Southeast Asian last-mile logistics firm Ninja Van is shutting down its express delivery services in Vietnam this month, as part of a “network restructuring”, according to an announcement posted online.
Nin Sing Logistics, Ninja Van’s Vietnam unit, said in an email dated September 3 that it will stop processing new shipments immediately, with all outstanding parcels to be delivered or returned to senders by September 26.
“This decision has been taken by management and our owner as part of a broader restructuring of our network, through which we will be realigning resources to support a forthcoming new model of logistics service,” according to an email circulated online.
DealStreetAsia has reached out to Ninja Van for confirmation.
The company said it remains available to handle customer queries and pledged to support users during the transition.
All outstanding parcels will be delivered or returned to senders by September 26. Returns to customers (RTS) will be completed by September 30, the company said.
Ninja Van, a Singapore-headquartered logistics firm, entered Vietnam to capture growth in the fast-expanding e-commerce market. The company, however, has faced challenges in the country.
In September last year, employees of Vietnam-based ECRM Nobita, an order management software for online sellers, wholly owned by Ninja Van, submitted a petition to the labour inspectorates of Hanoi City and Nghe An Province, claiming delayed salary payments and social insurance since July 2024.
The petition, signed by 12 employees, claimed that two executives from Ninja Van came and announced layoffs in ECRM Nobita’s offices in Hanoi and Vinh City (Nghe An), instead of “settling the case in a fair manner”.
Ninja Van operates across Southeast Asia, with services in Vietnam, Singapore, Malaysia, Indonesia, Thailand, and the Philippines.
Last month, it raised $54.6 million through the issuance of new preference shares, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The filings showed that a significant portion of the new preference shares, or about $35.4 million, were issued to existing investor B Capital, a Singapore- and US-based venture capital firm set up by Meta Platforms co-founder Eduardo Saverin and Raj Ganguly.
Ninja Van’s top shareholders
Ninja Van reported a narrower loss for the year ended June 2024, as cost reductions helped offset falling revenues and shrinking assets.
Revenue fell 8.3% to $684.2 million from $746.3 million a year earlier, after a 4.6% drop in FY2023, data from DealStreetAsia DATA VANTAGE showed.
Despite the decline, operating performance improved, with profit before interest and tax narrowing to a loss of $140.9 million, compared with a $233.8 million loss in FY2023. That marked a 39.7% year-on-year improvement.
On the balance sheet, assets dropped 33% to $314.5 million, while liabilities fell 23% to $180.2 million. Total equity contracted 42.9% year-on-year to $134.4 million. Retained losses widened 20% to $881.6 million from $735.0 million a year earlier.
