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Alibaba and partners invest 400 million USD in Vietnam’s retail company
Masan Group Corporation and a consortium, including Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May 18 announced the signing of definitive agreements for the acquisition of a 5.5 percent stake in The CrownX for a cash consideration of 400 million USD.
Tuesday, May 18, 2021 15:12
Consumers buy pork at a Vinmart supermarket (Photo: VNA)
Hanoi (VNA) – Masan Group Corporation and a consortium, including Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May 18 announced the signing of definitive agreements for the acquisition of a 5.5 percent stake in The CrownX for a cash consideration of 400 million USD.
The CrownX, founded in 2020, is valued at 6.9 billion USD, equivalent to 93.50 USD a share. Parent company Masan will hold 80.2 percent of the retail unit.
The company is Masan’s integrated consumer retail arm that consolidates its interests in Masan Consumer Holdings (MCH) and VinCommerce (VCM).
Danny Le, Masan Group CEO, said: “This strategic partnership will accelerate our ability to achieve our goal of transforming The CrownX into a one-stop shop to serve consumers’ everyday needs, whether offline or online”.
“Our immediate priority is to modernise Vietnam’s grocery market and develop an unparalleled consumer proposition from assortment to shopping experience,” he added.
“As a long-term investor in the country, we think Vietnam has a long runway for growth supported by strong macroeconomic tailwinds and attractive demographics,” stated Janice Leow, managing director at BPEA.
As a part of the transaction, VCM will enter a strategic cooperation agreement with Lazada, Alibaba’s Southeast Asian e-commerce platform.
It will be the grocery retailer of choice on Lazada in Vietnam.
Vietrade, Alibaba.com partner to help firms with online export
The Vietnam Trade Promotion Agency (Vietrade) and Alibaba.com, the global business-to-business (B2B) e-commerce platform of the Alibaba Group, signed a memorandum of understanding (MoU) on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16.
Tuesday, March 16, 2021 17:38
The Vietrade and Alibaba.com sign an MoU on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16. (Source: baocongthuong.vn)
Hanoi (VNA) – The Vietnam Trade Promotion Agency (Vietrade) and Alibaba.com, the global business-to-business (B2B) e-commerce platform of the Alibaba Group, signed a memorandum of understanding (MoU) on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16.
Under the MoU, Alibaba.com pledged to provide technical assistance in digital transformation for trade promotion organisations and small- and medium-sized enterprises (SMEs) of Vietnam.
Meanwhile, Vietrade, an agency under the Ministry of Industry and Trade (MoIT), is committed to working with Alibaba.com to improve the digital transformation and e-commerce capacity of the targeted groups. They are set to continue organising a series of capacity building events to benefit more than 1,200 businesses nationwide in the next three years.
Besides, long-term cooperation plans related to digital transformation, business brand and product trademark building, awareness improvement, and advice provision for firms to operate on Alibaba.com will also be made and implemented concertedly.
Addressing the e-commerce conference - the first big event of Alibaba.com in Vietnam, Deputy Minister of Industry and Trade Do Thang Hai said e-commerce in Vietnam grew 18 percent in 2020 to reach 11.8 billion USD. Though the expansion was slower than forecast, Vietnam was still the only Southeast Asian nation to post a double-digit growth rate in e-commerce.
As the COVID-19 pandemic has seriously hampered global trading and supply chains, the MoIT has directed Vietrade to adjust many activities to the reality, including stepping up online trade promotion to help enterprises fuel export.
Hai held that Alibaba.com, one of the world’s leading e-commerce platforms, is a potential market for Vietnamese businesses to boost sales to customers around the world.
Deputy Minister of Industry and Trade Do Thang Hai addresses the ceremony (Source: baocongthuong.vn)
Therefore, cooperating with such big partners as Alibaba.com to carry out trade promotion and export supporting solutions will bring about more chances for local firms to expand in foreign markets, he said.
The official added the MoIT welcomed Alibaba.com’s decision to set up an office with Vietnamese staff in the country, which, he said, reflects the company’s strong and long-term commitment here.
Zhang Kuo, General Manager of Alibaba.com, said the firm has continually developed partnerships with associations, business partners, and banks with a view to helping SMEs of Vietnam improve their digital capacity and operating, customer managing and order fulfilling skills.
Via the cooperation with partners in Vietnam and the world, Alibaba.com looks to achieve over 100 billion USD in gross merchandise value by 2024, assist more than 10 million SMEs around the globe, and have over 10,000 suppliers from Vietnam involved in B2B e-commerce activities on Alibaba.com.
With the commitment to supporting 10,000 SMEs of Vietnam in five years and promoting digital transformation, Alibaba.com will keep cooperating closely with local authorities to provide suitable and effective online services and solutions, he added.
Alibaba.com to inject new energy to Vietnamese SMEs in digitalisation
Alibaba.com, the global business-to-business (B2B) e-commerce platform of Alibaba Group has organised an online summit to offer Vietnam 'The New Boom' products and services to accelerate Vietnamese SMEs in digitalisation.
