The platform enables purchasers to easily source from multiple suppliers and identify the best deals available. The marketplace is free to use for all suppliers, empowering them to digitise and maximise their reach to customers across Vietnam. EI Industrial ensures that there is a proper audit trail for both parties.
The funds will be used to invest in its to build a faster and more user-friendly platform and expand the sales, marketing and technology teams to drive rapid growth, according to a statement from the company.
EI Industrial currently serves over 500 customers in Vietnam, including global companies such as the Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl and Central Group.
The company also works with over 300 sellers to meet the growing procurement demands, including Schneider Electric, Bosch, Honeywell and 3M. The company is onboarding hundreds of new sellers for the 20 categories listed on its marketplace and aims to support one million SKUs by the end of 2021.
Vietnam’s B2B e-commerce market has the highest growth rate in Southeast Asia, reaching $13.2 billion in 2020 and is expected to grow at a CAGR of 43 percent by 2025. COVID-19 has heavily impacted global supply chains and has accelerated the digital transformation in the way businesses procure goods. Over 98% of companies are SMEs with a growing need to find trustworthy suppliers to meet their demands.
“Vietnam is one of the fastest-growing economies in the World in recent years, and SMEs are the backbone of the economy. My co-founders and I established EI Industrial to realise our dream of developing Vietnam’s core industries via technology. EI Industrial now supports businesses and sellers in improving both their productivity and profit margins”, said Anthony Ho Phi An, Founder & CEO of EI Industrial.
“The market has been waiting for such a solution with Vietnam’s rapid development and EI Industrial addresses a clear need. We have been inspired by Anthony, Sophie and Trung’s passion, determination and ability to build a platform that is helping to digitise Vietnam’s businesses. The team is exceptionally driven and we are proud to be an investor and partner in their journey”, said Michael Blakey, Managing Partner at Cocoon Capital. Blakey recently joined the EI Industrial board of directors.
Launched in 2020, EI Industrial is a B2B e-commerce marketplace that aims to accelerate digital procurement in Vietnam. Vietnamese businesses suffer from manual and inefficient processes resulting in wasted time and higher costs for both purchasers and suppliers when procuring goods. Additionally, purchasers cannot quickly source for products due to the lack of price visibility and transparency. As a result, one order can take up to two weeks to complete.
Cocoon Capital is a Singapore-based venture capital firm focusing on early-stage, enterprise tech companies across Southeast Asia with assets under management of more than SGD 70m. The fund invests within the medtech, fintech, insurtech, and other deep tech verticals. It has done a total of 23 investments till date.
BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with their operational experience, network, trust, unique perspectives, and capital. The team invests in early-stage tech start-ups that are focused on building the new digital platforms driven by the data network.
Netflix denies purchase of phimmoi domain name
Vietnamese users were surprised when they were redirected to Netflix.com when they tried to access phimmoi.net, a website that provides pirated movies.
When typing or copying the URL of phimmoi.net on Facebook, the social network’s function of previewing content also gave images of Netflix.
It’s unclear why the users of phimmoi, an unlicensed website, were redirected to a provider of copyrighted films. Phimmoi was listed among the top 20 websites with the highest number of visits in Vietnam, about 60-100 million a month. Netflix only provides copyrighted products, to 150,000 users in the country.
In late August, the investigation agency of the HCM City Police filed charges in a criminal case over copyright infringement related to phimmoi.net.
Investigators found that since 2014, one man in Lam Dong province has been operating a website showing movies for free on the internet. He hired two individuals with high IT qualifications in Dong Nai province to develop, administer and operate the website.
The team copied, exploited, used, broadcasted and disseminated movie products to the public without the consent of copyright holders. Phimmoi was also engaged in illegally advertising products and services on copyrighted films in order to gain illicit profits, which were large amounts of money.
This is the first criminal prosecution case against a website providing pirated movies in Vietnam. After phimmoi.net was blocked, the owner of the website continued providing services with other domain names, such as Phimmoiz.net, Phimmoizz.net, iphimmoi.net or ephimmoi.net most recently, maintaining illegal activities.
The information about redirection to Netflix.com caused a rumor hat Netflix had bought the phimmoi.net domain name.
However, a spokesman for Netflix, contacted by VietNamNet, denied this. “No business of Netflix has bought the phimmoi.net’s domain name,” the spokesman said.
On November 30, it was impossible to access phimmoi.net, even with a VPN. However, when typing the URL of phimmoi.net on Facebook, one still could see the information about Netflix’s website on previewed links.
In related news, in mid-November, Netflix announced the launch of free Netflix package reserved for Vietnamese users. Vietnam is the first market in Asia and one of a few markets in the world where Netflix is offering a free package.
This service package is specifically offered to Android users. Users need to be over 18 years old and have never had Netflix accounts to be eligible. They just need to register via phone or email.
Vietnam DX Summit: Vietnam’s awareness of digital transformation enhanced
Awareness of digital transformation has been enhanced and digital transformation has been seen in activities of the Government and socio-economic sectors, heard the Vietnam DX Summit 2021, which opened on December 1.
