NEW YORK, Jun. 1 (Korea Bizwire) — Nasdaq and VNG Corporation signed a memorandum of understanding to explore VNG’s initial public offering (IPO) opportunity on the Nasdaq Stock Market. VNG Corporation is Vietnam’s leader in value added services, developing and publishing online content, providing mobile platforms and payment systems. Under the agreement, Nasdaq will work closely with VNG to prepare for its listing on Nasdaq and support VNG’s access to the U.S. capital markets. Vietnamese Prime Minister Nguyen Xuan Phuc was also present at the signing ceremony as part of his first visit to the U.S.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a4e672f7-fe44-401e-bfc5-59bd71a62256
Vietnam has been fostering a vibrant entrepreneurial scene with an increase in support of its startups and technology companies. Years of investment in education by the government has helped improve the work force and increase economic growth. Many startups and global technology enterprises are tapping into the young tech-savvy population with a median age of just 30 years old.1 The Vietnamese e-commerce market is expected to grow 150% from $4 billion to $10 billion by 2022.2
“The agreement marks an important milestone for VNG, as we are taking another step in making various systems and online products that enrich users’ online experience,” said Le Hong Minh, CEO of VNG. “Vietnam’s technology industry has grown rapidly and drawn attention from investors around the globe. A successful listing on Nasdaq will further our commitment in providing world-class online services that revolutionize digital businesses.”
“Innovation has always been a vital part of Nasdaq’s heritage, and we are proud to be the home to disruptive forces in the global technology sector,” said Bob McCooey, Senior Vice President, Listing Services, Nasdaq. “We are excited to partner with VNG, Vietnam’s first unicorn expected to list in the U.S., and look forward to supporting the company’s continued growth and access to the capital markets.”
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. VNG has not yet applied for listing on Nasdaq and Nasdaq has not determined if VNG qualifies for listing. Information about VNG is provided by the company and is not independently verified by Nasdaq. Neither Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
1 “Vietnam’s young tech talent pulls foreign funds to booming startup scene,” Reuters, April 13, 2016
2 “Vietnam’s e-commerce market set to swell 150% in 5 years,” Nikkei Asian Review, March 4, 2017
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Source: NASDAQ, Inc. via GLOBE NEWSWIRE