Red Star Capital Bureau reported on December 5th that there have been market rumors recently that Temu, a Chinese cross-border e-commerce platform under Pinduoduo (PDD. US) Group, has been informed to suspend its business in Vietnam. According to media reports quoted by InterfaceNews, in November, the Vietnamese government said that Temu needs to register with the government before the end of November, otherwise it will block its Internet domain name and applications in the country.
Regarding this, individuals close to Temu have informed Red Star Capital that Temu is actively communicating with relevant departments of the Vietnamese government to seek solutions.
Temu launched its Vietnam website in October this year, offering shopping benefits such as free shipping and discounts of up to 90% in the Vietnamese market, attracting a large number of consumers. The above-mentioned individuals close to Temu expressed that Temu is sincere in providing high-quality and affordable Chinese made goods to Vietnamese consumers, just like those consumers in the Americas, Europe, and Africa who have become beneficiaries of Chinese made goods to varying degrees.