• Media

VietnamWorks.com and Navigos Group receive funding from IDG Ventures

Ho Chi Minh City, June 1, 2005 — Management Consulting Group, Ltd. (MCG), owner of VietnamWorks.com and Navigos Group, announced today that it has secured first-round funding from IDG Ventures. This marks an important step for MCG, as it continues its rapid rise to the top of the human resource services market in Vietnam. Funds from IDG will be devoted to technological development and geographic expansion, and will further enable MCG to continue its role as an innovator and pioneer in the HR services market.

Jonah Levey, Managing Director of MCG, said “Not only is IDG’s investment a significant development for VietnamWorks.com and Navigos Group, but is also a breakthrough event that will have a positive impact on the entire HR services market in Vietnam. As VietnamWorks.com and Navigos Group continue to expand their services and raise the standards of professionalism, other companies in the market will follow suit.” Management Consulting Group has also announced that the managing general partner of IDG Ventures Vietnam, Nguyen Bao Hoang, will join the company’s Board of Directors.

Chris Freund, a member of the company’s Board of Directors, said “We are very excited about IDG’s investment. Under the strong leadership and vision of Mr. Nguyen Bao Hoang, we believe that IDG Ventures will add significant value to this rapidly growing company. Meanwhile Jonah Levey has built up an excellent team and market-leading position for the company which provides a strong foundation for future growth.” Chris Freund is also the Managing Director of Mekong Capital, the manager of the Mekong Enterprise Fund which invests in leading private manufacturing companies in Vietnam.

About IDG Ventures

IDG Ventures is a global venture capital firm with approximately $700 million under management and a portfolio, built over the last 12 years, of more than125 companies. With offices in Boston, London, San Francisco, Seattle, China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm’s limited partner, International Data Group (IDG), is the world’s largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgventures.com or www.idgvv.com.vn

About MCG, VietnamWorks.com, and Navigos Group

Management Consulting Group’s primary business units — VietnamWorks.com and Navigos Group Vietnam — enjoy a high level of synergism that has enabled MCG to establish itself as Vietnam’s market leader in human resource services. In addition to quality of service and the volume of clients served, MCG is also the leading innovator in the field of human resources, aggressively developing new services and products to meet the human capital needs of foreign and local companies throughout Vietnam.

VietnamWorks.com is Vietnam’s largest online recruiter, having served more than 2,000 companies and over 300,000 jobseekers since its inception in 2002. For job-seekers, VietnamWorks.com provides free online access to thousands of jobs and extensive career development resources. For employers, VietnamWorks.com provides online job posting services, a searchable database with tens of thousands of CVs, and print job advertisement in popular local newspapers.

Also founded in 2002, Navigos Group is the top foreign-managed human resource services firm in Vietnam. Specializing in executive search, corporate training, HR consulting and market research, Navigos provides comprehensive HR solutions to multi-national corporations and successful local businesses from all industries.

VietnamWorks.com and Navigos Group clients include Unilever, Mercedes-Benz, Prudential, Nike, British Petroleum, Citibank, Sony, Procter & Gamble, Panasonic, Phillips Electronics, Canon, and Trung Nguyen Coffee. For more information, please go to www.vietnamworks.com and www.navigosgroup.com. For more information about VietnamWorls.com and Navigos Group, please contact:

Mr. Jonah Levey
Managing Director
VietnamWorks.com / Navigos Group, Ltd.
Tel: 84 8 4041 373
Fax:(84) 8 404 1372
Mobile: (84) 90 832 8355
11 C Lam Son Square
4th Fl, Dist 1, HCMC.
Email: jonah@vietnamworks.com