Woowa Brothers makes inroads into Vietnam’s food delivery market
The Republic of Korean-based food-tech firm Woowa Brothers Corp has acquired online food ordering platform Vietnammm.
Illustrative photo (Source: vietnamnet.vn)Hanoi (VNA) – The Republic of Korean-based food-tech firm Woowa Brothers Corp has acquired online food ordering platform Vietnammm.
The value of the buyout from Viet Nam MM Co., Ltd was undisclosed.
The move is considered the quickest way for the Korean startup, which owns the Baedal Minjok food delivery app, to gain market share in Vietnam, plus it helps save time on market surveys and personnel recruitment.
Founded in February 2011, Vietnammm is one of the pioneering players in Vietnam’s food delivery sector.
Woowa Brothers has raised 320 million USD in 2018 with a valuation of 2.6 billion USD. The company said it would use the new capital to expand overseas.
Market research firm Euromonitor said the food delivery market in Vietnam is currently valued at 33 million USD and may exceed 38 million USD by 2020.
The percentage of users of food delivery services has also increased rapidly, although it is limited to urban areas where a large number of office workers are employed.
According to statistics from the Association of Vietnamese Retailers, only 30 percent of urban residents used food delivery services in Hanoi and Ho Chi Minh City in 2017, but this number rose to more than 70 percent in the first six months of 2018.-VNA
You should also see
World economy’s recovery drives Vietnam’s exports
With the recovery of the world market and increasing orders, Vietnam's import and export activities in the first quarter of 2024 prospered and achieved positive results.
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
