Like many countries who have strong desire of becoming a tech giant, the Government in May launched the initiative “Make in Vietnam,” which is aimed at encouraging local tech companies to manufacture their own products and then export them instead of assembling and outsourcing goods for foreign companies. In the last four months, three social networks, developed and owned by Vietnamese companies, were introduced. They share the ambition of breaking the “monopoly” of foreign social media and drawing users to the Vietnamese platforms. Nguyen Van Tuan, VCCorp’s Deputy General Director, introduces Lotus on its debut. In June, Hahalolo was launched and a month later saw the introduction of Gapo. Lotus was launched in the middle of this month. Minister of Information and Communications Nguyen Manh Hung in a meeting in July called on local tech firms to develop “Make in Vietnam” social media in a different path from Facebook, creating platforms that could compete and replace Facebook and Google. The local social media networks are expected to meet three criteria-sharing value with users, allowing users to contribute and complying with national law. Hahalolo, debuted on June 10, aims to attract two billion users worldwide by 2024 and seeks to list… Read full this story
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