Ton Nu Mai Hoa, living near the ancient Dinh temple for more than 300 years in Kim Long village, belonging to the Neurological land of Hue … her famous place with the old saying of Thanh Thai king:

“Kim Long beautiful girl
hundred injured dose small station station station go”

That day, Kim Long is the most beautiful place in Dai Nam, after many generations, Kim Long’s daughter is still the same, her skin is as thin as the mist of Huong River in the early morning, her eyes are black like the bottom of Huong River salty, but like the afternoon sun shining iridescently on the Perfume River … her body was slender like a willow tree but she looked as strong as she was carrying two mountains by her side, she spoke skillfully and was good at trading so she was very few It has opened 3 fashion shops in the city for a while

In the early morning of August 20, 2006, in the new winter, she wore a fake A-type Nike shirt, took a Phi Long bus to Hanoi, and then went to Lang Son. From Lang Son, following the driver’s direction, she went to Mong Cai. From Mong Cai, she went straight to Shenzhen …

When I arrived, I asked: “What is this luxurious city like?” I need to go to Guangzhou ??? ”
“ Calm down, have some fun and take a selfie then ”- He snapped

I was crazy about the whole class because I didn’t know how to hire him.

Finally, the driver led her to a workshop, sitting and drinking tea. A short while, the governor continued. She started chattering. She kept saying, he kept translating …

Chị chỉ vào hàng túi xách trưng trên kệ rồi nói, hắn quay sang hỏi Quản đốc:
How much is the blue leather bag over there? I want to outsource with my own brand?

Just speak Vietnamese, kids, original Lang Son here.

I am wondering, it is not a question of how much the other bag costs, but a matter of how much she wants that bag and how much money does not matter. VND 20,000, VND 50,000, VND 100,000, VND 1,000,000, she will receive the same bags, the material is different, of course, the appearance is more than 95% the same whether the price is 200,000 VND or 1000000đ.

Did you know that in Mainland China of Wu, the new material industry is expected to reach USD 1,000B by 2023? You don’t have to worry about the material. Do you understand kissing? Understand kissing?

Ms. Mai Hoa seemed to open a flag in her stomach, proceeded to place an order and returned right away in the night. Go to open more shops.

The day Ms. Hoa left for China was the day Mr. Nguyen Ngoc Diep registered to establish VN Price JSC, after returning from Tokyo earlier, opening the first phase of Vietnam’s true E-commerce industry.

No one knows that Ms. Mai Hoa is the king of online retail platforms and she is also one of the main factors causing many companies to close.
No one knows that she is the key factor of Vietnam’s E-commerce industry.
Perhaps, she is beautiful so her power is enormous.

Returning to Hue after hanging out in Hangzhou, she rented more premises, decorated shops, shops, etc. By one year later, there were 5 stores. Chi starts recruiting people to do SEO and register the “Guaranteed Store” on


#first. Vatgia – Dreams are still unfinished

Gathering more than a year,  was launched in July 2007. To encourage his team, Mr. Diep posted a quotation of Sam Walton on the wall as a guideline: “In the company, there is only A single boss, that is the customer. Customers can fire anyone from director to employee with a simple action: purchase from another company. ”

Vatgia, put the slogan “Shopping Paradise” began to start. No one else in Vietnam, it is Vatgia and Mr. Diep who brought the definition of B2C, B2B, B2B2C, C2C … when learning from Rakuten model. Vatgia focuses on a single goal, building “stall” for people like Ms. Mai Hoa and hundreds of thousands of other wholesale and retail shops. The processing workshops, manufacturing plants are registered booths on Vatgia.

Vietnamese people started shopping online … Ms. Mai Hoa started collecting money from customers in the South.

IDG Venture Capital is one of the first venture capital funds operating in Vietnam, pouring money into Vatgia … this is a launching pad to help push Vatgia up like a wind, jump to Top10 (According to Alexa) Vietnam after 5 year of operation, 2012.

