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Business environment for Internet Market in Vietnam


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Many leading technology entrepreneurs in Vietnam confirmed that domestic companies are confronted with too many barriers to entry and business market.

In 2005, when Le left brilliant job in finance to pursue his passion for online games, I do not know what will happen next. 35-year-old who studied business and finance at the University of Monash in Australia worked at PwC auditing firm and fund management organizations VinaCapital. The founder Vinagame, a company that specializes in online games, according to him, was the start of a testing process.

At his office in the heart of Ho Chi Minh City, the economic center of Vietnam's trade, he said: “I am adventurous. You say: ‘Let's do this. ’ And you do not think too much about the consequences. “

7 years later, the efforts of Le seemed to bear fruit worthy. Launched Vinagame at the time of online business activities in Vietnam are rare and hardly anyone has experience programming games, he tried to take advantage of the strong growth of the Internet to build the company.

The company has developed products games on the Internet, social networking, news and online music websites.

When education and ideological conditions in Vietnam did not appreciate the experience and efforts of young people who do not know to Vietnam as a country of many software developers and Internet companies. But he Minh City are among a group of foreign technology workers aged about 30 was always trying to take the lead.

Only 10 years ago, very few Vietnamese own mobile phone or personal computer. In big cities like Hanoi and Ho Chi Minh City, smartphone and iPad tablet computer, much less common than in London or New York.

Despite the potential of the Internet market in Vietnam is not small, the leading business technology sector in Vietnam also have to overcome many obstacles. Education system in Vietnam is still limited, mainly technology students have to learn.

Since students in grade 3, Nguyen Hoa Binh save money to buy programming books breakfast. In 2011, this 31-year-old man who sold 20% stake in PeaceSoft, trading company specializing in online products, eBay.

Ho Minh Duc, the founder of the online search engines first language English along with four friends from elementary school, majored in information technology at university but 29-year-old youth who claim he learned from colleagues and friends more from the teachers, who just up the theory.

His Socbay company is based in one of the fairly busy street of Hanoi. Duc said the group who founded the company wants to use the understanding of the Vietnamese culture and Vietnamese language to develop better search engine dedicated to Vietnamese, not like these tools by water external development.

In 2006, representatives of the company Google has come knocking on the door, and made an offer worth $ 5 million for the group founder, in addition to their approval for the right to buy shares of the same salary totaling about 8.000USD/thang.

Germany said: “If we join Google, we would have learned a lot. Yet we refused because the price was too cheap and we want to develop technology English to meet the needs of English . “

Phung Tien Cong, a 32-year-old Internet entrepreneur who founded a website devoted to online dating services and music, said: “In Vietnam, you need a lot of relationships. " More recently, he has served as vice president in charge of digital content in the MV group is currently trying to develop several mobile applications using.

Technology companies such as VNG so far have significant coverage in Vietnam. The company has attracted 18 million users to products games, social networking, music and news sites, equivalent to about 60% of Internet users in Vietnam.

Henry Nguyen, general manager of venture capital funds IGD Ventures, said: “The current regulations favor of foreign group companies but does create a disadvantage for the group of companies in Vietnam. “

Many people worry about the current pace of change: “Technology changes fast and local companies face many difficulties. They do not have enough experience and a system around to help them I grow more. “


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