The e-commerce market in Southeast Asia is expected to double in the next five years, with Vietnam becoming the largest market by 2020.
Zalora, one of Southeast Asia’s biggest online fashion marketplaces, has completed a deal to sell its Vietnamese operations electronics retailer Nguyen Kim, news website VnExpress reported on May 15, quoting Zalora Group.
Rocket Internet has sold its business rights of Zalora Vietnam and Zalora Thailand to Thailand’s Central Group for US$20 million or US$10 million each, Techcrunch has reported.
More than 10,000 e-commerce websites were registered in Vietnam at the end of last year, twice the number of 2014, according to a new report by released by the Ministry of Industry and Trade on April 14.
VOV.VN - Rocket Internet is jumping ship and divesting itself of unprofitable Asian fashion portal Zalora business units in both Vietnam and Thailand, according to TechCrunch media.
E-retailing or e-commerce has become popular in Vietnam since 2004 with the number of online customers having been on the rise.
The e-commerce market in Vietnam is expanding rapidly but local investors are losing their share to foreign competitors with deeper pockets for expensive marketing campaigns.
The online food ordering group Food Panda has ended its operation in Vietnam, citing financial difficulties though it still describes the country as a potential market.