It can be said that the model of Vatgia is similar to the Japanese Rakuten, that is all that Vatgia wants to achieve, although until now, after 13 years, the dream is still unfinished.


#2. VNG – The loser at the end of the tunnel

In Vietnam, anyone who plays games or makes tech startups knows about Vinagame and Le Hong Minh, maybe people like Ms. Mai Hoa are the exception … I only care about how many sales platforms and how many people pay me. , losses are also sold but determined not to inventory. I don’t know the pricing strategy, but dumping is my selling art …

No gamer does not know about Vinagame. Vinagame is the most successful company in Vietnam. When turning into VNG and investing in the E-commerce industry, VNG went from failure to failure …

At the same time Vatgia was born, was launched. 123mua is also a marketplace model similar to Vatgia. I don’t know why VNG likes doing branding with the prefix 123- like,,, … that is the completely wrong way to put such a brandname because anyone can match it. , well, the reverse is good so in the end, there is no difference …

After running for a couple of years, VNG continues to launch to develop B2C, in order to push revenue stream for 123mua, it seems that has been operating for more than a year, it closed and turned on the sound. Now, Google has no information left over.

From 2010 onwards, VNG has a 5-year plan for the e-commerce market, an estimated market capitalization of 4.5B / 250M = 18 times the online gaming market that is the boss. But this was not a game of VNG, not a domain expertise of VNG, but of Rocket Internet at that time.

123mua came up with a function like “reverse auctions” to learn from Ebay’s model but failed, the reason was that local & online retailers like Ms. Mai Hoa flew away all the calculations on margin and pricing strategy of e-commerce models …

After about 7 years of exploring the market, I don’t know how much VNG burned, and sold all the e-commerce segment to FPT at the best price in the history of the post-Doi Moi period of Vietnam … Now is the time for VNG to stop. play and hand over to,


#3. Sendo – the negotiator

In September 2012, when Vatgia took the throne, FPT poured about US $ 5M into the Red Lotus and was born.

Two years later, FPT decided to play big and knocked on the door of VNG …

“Hey, how long have you burned money, this game is not for you, the cost of operation is so great that revenue stream is not available, how many big men will jump in then” paid stall “. Like giving up, what should I do? VNG of the game boss, has such a good foundation, switched to topup, airtime for later online payment … He asked me, e-commerce is important in orders, need payment gateway, delivery e-commerce for you, later the payment array is mine.

VNG listened to his ears and shouted, “20M USD, let’s talk”.

“Wow, my stall has more than 2 thousand, paying a hefty fee of several hundred, coming as a drop, the number of people coming in and out is less than 6 million … how much is the internet user worth? Note how much he burned but he did not know if he bought it, only the shell without the gut, and data, the two sides enjoy. Very good, he can convert about 10%, the rest of his phone calls can get a dozen% more, subscriptions are considered as abandoned. Now, the leader gave him 250k USD to negotiate. Saying so much tired, he gave him all and added a shareholder chair. Pay attention to games and payment. He quit, never made a game again and focused on education. Do you find it reasonable?

VNG listened to his ears, answered “Yes”.

[This part is what I said but FPT did not say this]

Six months later, Sendo released a press release that received Japanese investment, split from FPT Online, and planned to hit Rocket Internet.


# 4. Rocket Internet – Market identification, lead the way

Rocket Internet (RI) is an empire that clones online companies, founded by three German brothers, they are Samwer. Rocket Internet’s plan is very capitalism: “Clone – Operation – Exit”.

Rocket Internet brings together a network of investors all over the world, collecting money and dividing the market, 10 parts of all 6 parts of money laundry so the money falls like guava on the porch of Ms. Mai Hoa.

Any online model that has succeeded in the world, is considered as casestudy, then clone, then operates in local markets, when opened, simultaneously attack, then find a way out. RI doesn’t care how many projects are deployed or how much money is burned. The RI issues of interest are:
– How much is the capital raise from the following round higher than the previous round and the percentage% is lower ?.
– If I don’t find the way to exit, which one should I shut down?

