return icon

Can the Vietnamese metaverse classroom compete with Facebook and Google?

With beautiful graphics, colors and materials, Vietnam’s Elite Meta is dreaming of competing equally with giants Facebook and Google.

Visiting the Shark Tank Vietnam TV Show, Nguyen Anh Tuan, the founder and CEO of Elite Meta, impressed the ‘sharks’ with the experience of an online classroom in a metaverse environment.

Tuan said Vietnam spends 5.9 percent of GDP, or $16 billion, on education development each year. With the budget, the startup believes that Vietnam has abundant resources to develop the metaverse in the education sector. 

Tuan said Elite Meta first wants to build virtual spaces for people to learn and work there. The next step would be building virtual schools with functions. In the third step, the startup would build a virtual city that serves education. There would be a market in the city where NFTs would be exchanged.

The startup has worked with universities in Vietnam and foreign countries on using technology in teaching. 

Based on the development plan, the startup wants to receive an investment of $100,000 in exchange for 1 percent of shares.

Asked about turnover, Tuan admitted that the company still cannot make money. However, revenue is expected to come from two sources – leasing of virtual classrooms and profit-sharing with education establishments. 

The CEO said one of the founders of Elite Meta is working at the Accenture technology group (Germany) and has experience in the field of metaverse. The startup believes that it is moving in parallel with Accenture in terms of technology.

Shark Binh (Nguyen Hoa Binh, president of NextTech Group) said Elite Meta is trying to catch the trend and that the metaverse trend is just an ‘artificial fever’ which complicates a simple issue and won’t bring value to users.

In reply, Tuan said that his startup as well as many companies in the world are pouring tens of billions of dollars into the metarverse.

“Not to mention whether the metaverse is right or wrong, but without dreams, society will not be able to develop. I once owned a company with turnover of VND100 billion a year, but am willing to sacrifice this to pursue my dreams," said Tuan.

Having an interest and deep knowledge about technology products, Shark Erik (Erik Jonsson, the partner managing the Antler investment venture fund, said there are many more things that Elite Meta needs to do to perfect its business model. 

The foreign shark at Shark Tank, however, thought that it was an interesting product. Finally, the two sides agreed on investment capital of $100,000 in exchange for 10 percent of shares.

Trong Dat



Two more national parks nominated ASEAN heritage ones

Coc Coc browser, search engine recognised national digital platform

Vietnamese-developed Coc Coc browser and search engine is now eligible to become a digital platform serving the people in 2022, the Ministry of Information and Communications announced on October 7.


Vietnamese firms attend M-Tech Osaka 2022 expo

Vietnam Airlines flight makes emergency landing to save German passenger

A Vietnam Airlines flight en route from Germany to Ho Chi Minh City made an emergency landing at Baku Heydar Aliyev Airport of Azerbaijan on late October 6 to save a German passenger with health problem.

SSC warns investors about online securities trading apps

Some businesses have created websites and trading applications, such as Passion Invest, Finhay, Tikop, Infina, Savenow and BUFF, to raise capital under unlicensed business cooperation contracts.

Investors warned of the possibility of corporate bond default

In the financial market, investors need to keep in mind the principle of high risk, high return. Therefore, the higher the bond yield, the greater the probability of default.

PetroVietnam, BSR seek foreign capital for Dung Quat

A delegation of officers from PetroVietnam and Binh Son Oil Refining and Petrochemical JSC has attended a thematic seminar on export funding – TXF Asia 2022 – in Singapore.

Lenders look further afield for recruitment

As digital transformation calls for a different set of skills and knowledge, many financial institutions are turning to the overseas market for recruitment.

Moss-covered houses on Tay Con Linh Mountain

The moss-covered houses of the Dao ethnic people are among the special features of Tay Con Linh Mountain in the northern province of Ha Giang.

PM orders karaoke service licensing be tightened

The prime minister has ordered the Ministry of Culture, Sports and Tourism to study and issue more stringent karaoke service licensing regulations.

Six airports proposed for expansion under PPP format

The Ministry of Transport has written to the prime minister proposing upgrading and expanding six airports under the public-private partnership (PPP) format.

VN companies can now compete fairly with cross-border platforms

Cross-border TV OTT platforms will have to have operating licenses and pay tax, and domestic firms will be subjected to looser censorship, thus creating opportunities for domestic firms to compete with foreign ones.

Vietnam ranks 48th in 2022 Global Innovation Index

Vietnam is placed 48th among 132 economies in the Global Innovation Index 2022.

New UNDP Resident Representative pledges support to Vietnam’s development

Ramla Al Khalidi, newly-appointed UNDP Resident Representative in Vietnam, has pledged to further support Vietnam’s development, covering climate change response and the settlement of bomb and mine consequences.

VN should not become a place where investors exploit only cheap labor

Vietnam wants foreign investors to come to cooperate and not build closed facilities that are separate oases in the economy, former chair of the Vietnam Confederation of Commerce and Industry (VCCI) Vu Tien Loc said.