large-caps, banking and energy stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.29 per cent to close at 1,165.43 points.

It had lost 1.33 per cent to close Wednesday at 1,162.01 points.

More than 510.4 million shares were traded on the southern bourse, worth VNĐ13.5 trillion (US$589 million).

Market breadth was neutral with 220 gainers and 214 losers.

“The VN-Index is still in a consolidating span at the 1,160-1,200-point range,” said BIDV Securities Co.

“Liquidity declined compared to the previous session, market band was narrowed and market breadth was positive, showing that investor sentiment is stabilising.

“Foreigners continued to be net sellers on the HoSE while they were net buyers on the HNX.

“BSC recommends mid and long-term investors to open positions in some good fundamental stocks in this short-term consolidating span,” it said.

Foreign investors net sold VNĐ460.80 billion on HOSE, including dairy firm Vinamilk (VNM) (VNĐ233.40 billion), Vietnam National Petroleum Group (PLX) (VNĐ47.4 billion), and real estate company Khang Điền House (KDH) (VNĐ36.2 billion). They were net buyers on the HNX with the value of VNĐ10.44 billion.

The oil and gas sector index gained 2.4 per cent, becoming one of the best-performing sectors in Việt Nam on Thursday, data on vietstock.vn showed.

Vietnamese oil and gas stocks grew well, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Power Corp (POW), and PetroVietnam Technical Services (PVS).

Besides the petroleum industry, financial stocks also performed well with the banking and industry indices rising 0.3 per cent and 0.3 per cent, with gainers including Vietcombank (VCB), Military Bank (MBB), HDBank (HDB), Bảo Việt Securities Co (BVS), MB Securities Co (MBS), Ho Chi Minh City Securities Corporation (HCM), Saigon-Hanoi Securities Co (SHS) and VNDirect Securities Co (VND).

The large-cap tracker VN30-Index gained 0.23 per cent to stay at 1,169.82 points.

Fourteen of the 30 large-cap stocks in the VN30 basket increased while thirteen lost ground.

On the Hà Nội Stock Exchange, the HNX-Index rallied 3.49 per cent to end Thursday at 246.20 points.

The northern market index had dropped 0.38 per cent to end Wednesday at 237.89 points.

More than 115.4 million shares were traded on the northern market, worth VNĐ1.9 trillion. —

Source: https://vietnamnews.vn/economy/887216/shares-recover-on-the-back-of-banking-and-energy-stocks.html

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Number of passengers using Can Gio-Vung Tau ferry service on the rise

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A ferry carrying passengers and goods plies on the Can Gio-Vung Tau route – PHOTO: NLDO

HCMC – The ferry service linking HCMC’s outlying district of Can Gio and neighboring Vung Tau City has seen an increase in the number of passengers and goods after nearly two months of operations, prompting the service operator to consider adding more ferries to meet the rising travel demand.

Data from the Inland Waterway Port Authority for Ba Ria-Vung Tau Province showed that over 400 ferry trips carrying some 31,000 passengers had been operated on the route from January 4 to February 17, with more than 200 trips transporting 15,500 passengers during the recent Lunar New Year holiday.

Given the rising number of passengers and commodities, the operator had to add one-three more trips on the weekends.

Quoc Chanh One Member Limited Liability Company, which is the investor and operator of the ferry project, said that it planned to put four more ferries into operation from 2021 to 2022. The company expects to put 12 ferries into service in 2024.

The company operates 25 daily trips using two ferries on the route. It will take passengers around 30 minutes to travel on the 15-kilometer-long ferry route.

Source: https://english.thesaigontimes.vn/80689/number-of-passengers-using-can-gio-vung-tau-ferry-service-on-the-rise.html

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