ADB-supported E-Commerce Platform Launched for Vietnam SMEs

Kiu, a new e-commerce platform to help small and medium businesses (SMEs) in the lower Mekong region gain access to developed markets, has been launched in Vietnam’s capital city of Hanoi with the support of the Asian Development Bank (ADB). The platform, which was founded by Vietnam-based American Entrepreneur Steve Landman, would initially cover Vietnam and Cambodia and will enable overseas buyers to source goods from Vietnamese suppliers. The partnership between Kiu and the Mekong Business Initiative (MBI), a partnership between ADB and the Australian government, started to address issues constraining private sector development, including expansion of SMEs. Small businesses account for over 90% of Vietnam’s private sector, according to data by the Vietnam Chamber of Commerce and Industry (VCCI). Kiu, incorporated in the U.S., aims to visit and validate every supplier to its platform face to face to ensure the benefits of buyers and transaction quality. The multi-currency and multilingual platform claims to have been working with around 250 SMEs and attract 5 new suppliers every week, according to Landman, CEO of Kiu. Mr. Landman expects to see 3.5 million transactions via Kiu within the first year post launching. (dealstreetasia Feb 21, ICT News Feb 21, Cong Thuong – Trade and Industry Feb 21, Dien Dan Doanh Nghiep – Business Forum Feb 21)