A new social network has entered the already crowded field in Vietnam as the communist party squeezes U.S. tech giants Facebook and Google with a new cybersecurity law. Lotus, a social network that allows users to create content and share posts to a home page, had received 700 billion dong ($30.14 million) in funding from tech corporation VCCorp and hoped to raise another 500 billion dong, company General Director Nguyen The Tan said at the launch ceremony. “Lotus was born not to compete with Facebook or any other social networks,” Tan said late on Monday.

source https://finance.yahoo.com/news/vietnams-social-media-crowd-swells-070951924.html?.tsrc=rss