Tiki, an e-commerce startup, has been in talks with Internet content giant VNG Corporation to secure US$18 million in funding, information technology news website ICTnews reported on Tuesday, citing industry insiders.
If the deal goes through it will set a new record start-up funding record in Vietnam, it said.
The largest known deal among local startups was reported last year when restaurant chain operator Huy Vietnam received $15 million from the Franklin Templeton fund in the US.
Founded in 2010, Tiki is often described as Vietnam's Amazon, with around 100,000 products on sale including books and electronics. It is now backed by Japanese investors Sumitomo Corporation and CyberAgent Ventures, which own a combined stake of 45 percent.