Baemin – Woowa Brothers’ unicorn food delivery application joins the Hanoi food delivery battlefield

Tram Ho

In Vietnam, Woowa Brothers bought Vietnammm in 2019. Previously, Vietnammm acquired Foodpanda Vietnam – a company once owned by Rocket Internet.

Baemin - Ứng dụng giao đồ ăn của kỳ lân Hàn Quốc Woowa Brothers gia nhập chiến trường giao đồ ăn Hà Nội - Ảnh 1.

Founded in 2012 as a food delivery company, Woowa Brothers (woowa means elegant in Korean) has grown rapidly and become a leading online food delivery company. South Korea, receives more than 30 million orders every month and expands into CloudKitchen business (the model of focusing on delicious restaurants with customers in the same place).

Woowa Brothers founder and CEO Kim Bong-jin (43) now heads a newly formed venture with Singapore-based Delivery Hero to enter the booming food delivery market in Asia – where Regional players such as Grab or Gojek have a fairly solid foundation.

Will a “green mint” storm make a difference?

In order to entice customers and drivers, Baemin continuously offers different incentives such as a discount of VND 70,000 for orders of VND 70,000 or more; Discount 25%, 50% depending on the order. Guests ordering food through the Baemin app in Hanoi enjoy great deals. Current delivery fee fixed VND 15,000, only equal to 50% of most other platforms.

If it wants to gain market share, Baemin will have to compete with long-time rivals such as GrabFood, Loship, Now or Go-Food. These platforms are backed by foreign investors, only Loship is a local startup.

Some experts say Baemin’s approach to the market is quite traditional, when pouring money into promotions and advertising media. Applications that deliver food or deliver goods to Vietnam in this way have to withdraw after a short time.

According to Euromonitor’s report, this year the online ordering market in Vietnam will reach more than 38 million USD, the average growth rate of 11% a year. Although small compared to the F&B segment in general, in return, Vietnam attracts businesses to pursue because the loyalty of this type of service is quite high.

The GCOMM survey also shows that the frequency of using online food ordering services by urban people is quite high, 99% of survey participants said using online food ordering services at least 2-3 times per month.

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Source : Genk