South Korean food delivery startup Baemin expands to Hanoi

The South Korean company, which operates a smartphone app that allows users to order food from restaurants, is offering initial discounts up to 50 percent to attract customers in the capital city.

Baemin entered Ho Chi Minh City in May last year, but industry insiders said it had not created major impact in a market where GrabFood by ride-hailing giant Grab and Go-Food by Go-Viet have been dominating and expanding operations.

Baemin was established in 2010 in South Korea. Its parent company Woowa Brothers was evaluated at $2.6 billion in 2018. Earlier this year, Germany’s Delivery Hero acquired Woowa Brothers for $4 billion.

Vietnam’s food delivery market is estimated to reach a value of $38 million this year, according to market research firm Euromonitor.