The lifestyle startup that helps brands better understand their consumers in Vietnam

The app developed by Wisepass, a company that was founded in 2014 in Ho Chi Minh City, allows users to get stuck into either 30 bottles of liquor or 30 meals per month at more than 100 different locations such as restaurants, bars and 5-star hotels in the city for VND6 million (US$260) per month. And WisePass recently secured a partnership with Starbucks which allows members to redeem any cup, any size per day.

People gather at an event of WisePass. Photo courtesy of startup company WisePass.

The statistics show that initially WisePass membership covered only drinking, but later it added new options for members such as food and events. 

Since the recent partnership with Starbucks, consumers have been very interested in dining there and luxury chains besides enjoying wine.The app currently has 400 members and has been used nearly 11,680 times.

But the benefit that the app offers is not limited to its members. Beyond that, it offers a platform for brands to get closer to their consumers’ needs and analyze the ways in which their produce is consumed.

This feedback allows brands using Wisepass to communicate better with its customers without being aggressive.

Lam Tran, co-founder and CEO of Wisepass, told Dau Tu newspaper in April last year that the startup has secured a growth rate of 50% per month.

“People usually think that starting a company in Vietnam is difficult, especially on the administrative side of things. It looks difficult if you don't know the procedures. But it’s like this anywhere in the world, the administrative procedures are always long and complicated!,” said Lam, adding that the real challenge lies in building a new type of business and executing it. 

“One needs to take time – weeks and months, to build the idea, talk about it, to then be able to sell the project. Of course, having the finances for it helps a lot too. But there's no shortcut. You have to work hard and be persistent to succeed,” he said.

Lam shared that the internet is a challenging aspect he has faced, especially while working in the digital field where everything is handled online.

In terms of what was easy for startups in the country, “I’d say that the whole ‘tech’ part is easier in Vietnam. The cost for developers is significantly lower here than in Singapore or San Francisco as the salary range is from US$400 to US$4,000," he said.