Ho Chi Minh City, Vietnam, June 17, 2008 – eBay Inc. (Nasdaq: EBAY) today announced a partnership with ChợĐiệnTử.vn, a leading Vietnamese online marketplace to help drive ecommerce growth in Vietnam and open up opportunities for international trade.
Under the agreement, ChợĐiệnTử.vn will morph into a co branded site incorporating the eBay brand and enhanced with improved functionality that will enable individuals and businesses in Vietnam to participate in local trade as well as international trade via eBay’s global websites. The new co branded site, accessible via www.chodientu.vn will be developed and managed by ChợĐiệnTử.vn of PeaceSoft. The site’s domestic marketplace which will faciliate trade between Vietnamese users is expected to launch in approximately one to three months while the cross border trade hub – ebay.chodientu.vn – that will facilitate import and export via eBay’s global online marketplace is expected to launch at a later date.
According to Vietnam Internet Centre’s figures released in November 2007, there are close to 18 million Internet users in Vietnam – approximately 21 percent of the overall population, and research firm IDC predicts that Vietnam’s ecommerce market is expected to grow at a compound annual growth rate of 44 percent through 2010. The agreement gives eBay the opportunity to participate and drive economic growth in the region. Once the co branded site is launched, Vietnam will be the 40th market where eBay has a local presence.
“Vietnam is a rapidly growing online market with tremendous potential,” said Dan Neary, vice president at eBay, overseeing emerging markets. “We are pleased to partner with ChợĐiệnTử.vn , the number one ecommerce player in Vietnam, in creating this new co branded ecommerce site which we believe will provide new economic opportunities for buyers and sellers in Vietnam, enabling them not only to trade domestically but also internationally with approximately 84 million eBay users worldwide.”
“Through this agreement, we are combining our local market expertise with eBay’s core competency in international trade to deliver the best ecommerce experience for Vietnamese users,” said Nguyen Hoa Binh, chief executive officer of PeaceSoft which owns ChợĐiệnTử.vn. “Our vision is to enable individuals and businesses in Vietnam to buy or sell practically anything over the Internet easily and effectively. Through the co branded site, we hope to better equip Vietnamese users to leverage the wide reach and economic benefits of conducting ecommerce. ”
Under the partnership, eBay and ChợĐiệnTử.vn will share revenues from the above co branded site. However, the terms and conditions of the agreement were not disclosed.