As competition heats up in Vietnam’s booming ecommerce sector, a number of players who cannot stand the heat are being forced to get out of the kitchen. Lotte.vn, an ecommerce platform run by the Vietnamese subsidiary of South Korean multinational conglomerate Lotte Corporation, is the latest example of a key player making an exit from the market. According to a written announcement sent to suppliers and customers, the site will officially cease operations on January 20, 2020. The three-year-old business will then be merged into Lotte’s retail arm in Vietnam – Lotte Mart. Similarly, just last week VinCommerce, the retail business of Vietnam’s largest private firm Vingroup, announced the shutdown of its ecommerce site, Adayroi.com. As of 6:00 pm on December 17, the site was officially suspended in preparation for a reported merger, the details of which have not yet been made public. Last March, ecommerce website Robins.vn, operated by Thailand’s Central Group, announced it would cease operations, less than two years after a launch in May 2017. Robins.vn was created following a merger with Zalora, a leading online fashion retailer which came on stream in Vietnam in 2012 and was taken over by Central Group in 2016. Earlier in 2019, ecommerce platform Vui Vui, a unit… Read full this story
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