Society Pass (SoPa), a Vietnam-based tech firm incorporated in the US, has made its first foray into the Philippines by acquiring Pushkart, an online grocery delivery firm, for an undisclosed sum.

Despite the impact of Covid-19, the e-commerce platform has reported an increase in consumption, with demand for online shopping being strong. As of the fourth quarter of 2021, 60 percent of the platform's estimated revenues, or approximately $28 million, has been reinvested into B2B e-commerce development to allow local sellers to log into the platform instead of only foreign suppliers.

Promoting an innovative startup ecosystem is crucial to Vietnam’s future development.

Vietnam, like many other countries around the world, has suffered economic losses as a result of the COVID-19 pandemic in the second half of 2021. However, entering the peak season at the end of the year – when the whole country entered a “New Normal”, purchasing power on e-commerce still showed many positive signs of economic recovery, creating development momentum for 2022.