E-commerce giant eBay has acquired a 20 percent stake in Hanoi-based Peacesoft Solutions, aiming to link Vietnam to its worldwide online marketplace.
News website VnExpress cited Peacesoft General Director Nguyen Hoa Binh as saying that the investment will help his company develop Vietnam's e-commerce industry. The value of the stake was not disclosed.
According to Peacesoft, the e-commerce trade value of Vietnam in a year is now equal to just one day in China.
However, the local market is poised for a five-fold growth in the next five years, thanks to the large number of Internet users in the country. The company estimates that there are nearly 27 million Internet users in Vietnam, covering nearly 31 percent of its population.
A blog entry on Forbes on Friday said how eBay fares with its new venture in Vietnam could foretell the future of Vietnam's potential as "the next frontier in Asia for tech investment."