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Baemin operator Woowa Brothers pull out of Vietnam after failing to find footing

Published: 12 Apr. 2026, 15:37

A delivery worker rides a motorcycle on a street in Seoul on Nov. 10. [NEWS1]

Woowa Brothers, the operator of the food delivery platform Baemin, is in the process of withdrawing from Vietnam, according to company filings disclosed Friday.

The company cited intensifying competition in the local delivery market as it moves to liquidate its local entities, including Woowa Brothers Vietnam, according to disclosures filed with Korea’s Financial Supervisory Service.

Two other subsidiaries — WBV Retail, a distribution services firm established in 2023, and WBV Technology, an information technology services unit — are also being wound down.

Woowa Brothers entered the Vietnamese market in 2019 and launched its delivery business there, but shut down the service in 2023.

Woowa Brothers Vietnam reported net assets in the red by 977.62 million won ($658,000) in 2025, widening from 893.69 million won a year earlier and remaining in a state of complete capital impairment.

“Delivery operations in Vietnam were terminated in 2023 due to intensifying competition in the Southeast Asian market,” a company representative said.

Vietnam’s food delivery market has expanded rapidly in recent years, maintaining double-digit growth, but remains dominated by a handful of major platforms. Total transaction volume in the country's food delivery market reached about $2.1 billion in 2025, up 19 percent from a year earlier, according to a study by Singapore-based venture capital firm Momentum Works. Platforms operated by Singapore-based ShopeeFood and GrabFood accounted for a combined 96 percent market share, with each holding roughly 48 percent.

Industry analysts say Baemin failed to break through this duopoly, ultimately leading to its exit.

Woowa Brothers’ annual earnings report on Friday painted a mixed picture. Consolidated revenue rose 22 percent on year to 5.283 trillion won, surpassing the 5 trillion won mark for the first time since the company launched in 2010. Operating profit, however, fell 7 percent to 592.9 billion won from 640.8 billion won a year earlier.

The company attributed the decline to a sharp increase in outsourcing costs, including payments to delivery riders, which rose 41 percent on year to 3.2 trillion won.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY NOH YU-RIM [[email protected]]