New social network enters crowded Vietnam market

HANOI (Reuters) – A new social network has entered the already crowded field in Vietnam as the communist party squeezes US tech giants Facebook and Google with a new cybersecurity law. “Lotus was born not to compete with Facebook or any other social networks,” Tan said late on Monday. Older domestic social platforms such as VietnamTa and Hahalolo have struggled to build large user bases. Hung said he hoped that eventually the number of Vietnamese people using domestic social networks would be as high as the number using foreign platforms. There were 58 million Facebook users and 62 million Google accounts in Vietnam as of August, government data showed.

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