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Food Delivery Service Vietnammm Acquired by South Korean Tech Startup

Vietnam's competitive food delivery services landscape welcomes a new player.

The Facebook page of Dutch-backed local food delivery service Vietnammm recently changed to Baemin Vietnam, a South Korean food delivery app owned by advertising platform and application developer firm Woowa Bros. The Seoul-based firm acquired Vietnammm in February this year, VnExpress reports.

Established in 2011, Woowa Bros owns South Korea's famous food delivery platform Baedal Minjok. The firm recently received US$320 million funding from global investors in December 2018, making it a unicorn startup company — a business valued at over US$1 billion.

The company said it would use the latest investments for global expansion and developing new businesses that incorporate robotics. Woowa Bros announced its plan to enter to Vietnam last year in November at a startup event.

The Baemin Vietnam food delivery app has officially launched on both the Android and iOS systems while Vietnammm's website is still functional until further notice. Baemin Vietnam's entrance into the market represents new competition for old and new food delivery market players including Go-Viet's Go-Food and Grab which launched GrabFood in mid-2018.

[Photo via Vietnammm]

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