Highlights – 3rd Week of February, 2020

Affirma Capital to invest $34m in Vietnam-based HR platform Sieu Viet

Transcendental Human Resources JSC, known locally as Sieu Viet, owns four Vietnam-based online recruitment platforms namely timviecnhanh.com, vieclam24h.com, mywork.com.vn, viectotnhat.com. The first three platforms are listed in the top 10 recruitment websites in Vietnam.

Affirma Capital is Singapore-headquartered emerging market private equity firm, formerly known as Standard Chartered Private Equity.

The investor has agreed to invest US $34 million in Sieu Viet Group. This investment will be used to solidify the company’s value proposition in its core segment and roll out value-added services across its platforms [1]. In the last year, Sieu Viet acquired the local HR website Mywork.com.vn, being listed in the top 3 recruitment platform in Vietnam then [2].

The report “Vietnam’s Future Jobs: Leveraging Mega-trends for Greater Prosperity Overview” (2018) by The World Bankshows that Vietnam’s workforce mảket has around 50 million jobs. However, just around 6.8 million people are working in the domestic private sector (4.7 million) and foreign private firms (2.1 million) who actively join the recruitment system. Another 38.2 million jobs are either in family farming (39 percent), household enterprises (20 percent), or employment without a contract (17 percent). State owned enterprises (SOEs) and Government employ another 5.1 million jobs. The employee turnover rate has been reached 24 percent in 2019, according to a report from the human resource consultancy Anphabe [3]. Prior to the Sieu Viet deal, most recently SaraminHR (Korea) invested in IT sector-focused startup TopDev. Some other transactions include KK Fund’s funding in JobHop and Mynavi Corporation’s acquisition of ITViec. In an earlier deal, Dream Viet Education sold majority ownership of two of its learning platforms, Kyna.vn and KynaBiz.vn, to HR service firm Navigos Group. Undoubtedly, there is a positive sign that HR technology industry is growing thanks to the workforce volume and the economic development in VN


[1] https://www.asiatechdaily.com/sieu-viet-vietnams-online-recruitment-platform-eyes-expansion-after-raising-us34m/

[2] https://cafef.vn/sieu-viet-group-thau-tom-xong-my-work-so-huu-4-website-tim-kiem-viec-lam-truc-tuyen-lon-nhat-viet-nam-20190624162330515.chn

[3] https://vietnamnews.vn/society/536372/employee-turnover-rate-reached-alarming-high-report.html


Vietnamese recruitment startup TopDev bags funding from S Korea’s SaraminHR

The deal’ amount is disclosed but said to be a 7-digit number. The startup will use the funding to enhance the talent supply through IT career training programmes. This investment may be the first funding round of TopDev [1].

Thanks to the development in Vietnam’s digital economy, the demand of IT sector employers has been dramatically increasing. According to a TopDev’s report, the technology sector in Vietnam is projected to have a demand for 500,000 developers until 2021, translating to a consequent shortage of up to 190,000 developers [2]. This startup would like to use the funding to further their steps to build up an talent supply ecosystem for not only a recruitment platform via providing training programmes for IT candidates.


[1] https://www.dealstreetasia.com/stories/vietnam-topdev-saraminhr-175206/

[2] https://topdev.vn/Eng_VietnamITNation2020_ByTopDev.pdf 

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