South Korean food delivery service Baemin will shut down its Vietnammm app next January, according to TechInAsia.
It sent an email to its partners, saying: “To put better focus on service offerings via [the] Baemin platform, we have decided to shut down [the] entire Vietnammm service.”
Baemin Vietnam COO Nguyen Trung Thanh told DealStreetAsia that members of the Vietnammm team would be taking on new roles in Baemin’s operations.
Vietnammm, founded in 2011, was one of the earliest players to enter the Vietnamese food delivery scene and attracted a strong user base from expat communities in Hanoi and Ho Chi Minh City.
In 2015 it acquired competitor Foodpanda’s Vietnam operations from Rocket Internet. On its entry into Vietnam in May last year Baemin bought Vietnammm.
Also read: Mergers and Acquisitions in Vietnam
According to TechinAsia, Baemin is part of Woowa Brothers, a South Korean tech unicorn that was bought by DeliveryHero in a $US4 billion deal announced last December.
Vietnam’s food delivery market is very competitive, with companies spending aggressively to lure merchants and consumers. Its biggest players currently are GrabFood, Now.vn (part of the Sea Group), and Gojek’s GoFood.