In the early spring of Nham Thin 2012, Zalora and Lazada officially entered the Vietnamese market, located its headquarters in Saigon.

There are two catch phrases of Rocket Internet when jumping into the domestic market:
– On the internet, if you can’t invent something, just clone it.
– On the internet, either you are number one or no one.

When entering Vietnam, Zalora’s strategy is: “By the rainy season, all Vietnam must know Zalora”.
And Lazada: “After 6 months, Vietnamese people have to know Lazada.”

With such a strategy , these two men only knew KPI as burn-rate.

After Zalora, Lazada in turn such projects as Foodpanda (Food delivery), Carmudi (Automobiles marketplace) Easy-Taxi (ride-hailing platform) were born …

Zalora ran from 2012 to 2016 and sold it to Central Group (Thailand), then changed its name to Robins, which is the name of retail brand of CG shopping centers. I don’t know why Central bought Zalora and changed his name to Robins for what? The two areas of thought can be merged, but they are completely different.

In 2016, Alibaba spent 1B USD to buy all Lazada Southeast Asia, including Lazada Vietnam.

During that time, Foodpanda lost money, reselling it to Vietnammm at the same price as for. Easy-taxi closed. Carmudi is floating on the market, floating without limits.

Rocket Internet officially withdrew from Vietnam market since the 2016 rainy season, one goes no return.

Rocket Internet comes to Vietnam and the sky is clear, leaving smoothly as spring, flowers bloom. RI came up with the definition of “burning money” in Vietnam properly, later startups came to know this concept and often said: “Burn-rate how much? How many burning months? Well, that’s the problem of burning money again. ”

Rocket Internet, so to speak, has shown the Vietnamese market to understand how e-commerce works basically. As for Vietnamese universities, after about 2016, they have just started to set up specialized E-Commerce Departments.

Rocket Internet opens the door for many domestic businesses, typically:


# 5. Project Lana – There was a guide who still lost his way

Many media portal sites in Vietnam think that having a content platform with a large community will easily be a springboard to build other projects but it is a mistake with the way of thinking. You own user data but never them, never their emotions and reason. Many people say data is gold but really few people understand? I will write about how user ownership differs from data ownership later …

Facing the development of Rocket Internet, the domestic giants could not help but get angry and rushed into the game.

Webtretho is invested and backed by IDG Foundation to create a project called “Project Lana” simultaneously deploy 03 e-commerce websites:  (Mother and baby field),  (Beauty field),  (Fashion industry, lingerie industry).

I do not know who advised Webtretho to do so, did not understand about e-commerce, then went to clone, did not understand then went to ask and learn to build then did not have domain expertise to plug it in. Launching a project is already hard, but over there, I have to play 3 at the same time What the f * ck were you doing?

At dawn on November 5, 2015, , Project Lana’s largest and most potential project, officially closed with a heartwarming message on the landing page:

“Ecommerce requires lots of money. Many companies will decide to stop burning. Good luck to the rest who are still trying”

Whoever wrote this sentence is a talent. This person has a high level of professional knowledge, but because his superior is “poor”, it is a pain to write. Who knows who wrote this sentence would like to introduce to help me following, hoping to invite a cup of coffee and play.

More painful than Lana is,


# 6. VCCorp – The child has never been deployed, Zamba

VCCorp owns a number of e-commerce projects such as:

Muachung: Clone of Groupon model is to buy together as a group but sooner or later leave because people like Ms. Mai Hoa will kill this model soon in Vietnam. It is best to close early.

Enbac, Rongbay: These two pages seem to be the first forum for classifieds, leading in the North, while in Saigon there are 5giay, Nhattao … These two pages of VCCorp have existed very well in 2 years. Or regarded as floating on the internet. was the same time as Foodpanda, Vietnammm but later failed. Because this model cannot monetize.