Wednesday, May 05, 2021 11:12
Alibaba.com to inject new energy to Vietnamese SMEs in digitalisation (Source: Internet)
Hanoi (VNS/VNA) - Alibaba.com, the global business-to-business (B2B) e-commerce platform of Alibaba Group has organised an online summit to offer Vietnam 'The New Boom' products and services to accelerate Vietnamese SMEs in digitalisation.
Amid the pandemic, Alibaba.com took initiatives in April 2020 to support Vietnamese SMEs and SMEs around the world to digitise their business, and recover. Since then, Alibaba.com witnessed growing demand on the platform and more businesses are now digitised.
Global trade has been largely undermined while e-commerce and online B2B trading proved to be the key to success, Alibaba.com continues to bring more business opportunities to Vietnamese SMEs in “the new normal” in 2021.
Roger Lou, Country Manager of Alibaba.com Vietnam, underlined the significance of Vietnam to Alibaba.com and how this platform helped Vietnamese SMEs with upgraded products and services: “In the process of a "Great Migration" of the global manufacturing industry, Vietnam’s strategic position more important than ever and now the country’s strategic opportunity has come. This is the golden chance for SMEs to expand business given the economic background."
"Alibaba.com plans to offer more traffic opportunities, more website benefits and more digital efficiency tools to Vietnamese SMEs, and enable them to get more business. The new normal – created by COVID-19 has changed the world’s shopping behaviour and rebalanced the supply chains. The majority of B2B companies have shifted their go-to marketing model from traditional to digital, with heavy reliance on video and online chat. Most B2B supplier interactions have moved to remote or digital, and that’s exactly what customers want. With these insights, Alibaba.com is here with Vietnamese SMEs to adapt with this new and ever-changing situation,” he added.
To Nghiep Sieu, Vice Director of Hanh Sanh Company, shared his experience after two years' onboarding with Alibaba.com: “We have successfully exported our electronic fans through Alibaba.com since 2019. This platform has provided fully effective tools for enterprises to find clients and accelerate revenue, namely product posting, minisite creation, showcase setup, star rating, keyword optimising, chat script creating on three stages of Build up performance, Actively get traffic and Optimise performance."
The New Boom in products and services which Alibaba.com offered for the Vietnamese market in 2021 will support Vietnamese SMEs in three aspects, including e-commerce solutions, localised and problem-solving services and a business ecosystem that fuels SME growth.
Masan Group Corporation and a consortium, including Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May 18 announced the signing of definitive agreements for the acquisition of a 5.5 percent stake in The CrownX for a cash consideration of 400 million USD.
Tuesday, May 18, 2021 15:12
Consumers buy pork at a Vinmart supermarket (Photo: VNA)
Hanoi (VNA) – Masan Group Corporation and a consortium, including Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May 18 announced the signing of definitive agreements for the acquisition of a 5.5 percent stake in The CrownX for a cash consideration of 400 million USD.
The CrownX, founded in 2020, is valued at 6.9 billion USD, equivalent to 93.50 USD a share. Parent company Masan will hold 80.2 percent of the retail unit.
The company is Masan’s integrated consumer retail arm that consolidates its interests in Masan Consumer Holdings (MCH) and VinCommerce (VCM).
Danny Le, Masan Group CEO, said: “This strategic partnership will accelerate our ability to achieve our goal of transforming The CrownX into a one-stop shop to serve consumers’ everyday needs, whether offline or online”.
“Our immediate priority is to modernise Vietnam’s grocery market and develop an unparalleled consumer proposition from assortment to shopping experience,” he added.
“As a long-term investor in the country, we think Vietnam has a long runway for growth supported by strong macroeconomic tailwinds and attractive demographics,” stated Janice Leow, managing director at BPEA.
As a part of the transaction, VCM will enter a strategic cooperation agreement with Lazada, Alibaba’s Southeast Asian e-commerce platform.
It will be the grocery retailer of choice on Lazada in Vietnam.
Vietrade, Alibaba.com partner to help firms with online export
The Vietnam Trade Promotion Agency (Vietrade) and Alibaba.com, the global business-to-business (B2B) e-commerce platform of the Alibaba Group, signed a memorandum of understanding (MoU) on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16.
Tuesday, March 16, 2021 17:38
The Vietrade and Alibaba.com sign an MoU on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16. (Source: baocongthuong.vn)
Hanoi (VNA) – The Vietnam Trade Promotion Agency (Vietrade) and Alibaba.com, the global business-to-business (B2B) e-commerce platform of the Alibaba Group, signed a memorandum of understanding (MoU) on supporting Vietnamese firms to boost online export and organised an international e-commerce conference in Hanoi on March 16.
Under the MoU, Alibaba.com pledged to provide technical assistance in digital transformation for trade promotion organisations and small- and medium-sized enterprises (SMEs) of Vietnam.
