Food delivery firm Baemin scales down Vietnam operations

By Anh Tu September 28, 2023 | 06:29 pm PT

A Baemin staff delivers to a customer. Photo courtesy of Baemin Vietnam

South Korean food delivery giant Baemin is scaling down its Vietnam operations by reducing its active areas and laying off personnel.

A representative of Baemin Vietnam confirmed with VnExpress that Baemin had let go of some employees in Vietnam while shrinking its scope of business in the country.

The company also recently appointed Cao Thi Ngoc Loan as a temporary CEO to replace Jinwoo Song, who resigned two weeks ago.

It is unclear how many jobs in total will be cut as Baemin continues to limit its activities in Vietnam.

The company has shut down operations in Hoi An, one of Central Vietnam’s main tourism hotspots. Baemin has also ceased operating in the northern provinces of Thai Nguyen and Bac Ninh.

Early last year, the company covered more area in Vietnam than any other food delivery platform. It was then present in 21 different localities.

Baemin launched its Vietnam wing in 2019 when it bought out local platform Vietnammm. The company also provides shopping services and sells cosmetics.

The firm is operated by Woowa Brothers Vietnam, a venture between South Korean firm Woowa Brothers and Germany multinational corporation Delivery Hero.

Last year it accounted for a 12% market share of the Vietnam food delivery market, while Grab had 45% and ShopeeFood 41%, according to Singapore-based startup research firm Momentum Works.