Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia have paid $400 million to buy 5.5 per cent stake in The CrownX, retail unit of Vietnamese conglomerate Masan.
Two e-commerce giants Amazon and Alibaba are prompting significant moves to dominate Vietnam and Southeast Asia market.
Nguyen Thanh Hung, Chairman of Vietnam E-commerce Association (VECOM), said that Amazon will officially enter Vietnamese market in March through its initial investment in small and medium scaled enterprises (SME).
The number of startups invested doubled after one year, reaching 92 enterprises.
Billionaire Jack Ma, founder of China's biggest online commerce company Alibaba, said he would study setting up Vietnam's store on the company's e-commerce application.
