After 4 years, Delivery Hero shutters operations in a competitive market
• Delivery Hero is shutting down operations for its Baemin app in the country on December 8.
• The delivery service will stop operating after over four years of operations.
• Baemin’s farewell marks the end of the road for Delivery Hero’s attempt to gain traction against rivals as having challenging profit trends.
Baemin Bids Farewell to Vietnam
Baemin, the South Korean food delivery platform owned by Delivery Hero, will officially exit Vietnam on December 8 after over four years of operations there.
In a statement, Delivery Hero cited “difficult global macroeconomic conditions” and “challenging long-term profit trends” in explaining its decision to leave Vietnam.
Baemin entered the Vietnamese market in 2018 but struggled to gain traction behind rivals GrabFood and ShopeeFood.
Food delivery couriers for Meituan in Beijing, China | Image from Bloomberg
September Layoffs and Meituan
This September, the company laid off employees and scaled back operations amid the increasingly competitive local landscape shaped by high customer incentives.
Delivery Hero’s retreat comes as China-based food delivery giant Meituan reportedly eyes a potential acquisition of Delivery Hero’s Southeast Asia business, including the Foodpanda brand.
If finalized, the deal would pit Meituan against Grab in vying for market share regionally.
Credit: Baemin Website
Baemin’s Final Farewell
After December 8, Baemin will no longer deliver food to hungry residents and workers across Vietnam.
The abrupt exit marks the end of the road for Delivery Hero’s attempt to gain a foothold in the country’s rapidly evolving and crowded food delivery arena.
