Buy2Sell Expanding B2B in Vietnam with $28M Investment
Vietnamese B2B eCommerce platform Buy2Sell on Friday (Nov. 19) announced its sales in the first half of the year have tripled year-over-year to $24.5 million, led by food, cosmetics, home appliances and other fast-moving consumer goods.
Through the first three quarters of the year, Buy2Sell reinvested its estimated revenue of about $28 million bacl into B2B eCommerce development, allowing local sellers to log in through the platform.
Buy2Sell grows and develops itself based on its own sales performance rather than external investment. It has an ecosystem of large buyers that have made more than one million purchase orders, said Buy2Sell CEO Harry Morant.
“Buy2Sell has stable income and monthly growth for which we are proud of,” he said. “In the first quarter of 2022, we will make new announcements about our plans for the Vietnamese market.”
Buy2Sell Vietnam has distributed 90% of foreign brands since its inception in 2015. It’s also a financial distribution partner of UOB Bank and cooperates with CJ Logistics to support import and export in Vietnam.
Related: COVID-19 Surge in Vietnam Delays iPhone 13 Delivery
The continued spread of COVID-19 across Vietnam led to delivery delays for Apple’s iPhone 13, largely because of limited supplies of camera modules for the quartet of new iPhone options. Apple assembles “a significant number” of its component parts in Vietnam.
One of the camera module manufacturing facilities in southern Vietnam began ramping back up in recent weeks, meaning production may pick up soon.
Also read: Factory Closures Cause 10-Plus Weeks of Lost Production for Nike
Factory closures in Vietnam and Indonesia due to the pandemic caused Nike to lose 10 weeks of production this summer and fall, leading to a revised short-term outlook for the company and warnings that demand will likely outpace supply for the next several quarters.
Nike is one of several brands impacted by factory shutdowns across Vietnam, a hot spot for sneaker manufacturing. The country has recorded more than 700,000 COVID-19 cases since the beginning of July and has continued lockdowns in high-risk regions.