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Positive news about Vietnamese businesses and startups

VNG wants to raise more capital before IPO in the US

Tech unicorn VNG is considering raising $200 to $300 million before listing in the US through SPAC. The company intends to use the proceeds to support its expansion plans into several verticals, such as social platforms (Zalo), online media (Zing News), technical payments digital services (ZaloPay) and cloud services (VNG Cloud) besides games. While the plan to list SPAC is still under consideration, the company is aiming for an IPO in the US in the usual way. VNG is currently restructuring its business to make it easier to list in the US. Discussions are ongoing and details such as the size of the round are subject to change. The company declined to comment on the funding round.

Startup GreenJoy: From Top 60 Startup Wheel 2019 to Top 1 VietChallenge 2021

After 6 months of intense competition and many ups and downs, the final round of the international competition “VietChallenge 2021 – Global Startup” with the theme “Continuum” was successfully held in prosperous New York City and closed. The 6th season of VietChallenge. With a convincing Q&A session with powerful and demanding judges, GreenJoy – a Vietnamese startup that provides biodegradable straws and utensils – won first place with a valuable cash prize $15,000. The company sold more than 30 million straws in Vietnam and other countries and was recognized at Blue Venture Award 2019 and other competitions. In addition, Ms. Thao Nguyen – founder and CEO of GreenJoy decided to donate $5,000 from the prize to the Carry Forward campaign, helping children, students and students who are severely affected by COVID-19.

LEGO invested a $1-billion factory in Binh Duong

Recently, on December 8, LEGO Group signed a memorandum of understanding to cooperate with Vietnam – Singapore Industrial Park Limited Liability Company (VSIP) to build a factory in Binh Duong with a total estimated investment is more than $1 billion. The LEGO Group will invest in the construction of its first carbon-neutral factory, including the investment in solar energy production on a 44-hectare site in Binh Duong province, with the goal of bringing 4,000 job opportunities over the next 15 years. The project is expected to launch in the second half of 2022 and the factory will start operating in 2024. This will be the 6th factory in the world and the 2nd factory in Asia of the LEGO Group. The factory was built to promote long-term growth in the region, so the business can continue to provide fun experiences for many children for years to come.

A Vietnamese NFT project successfully has raised $5 million

DeFiHorse has just completed a private funding round with the amount of $5 million from many large blockchain funds such as: Exnetwork Capital, Poolz Ventures, Bullperks, Avocado Game Guild. DeFiHorse is a metaverse game in which users can own horses, trade or breed horses similar to the real-life elite who own precious horses. The CEO of DeFiHorse is Mr. Mai Truong Giang, once honored at Forbes 30 under 30 Vietnam. It is known that the capital will be used to develop games with a long-term vision, become a technology unicorn and bring blockchain technology closer to everyone.

A Vietnamese blockchain startup has raised $25 million

WhyDah, a blockchain startup, has successfully raised $25 million in capital from major investors in the US, Korea, and the UK such as USD Morningstar Ventures, Eternity Ventures, etc. WhyDah is led by Pham Minh Tri, one of the pioneers in the field of blockchain, established. He is also the co-founder of Kardiachain – a popular blockchain platform in Vietnam. WhyDah said it will use the investment to build an open metaverse, allowing users to connect and experience everything at the intersection of the real world and the virtual universe.

Sources of information include CafeBiz and VNExpress.