By Nguyen Thi Bich Ngoc
Grab said it will appeal and seek a reversal of the decision.
Grab had reportedly proposed to invest around VND65 billion in Vinasun in exchange for a 5% stake.
Ecomobi plans to use the fresh funding to improve products, diversify sales channels and develop new markets.
From lacking a pool of sophisticated investors three years ago to gaining increased attention from regional venture capital firms and spawning local funds, Vietnam’s startup ecosystem has come a long way.
Such a move to set up a regional startup stock exchange will open the door to all good tech companies in the region to list in Vietnam and create liquidity for them.
The magnet that Vietnam possesses, according to Thai, is a combination of a strong economy, exciting demographics, low-cost tech talent and a position as a trade war winner amid the US-China tension.
The accelerator programme is in a partnership with Korean multimedia retailer GS Shop.
It is unclear whether the corporate’s proposed new venture capital fund will be operated by Vingroup Ventures.
Vietnam Competition and Consumer Protection Authority (VCA) said that the Grab-Uber transaction breached two norms of the competition law, including a failure to notify the economic concentration following the deal and prohibited consolidation.
Be Group will initially kick off with BeBike and BeCar services and add further features such as e-wallet, delivery and reward programmes.