Nguyen The Tan, Director General of VCCorp – the network’s developer, said at a press conference on September 9 that the project has mobilised more than 700 billion VND (30.2 million USD) from VCCorp and some domestic investors. 

In the initial stage of Lotus, the firm will raise another 500 billion VND to promote the network on its long-term development path, Tan added.
The project has been developed by over 200 Vietnamese engineers working in various fields like artificial intelligence, big data, data mining and image processing to design and operate a social network of Vietnamese people.
He further said Lotus is created not to defeat others but focus on the contents for which existing social networks haven’t met demand.
It will be made public in two forms, on the website at www.lotus.vn and mobile app.