South Korea’s Woowa Brothers acquired the food delivery platform Vietnammm in February. Now, the Korean unicorn is rebranding the firm as Baemin Vietnam, as seen on Vietnammm’s Facebook page, according to local media outlet VN Express. The name change comes as Woowa and its subsidiary Baemin officially take over Vietnammm’s operations.
Woowa’s own food delivery platform, Baedal Minjok, is a leader in the sector in South Korea. It claims to have ten million monthly active users in its home country and handles approximately one million orders a day. Woowa Brothers raised USD 320 million in 2018 for foreign expansions, with Vietnam as its first overseas market.
Founded in 2011, Vietnammm is one of the pioneers in the country’s food delivery business. In 2015, it acquired Foodpanda’s Vietnam operations. The firm said it will continue to operate alongside Baemin Vietnam until further notice.
The presence of Baemin Vietnam further enlivens the competition in Vietnam’s food delivery industry. According to a survey by market research firm GComm, GrabFood is the fastest growing food delivery operator in the country. Besides GrabFood, Baemin Vietnam will have to compete with other players in the sector, like Now by Foodie and Go-Food by Go-Viet, the latter of which is expanding its service in the country’s capital Hanoi after entered the Vietnamese market in September 2018. Go-Food was first launched in Ho Chi Minh City and has recorded about six million orders, according to the company.