Jinwoo Song / Photo credit: Baemin Vietnam

Jinwoo Song, CEO of food delivery firm Baemin Vietnam – a joint venture between Delivery Hero and Woowa Brothers – is understood to have informed staff of his upcoming departure.

Loan Cao, the firm’s CFO, has been appointed as interim CEO.

Song was appointed to lead Baemin Vietnam in January 2022, navigating a competitive market where both GrabFood and ShopeeFood have a strong presence.

“Jinwoo’s leadership has been instrumental in guiding Baemin Vietnam through various challenges. Despite operating in one of the most competitive markets, the team managed to build a solid service,” Pieter-Jan Vandepitte, COO of Delivery Hero, said in a statement.

Baemin entered Vietnam in May 2019 and acquired food delivery app Vietnammm, which it later shut down. The firm primarily focuses on food delivery and does not provide ride-hailing services, unlike its competitors.

However, it also offers grocery deliveries and operates its own kitchen. It has a merchandise line under Baemin Studio and a beauty brand.

Baemin has a 12% market share in Vietnam’s food delivery market, which is estimated to be worth US$1.1 billion, according to a Momentum Works report released in January. In June, Baemin Vietnam signed a partnership with Selex Motors to pilot the use of electric motorcycles for its deliveries.

Meanwhile, parent company Delivery Hero posted a positive adjusted EBITDA for the first half of 2023. It also owns Foodpanda, which sold its Vietnamese business to Vietnammm in 2015.

See also: Uber’s path to profit: a roadmap for Grab?