HCMC – Baemin, one of South Korea’s major food delivery service providers, has announced the closure of its Vietnam operations, with effect from December 8 this year. This marks the end of Baemin’s four-year presence in the domestic market.
Baemin entered Vietnam in mid-2019 following its acquisition of the food delivery app Vietnammm. The company had been gradually scaling down its operations in Vietnam over the past three months, discontinuing services in certain localities such as Hoi An City, and Thai Nguyen, and Bac Ninh provinces.
Woowa Brothers Vietnam, a subsidiary of Woowa Brothers – South Korea’s leading food delivery service provider), and Delivery Hero – a technology corporation offering food delivery services in over 50 countries, jointly operate Baemin in Vietnam. Beyond food delivery, Baemin also provides other services like grocery assistance, online grocery stores, and cosmetics sales.
According to Statista, a market research company, Baemin held a 12% market share in the Vietnamese food delivery industry last year. This share is way below Grab’s 45% and ShopeeFood’s 41%.
