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The startup wishes to replace 250 million gasoline motorbikes with electric scooters in Southeast Asia. Dat Bike, a Vietnamese electric motorbike startup, has raised US$2.6 million in a pre-Series A funding led by Singapore-headquartered Jungle Ventures, as part of its goal to drive the mass adoption of green transportation in Vietnam and other countries in Southeast Asia. Dat Bike wishes to replace 250 million gasoline motorbikes with electric scooters in SEA. Photo: Dat Bike Other investors participating in this round were an early-stage venture capital firm Wavemaker Partners, California-based Hustle Fund and iSeed Ventures. The fresh funds will bankroll the startup’s plans to scale up its team, research & development, and improve the quality of services in line with rising demand for its bikes of 35% monthly, co-founded by Son Nguyen told Hanoitimes . “This investment into Dat Bike marks its first investment in the mobility industry,” Amit … [Read more...] about Vietnamese EV startup raises US$2.6 million in pre-Series A funding

Dat Bike’s flagship electric motorbike, Weaver. Photo by VnExpress/Ny Bui. U.S. venture capital firms Wavemaker Partners, Hustle Fund and iSeed Ventures are the others. The startup plans to establish a supply chain in Southeast Asia in the next two to three years. Amit Anand, founding partner of Jungle Ventures, said: "We believe that Dat Bike will lead the mobility sector and create a new benchmark not just in the region but potentially globally for what the next generation of two-wheeler electric vehicles will look and perform like." It is Jungle Ventures’ first investment in the mobility sector, he said, explaining his firm decided to invest since it was impressed that the startup, with an initial funding of less than $1 million, had managed to produce its own electric motorbikes within two years. Talking to VnExpress , Dat Bike founder Nguyen Ba Canh Son said the money would help expand production capacity and fund R&D. Son founded Dat Bike in December 2018 … [Read more...] about Electric motorbike startup bags $2.6 mln seed funding

Do Van Chien named President of VFF Central Committee Do Van Chien, President of the VFF Central Committee for the ninth tenure, speaks at the meeting in Hanoi on April 12 Do Van Chien, Secretary of the Party Central Committee and Secretary of the Party Delegation of the Vietnam Fatherland Front (VFF), has been assigned as President of the VFF Central Committee for the ninth tenure (2019-2024). The VFF Central Committee held a meeting in Hanoi on April 12 to discuss the appointment of its President and additional members to its Presidium. All in attendance agreed to assign Chien as a member of the VFF Central Committee and its Presidium, and President of the VFF Central Committee for the ninth tenure. His predecessor, Politburo member Tran Thanh Man, was recently elected Vice Chairman of the 14th National Assembly (NA). In his inauguration address, Chien said the VFF should push ahead with performing its duties in the election of deputies to the 15th NA and all-level … [Read more...] about VIETNAM NEWS HEADLINES APRIL 13

Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates According to the Department of Credit for Economic Sectors under the State Bank of Vietnam, in the first quarter of this year, the deposit growth reached only 0.54%, well below the credit growth of 2.93% and the average deposit growth of 2.28% in the first quarter of the past seven years, Lao Dong newspaper reported. At present, the rate for savings of less than six months is 3%-4%. Meanwhile, tenors of six to less than 12 months and over 12 months enjoy a rate of 3.5%-5.5% and 4.6%-6%, respectively. Although some banks have revised up their deposit rates by 0.1-0.4 percentage points, the banks’ average deposit rate in the first quarter remained some 2 percentage points lower than that in the same period last year. If the trend continues, the banking system’s liquidity … [Read more...] about VIETNAM BUSINESS NEWS APRIL 15

Fitch Ratings upgrades Vietnam’s outlook to “positive” Fitch Ratings has revised Vietnam's outlook to “positive” from “stable” and affirmed the long-term foreign-currency issuer default rating at “BB”. The Ministry of Finance (MoF) said the credit rating agency’s upgrade of Vietnam’s outlook reflects the growth resilience of the country, which was among the few economies in the Asia Pacific region and the “BB” rating category to maintain positive growth in 2020, at 2.91 percent. Fitch Ratings recognised Vietnam’s fiscal and government debt achievements, its successes in bringing the coronavirus outbreak swiftly under control, strong policy support and export demand, along with continued strengthening of external finances due to persistent current account surpluses and rising international reserves. It forecast GDP growth of about 7 percent in 2021 and 2022, in line with a broader global economic recovery sustaining export growth and a gradual normalisation of domestic economic … [Read more...] about VIETNAM BUSINESS NEWS APRIL 3