Vietnam: $3.3B Super Typhoon Disaster, VNG Police Raid & GoJek Market Exit with Valerie Vu- E479
Description
Valerie Vu, Founding Partner of Ansible Ventures, and Jeremy Au discussed:
1. $3.3B Super Typhoon Disaster: Super Typhoon Yagi caused over $3.3 billion in damage and resulted in more than 300 deaths in northern Vietnam. The typhoon was one of the worst in 30 years, which significantly disrupted Vietnam’s economy with power outages in factories and offices for over a week. As a result, the country's GDP growth forecast was reduced by 0.15%. They also highlighted Southeast Asia's susceptibility to natural disasters which are often underappreciated by global investors.
2. VNG Police Raid: Vietnam’s police raided VNG, Vietnam's first unicorn for a sudden investigation. The board appointed Kelly Wong as interim CEO, with little news regarding the status of founder Le Hong Minh. The regional investor community has raised concerns about regulatory uncertainty and startup exit conditions, as VNG had been seen as Vietnam’s frontrunner and pioneer for an IPO in the US.
3. GoJek Market Exit: They also covered Gojek’s exit from the Vietnamese market after six years of operations and over $200 million in investment. Gojek’s departure follows the earlier exits of Uber and Didi, leaving Grab and domestic players like Be and Green SM (owned by VinFast) to dominate the market. Valerie suggested that a future collaboration between Be and Green SM could emerge to challenge Grab’s market position.
Jeremy and Valerie also discussed Vietnam’s stock market status upgrade to "emerging market", Singapore’s stock exchange challenges, and regional tech startup consolidation.
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