A couple of months ago Korea’s Baemin announced it would be scaling back its operations in Vietnam, today it has said it will leave the market altogether, VN Express is reporting.
At the end of the day, it looks like the market was just too competitive and low value. Grab and ShopeeFood hold a collective 86 percent market share and the discounts available on both are very low and offered regularly. Not to mention, the sheer volume of motorbikes in Vietnam has made delivery drivers easy to find and kept delivery prices, and subsequently commissions, low.