In 2004, Binh founded PeaceSoft, which operated in software development. In 2005, he started studying the models of eBay and Alibaba, and successfully raised capital from IDG Ventures Vietnam to set up the first online marketplace which immediately secured a strong foothold in the e-commerce market in Vietnam. PeaceSoft was then selected by eBay as its local partner in Vietnam.
Nguyen Hoa Binh, the founder and chairman of NextTech Group of Technopreneurs. Photo: Thanh Giang
When eBay left Vietnam, PeaceSoft was on the brink of bankruptcy. Binh decided to shift his business strategy from e-commerce to digitized commerce as he saw the need to transform Vietnam’s traditional businesses with technology. That was how NextTech was born.
|The company was among the top 10 most influential internet companies in Vietnam from 2007-2017.
For nearly 20 years, Binh has brought NextTech from zero to an ecosystem of close to 20 digitized platforms operating in Vietnam and eight other markets across China and Southeast Asia, including Thailand, Indonesia, Malaysia, the Philippines, Cambodia, Singapore and Myanmar.
NextTech is the trade partner of SBI (Japan), FMO (the Netherlands), Vina Capital (Vietnam), and Alibaba and Tencent (China).
The company has nearly 2,000 employees, operating in four major sectors, including e-commerce, fintech, e-logistics and edtech. In 2019, the group’s gross transaction volume was estimated at more than 2.5 billion US dollars.
NextTech’s major tech brands include mPOS.vn, a solution for credit card payment on mobile phones; nganluong.vn, an online payment gateway; Boxme, a cross-border e-commerce fulfillment network; and Vimo.vn, a mobile e-wallet; and teky.edu.vn, a chained school for STEM technology education.
The company was among the top 10 most influential internet companies in Vietnam from 2007-2017.
NextTech has recently launched Next100.tech, an early-stage startup fund with a hybrid model which combines Venture Builder, Ecosystem and Venture Capital. The first of its kind in Vietnam, the fund aims to support technology startups and tech-empowered traditional startups in Vietnam and Southeast Asia.
“NextTech’s strategy is to accompany Vietnamese enterprises on their journey to apply technology to transform business to defend and win in the market,” said Nguyen Hoa Binh.