Suspension of operations in Vietnam by VAMO.vn

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VIA SMS Group and TWINO Group are permanently ceasing operations in Vietnam in response to a new interpretation of local legislation by Vietnamese government authorities that impact the entire non-bank lending sector in Vietnam.

It is important to emphasize that the suspension of operations in Vietnam was not a proactive decision made by TWINO Group and the VIA SMS Group. However, the unforeseen and increasingly challenging local business environment has left us with no alternative but to discontinue our operations.

Our business has always been based on responsible and best market business practices, strictly complying with the legal frameworks of the countries in which we operate. In Vietnam, we have made great efforts to operate in compliance with local legislation and responsible business principles to assure secure, transparent, and accessible lending solutions to Vietnamese consumers.

Throughout the whole history of our operations in Vietnam, VAMO.vn has tried to maintain constructive cooperation with local supervisory authorities. However, recently there has been a significant shift in regulators’ attitude towards the industry, leading to a growing number of repressive measures against companies providing lending services. As a result, in March 2024, due to an increasingly negative investment environment in Vietnam and concerns over our employee safety, we made the decision to run down our operations in this country.