Giant FPT experiments new social networking services

As I wrote earlier, more players are crowding into the social networking services game in Vietnam. Newest comer: FPT Online, a poster child of the FPT conglomerate.

Joining Yobanbe, Timnhanh Cafe, Cyworld and hoping to take a bite at Yahoo when its Yahoo 360 services is having problems remake it Yahoo Mash, FPT Online introduced a 360 clone with the name Your Gate SNS. You can have a quick look at a member I found here: http://your.gate.vn/LeNa

Your Gate claims it is easy for its member to transfer all virtual assets on their blogs from Yahoo 360, Timnhanh or Yobanbe into Your Gate. Theme design is much like Timnhanh, but worse. Looking at the positioning, I think FPT is planning a Yahoo 360 alternative and competes with Timnhanh and Yobanbe. Is it worth doing this, while Timnhanh and Yobanbe are struggling themselves?

Jason did a brilliant work recently mentioned FPT’s new 2.0 strategies and its plan to enter the competition. However, like my comments on Jason’s blog (http://jasonlog.supersized.org/archives/96-Can-FPT-2.0-Boost-Its-Share-Price.html#comments), this is an example to prove that FPT is too big and too rich to make forays into web 2.0 space. Maybe FPT should use its stocks bubble to buy Timnhanh rather than developing a copycat in a ghost house where everyone are yet to know what to do next. This would solve both exit strategy for Timnhanh’s investors and FPT Capital’s invesment math

My guess is that Your Gate will burn some good money from its deep pocket mother and finding itself in a struggle like Yobanbe and Timnhanh Cafe. In the meantime, it would be exciting to see how another FPT web 2.0 child Xiklo debut.