09:36' 24/04/2008 (GMT+7)
VietNamNet Bridge – Social networks are mushrooming in Vietnam and all of them are trying to lure members. They are ready to invest without profit for 1-2 years to earn millions of USD in the future.
Vietnamese websites which allow users to create their own contents like Ngoisaoblog.com, Clip.vn, Cyworld.vn, Yobanbe.vn, Cyvee.com, Phununet.com, Henantrua.com, etc. are being invested in by adventure investment funds, local firms or funds from groups of people sharing the same interests.
The first pressure for any social network is the number of members who join the site to share articles, music, video clips, pictures, etc. More access to the site means higher expenditures for hiring server (around $200 for 100GB per month), except for other expenditures for staff, office, telephone, Internet, equipment, etc.
“We have been operating for nearly two years as a free, attractive playground for the young, but it is time for us to seek ideas or advertisements to create revenues,” said a representative of Ngoisaoblog.
Two major money-making solutions used by social networks are online advertisement and selling accompanied services. Most social networks in Vietnam are selling advertisements, for example Clip.vn with banners on its page and inside video clips. Phununet.com, a social network for Vietnamese women, has signed tens of advertising contracts.
Cyworld, meanwhile, earns real money from selling online assets. Users can buy virtual assets on Cyworld by sending SMS to buy chestnuts, which is used as money to buy furniture, pets, landscapes and even friends to decorate their online houses.
Henantrua.com is a newcomer but to become a member, users have to send SMS to activate their membership. However, as users hope to have a lunch date with a girl or a boy through Henantrua, this social network may develop. To attend a Henantrua offline event, members have to pay VND100,000/event. This site also sells online assets like motorbikes, etc.
To earn high revenues, social networks in Vietnam will have to use both of the above models. “We have just signed a strategic partnership contract with AdMax, Asia’s top online advertising network, to launch an online advertising channel for Vietnamese women. We also have online services on PhunuNet.com and LopViet.com where transaction fees are calculated based on virtual currency MCoin,” said Harry Do, General Director of Vinalive, the owner of phununet.com.
“Members can do business and earn money through cookery or shopping guides, etc. We have accepted investing in the site for 1-2 years for big achievements in the future,” he added.
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