Ant will not control more than 50% of eMonkey, but is expected to have significant influence and provide technical expertise to the e-wallet

The merging would create a stronger firm capable of rivaling regional players such as Lazada and Shopee in Vietnam’s retail market.

The latest data center is expected to complete by the first quarter of 2021.

Hanoi and Ho Chi Minh City would make up half of the country’s e-commerce revenues in the next five years.

The two sides will work together in three main fields, including exporting, developing Vietnamese trademarks, and enhancing the cross-border e-commerce capacities of Vietnamese businesses.