Meanwhile, Vietrade, an agency under the Ministry of Industry and Trade (MoIT), is committed to working with Alibaba.com to improve the digital transformation and e-commerce capacity of the targeted groups. They are set to continue organising a series of capacity building events to benefit more than 1,200 businesses nationwide in the next three years.
Besides, long-term cooperation plans related to digital transformation, business brand and product trademark building, awareness improvement, and advice provision for firms to operate on Alibaba.com will also be made and implemented concertedly.
Addressing the e-commerce conference - the first big event of Alibaba.com in Vietnam, Deputy Minister of Industry and Trade Do Thang Hai said e-commerce in Vietnam grew 18 percent in 2020 to reach 11.8 billion USD. Though the expansion was slower than forecast, Vietnam was still the only Southeast Asian nation to post a double-digit growth rate in e-commerce.
As the COVID-19 pandemic has seriously hampered global trading and supply chains, the MoIT has directed Vietrade to adjust many activities to the reality, including stepping up online trade promotion to help enterprises fuel export.
Hai held that Alibaba.com, one of the world’s leading e-commerce platforms, is a potential market for Vietnamese businesses to boost sales to customers around the world.
Deputy Minister of Industry and Trade Do Thang Hai addresses the ceremony (Source: baocongthuong.vn)
Therefore, cooperating with such big partners as Alibaba.com to carry out trade promotion and export supporting solutions will bring about more chances for local firms to expand in foreign markets, he said.
The official added the MoIT welcomed Alibaba.com’s decision to set up an office with Vietnamese staff in the country, which, he said, reflects the company’s strong and long-term commitment here.
Zhang Kuo, General Manager of Alibaba.com, said the firm has continually developed partnerships with associations, business partners, and banks with a view to helping SMEs of Vietnam improve their digital capacity and operating, customer managing and order fulfilling skills.
Via the cooperation with partners in Vietnam and the world, Alibaba.com looks to achieve over 100 billion USD in gross merchandise value by 2024, assist more than 10 million SMEs around the globe, and have over 10,000 suppliers from Vietnam involved in B2B e-commerce activities on Alibaba.com.
With the commitment to supporting 10,000 SMEs of Vietnam in five years and promoting digital transformation, Alibaba.com will keep cooperating closely with local authorities to provide suitable and effective online services and solutions, he added.
Alibaba.com to inject new energy to Vietnamese SMEs in digitalisation
Alibaba.com, the global business-to-business (B2B) e-commerce platform of Alibaba Group has organised an online summit to offer Vietnam 'The New Boom' products and services to accelerate Vietnamese SMEs in digitalisation.
Wednesday, May 05, 2021 11:12
Alibaba.com to inject new energy to Vietnamese SMEs in digitalisation (Source: Internet)
Hanoi (VNS/VNA) - Alibaba.com, the global business-to-business (B2B) e-commerce platform of Alibaba Group has organised an online summit to offer Vietnam 'The New Boom' products and services to accelerate Vietnamese SMEs in digitalisation.
Amid the pandemic, Alibaba.com took initiatives in April 2020 to support Vietnamese SMEs and SMEs around the world to digitise their business, and recover. Since then, Alibaba.com witnessed growing demand on the platform and more businesses are now digitised.
Global trade has been largely undermined while e-commerce and online B2B trading proved to be the key to success, Alibaba.com continues to bring more business opportunities to Vietnamese SMEs in “the new normal” in 2021.
Roger Lou, Country Manager of Alibaba.com Vietnam, underlined the significance of Vietnam to Alibaba.com and how this platform helped Vietnamese SMEs with upgraded products and services: “In the process of a "Great Migration" of the global manufacturing industry, Vietnam’s strategic position more important than ever and now the country’s strategic opportunity has come. This is the golden chance for SMEs to expand business given the economic background."
"Alibaba.com plans to offer more traffic opportunities, more website benefits and more digital efficiency tools to Vietnamese SMEs, and enable them to get more business. The new normal – created by COVID-19 has changed the world’s shopping behaviour and rebalanced the supply chains. The majority of B2B companies have shifted their go-to marketing model from traditional to digital, with heavy reliance on video and online chat. Most B2B supplier interactions have moved to remote or digital, and that’s exactly what customers want. With these insights, Alibaba.com is here with Vietnamese SMEs to adapt with this new and ever-changing situation,” he added.
To Nghiep Sieu, Vice Director of Hanh Sanh Company, shared his experience after two years' onboarding with Alibaba.com: “We have successfully exported our electronic fans through Alibaba.com since 2019. This platform has provided fully effective tools for enterprises to find clients and accelerate revenue, namely product posting, minisite creation, showcase setup, star rating, keyword optimising, chat script creating on three stages of Build up performance, Actively get traffic and Optimise performance."
The New Boom in products and services which Alibaba.com offered for the Vietnamese market in 2021 will support Vietnamese SMEs in three aspects, including e-commerce solutions, localised and problem-solving services and a business ecosystem that fuels SME growth.
