In an official email to customers dated September 3, Ninja Van Vietnam, operated by Nin Sing Logistics Co., Ltd., advised users not to create new orders as the company could no longer guarantee fulfillment. All existing orders will be processed and completed by September 26, or returned to customers by September 30 at the latest.

Customers were directed to Ninja Van’s existing customer service team to get further information or support.

The move comes amid a challenging period for Ninja Van, as the Southeast Asian delivery market has become a fierce price war. In a May interview with Tech in Asia, Lai Chang Wen, CEO and co-founder of Ninja Van, he acknowledged the growing financial strain facing logistics providers across the region and describing the regional logistics landscape as ‘a race to the bottom.’

Founded in 2014 in Singapore, Ninja Van rapidly expanded across six Southeast Asian countries, namely Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam.

According to Bloomberg, Ninja Van’s revenue in 2023 dropped by 7%, with the volume of parcels falling nearly 20%, while operating losses widened by 32% compared to the previous year. These challenges led the company to postpone its planned IPO in 2024, focusing instead on improving profitability with a goal of breaking even within 12 months.

Entering the Vietnamese market in 2016, Ninja Van quickly became one of the leading express delivery providers for e-commerce, partnering with major platforms such as Lazada, Shopee, and Tiki.

The company was once praised for its tech-forward approach, including real-time order tracking, flexible delivery models, and a nationwide last-mile network that served millions of packages monthly.

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