Since late 2013, VCCorp decided to play big, gather all the projects and set up But is forever a child who was not born because VCCorp faltered. Probably sitting in the core system build 2 years, the leadership is old, not suitable for the world.

Two years later, at the end of Hanoi in the year of the Monkey 2016, the gloomy atmosphere was cold, the sky was gray and cloudy, and the brothers sat down to see other e-commerce projects, so they decided to stop, the media said that Zamba was just the name of the e-commerce block of VCCorp, but as I see, e-commerce block has no one project that can exist after two more years (2021) so I guess, that day, was a cherished project. of VCCorp, that’s why Zamba is a never-deployed child of VCCorp.

A sad story! Sadder than all,

# 7. Lingo – Key takeaways is an investor lesson


Lingo was built and launched by VMG, a media company, in August 2011. Afterwards, Yellow Star Investment poured in money and officially operated strongly from Q1 2014.

At that time, everyone who had money to do e-commerce had great ambitions, and every project built a message of “Vietnam’s No.1 e-commerce platform”. In Vietnam, there are fewer people working on the brand, less knowledge about branding, but the disease of Vietnamese people is always thinking that everything is good, good, everything is known, so only know what tops, not holding the root. CTO worries about Tech, CEOs take care of operation, if they do not know about branding then hire agencies to do…

Lingo, like other marketplace platforms, emptied the flag of the “Number 1 Vietnam” that everyone “No. 1 Vietnam” could Vietnam split into an autonomous region?

Lingo continues to call for capital from MAJ Capital, hearing a few million. Stepping up to August 2016, MAJ beat the table and announced to stop investing. Money is the lifeblood of an enterprise, once you have one cut out, you will be on the road. The CEO and nearly 300 Lingo brothers signed the lawsuit against the investor , but failed.

The key takeaways lesson for CEOs as well as the startup community in Vietnam is to be careful with ” investors “, “preferred shareholders”, “convertible stocks” … Investors once shareholders are preferred or held more than 51% of the shares then co-founders & CEO as well as an employee, on the board as soon as not reached KPI.

The startup co-founders should learn this to focus the work, the every man for himself, unite. Shares are shares, jobs are jobs, so it’s done, so they do it without envy. Having 100% of the shares of a failed company is not equal to 1% of the company’s capital, which can call massive capital …

The story of how much miserable CEO Lingo and his partner are, the story of CEO Deca is just as adorable,

#8. Deca – No momentum, stomping and jumping.

In September 2014, the e-commerce project was launched with the resources of, until December 31, 2015, it was closed. The main reason is undoubtedly the cutloss of an investment problem.

Deca easy come, easy go as a test of a capitalist.

Deca was born with the message that the # 1 marketplace marketplace in Vietnam should stomp and jump, not run. Long-distance road, can never be all-in forever.

Deca can be considered quite big, of course not compared to the big guys, but that’s okay. When the CEO shut down and wrote the letter on Facebook, the startup brothers sympathized and understood the story of a role.

# 9. Nhommua – The natural, natural abdication


Nhommua was born early in 2009, building a business model like Groupon, buying together in groups. By 2012, the board of directors should be staggered and sold out to Cungmua.

Cungmua sublime activity until about 2016 then began to go down.
Nhommua was the market explorer, followed by a series of clones projects such as Hotdeal, Muachung, Cungmua, Cucre (Vatgia, closed in 2015).

These joint purchasing projects sooner or later will close or change the model or become a SME … Because even though group purchasing is cheaper by closing pre-orders in advance to secure a minimum amount of orders Minimize to suppliers, it is impossible to be cheaper than products of people like Ms. Mai Hoa, even though retail only 01. You are the sister that defies …

It is expected that by the next year, 2020, all the big group purchasing group will be closed, if only retaining the model of vouchers sold under niche markets such as Hospitality & Tourism.


Ending part 1. Picking up part 2

Written by HungAka
Editor: Doocvii