According to Deputy Minister Nguyen Huy Dung, digital transformation has become a new driving force to promote socio-economic development, contributing to the fight against the epidemic and economic recovery.
The event is held online by the Vietnam Software and IT services (VINASA) in collaboration with several units, and is broadcast on media platforms for three days. This is an opportunity for ministries, sectors, localities and businesses to exchange ideas, and discuss and propose solutions to make Vietnam go faster on the national digital transformation journey.
Deputy Minister of Information and Communications Nguyen Huy Dung said that 2021 is the first year implementing the socio-economic development plan for 2021-2025, and also the year Vietnam has to face many difficulties and challenges caused by the COVID-19 pandemic. In the current context, digital transformation has become an inevitable trend and a new driving force to promote socio-economic development, thus contributing to driving back the pandemic.
VINASA President Nguyen Van Khoa said that digital transformation is creating unprecedented changes in all areas of the country’s socio-economic life.
At the national level, the National Committee for Digital Transformation has been established on the basis of consolidating the National Committee on E-Government, making Vietnam one of the few countries in the world with the Prime Minister being the Chairman of the National Committee for Digital Transformation.
Dung shared that the Ministry of Information and Communications submitted to the Government a draft strategy for the development of digital economy and digital society, which is expected to be approved within this month.
The Vietnamese Government considers digital infrastructure, data infrastructure and national digital platforms key factors and is trying to accelerate the implementation of the national digital transformation roadmap, he added.
Within the framework of the summit, digital transformation-related issues in key industries such as finance, banking, health care, agriculture, transportation-logistics, real estate, industrial production and information security will be discussed in detail in seminars and Q&A sessions. In addition, consultation sessions and an exhibition featuring outstanding digital solutions will be held as well./.
Vietnam has yet to receive signal from NanoDragon satellite
Two out of nine satellites have yet to receive signal from the earth station 22 days after they were launched into orbit, said Deputy General Director of the Vietnam National Space Centre (VNSC) Le Xuan Huy.
NanoDragon satellite is developed by a group of scientists from the Vietnam Space Center (VNSC).
They are ARICA test satellite developed by Aoyama Gakuin University of Japan and Vietnam’s NanoDragon satellite.
Studied, designed and manufactured in Vietnam, NanoDragon was successfully launched into outer space at a height of 560km from the Uchinoura Space Centre in Japan’s Kagoshima prefecture on November 9.
Before the launch, NanoDragon underwent four rounds of safety inspection by the Japan Aerospace Exploration Agency (JAXA) with the strictest standards and important environment, shock and functional tests. It also passed rounds of examination in Vietnam and was sent to Japan for launching under JAXA’s plan on August 6.
All tests in Japan were closely monitored by its developer VNSC, the Kyushu Institute of Technology, JAXA, High-Reliability Engineering and Components Corporation (HIREC) and MEISEI – partner of VNSC in Japan and supplier of test equipment for NanoDragon.
VNSC also discussed eventualities that could happen to NanoDragon and sought measures with MEISEI and JAXA, Huy said, adding that VNSC’s engineers are actively seeking signal from the satellite./.
Việt Nam, China foreign ministers hold talks on trade, South China Sea, and COVID-19 vaccine cooperation
Việt Nam’s COVID vaccine developer stops third phase trial due to volunteers shortage
Central city calls for ICT investment from South Korea
Exhibition of disadvantaged children’s paintings held in Hà Nội
Thailand and Việt Nam: Advancing a Strengthened Strategic Partnership for a sustainable future
Vietnam’s first metro route opens
Why has Korean chaebol invested over $1.2bn in Masan and its subsidiaries?
100 experts to help build plan for Vietnam’s sustainable development
VIETNAM BUSINESS NEWS NOVEMBER 5
VIETNAM BUSINESS NEWS NOVEMBER 16
Da Nang museums attracting domestic visitors with free entry policy
Nom, nom, Việt Nam – Episode 76: Fried cheese sticks
In Sa Pa, ethnic children forced to peddle on streets in bitterly cold night
Nom, nom, Việt Nam – Episode 74: Huế beef noodle soup
New pedestrian mall to become new hotspot in HCM City
Society2 weeks ago
Japan, UNICEF to help enhance Vietnamese resilience to natural disasters
Entertainment-Sports1 week ago
The first photos of Miss Vietnam Do Thi Ha at Miss World 2021
Travel2 weeks ago
International tourists to Phu Quoc must use IGOVN and PC-Covid apps
Business7 days ago
Textile and garment sector could earn more if it made more local materials
Business2 weeks ago
VIETNAM BUSINESS NEWS NOVEMBER 20
Politics2 weeks ago
Agencies asked to step up investigation, prosecution and trials for corruption cases
Politics19 hours ago
Inspection commission considers disciplinary measures
Sci-tech-environment2 weeks ago
Vietnam’s Metaverse startup receives US$1 million