Chinese e-commerce platform Temu launched its Vietnam site in late September, offering deep discounts, promotional codes, and free shipping across the country. A global contender The arrival of this new competitor is expected to shake up Vietnam’s e-commerce landscape, potentially impacting local sellers and manufacturers. Temu operates under a complex ownership structure. Like other Chinese tech giants such as TikTok and Shein, it is headquartered in Singapore to navigate ongoing China-U.S. trade tensions. The company was registered in Boston in the U.S. in July 2022 and launched two months later. Its parent company, Pinduoduo, is based on the Cayman Islands, a British territory known for its favorable tax policy. Since its Boston launch, Temu has quickly expanded globally. It entered the Southeast Asian market, with the Philippines chosen first in June 2023, followed by Malaysia in September and Thailand in July this year. Today, Temu is present in 82 countries and territories. Despite being a relatively new player on the market, Temu has already emerged as a strong rival to global e-commerce giants. In the last quarter of 2022, Temu’s gross merchandise value (GMV) was just US$290 million, but by the end of 2023, it skyrocketed to US$14 billion—a nearly […]
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