Sendo shut down twice — FPT's 14-year e-commerce bet collapsed in two stages

Sen Do Technology Joint Stock Company (Sendo.vn) was founded in 2012 as a subsidiary of FPT Corporation, one of Vietnam's largest technology conglomerates. It operated Sendo, a multi-category e-commerce platform that was once among Vietnam's top three online marketplaces, competing with Shopee, Lazada and Tiki. In 2014, Sendo acquired rival 123 Mua from VNG for VND 10 billion. By 2020, merger talks with Tiki were reported but went nowhere.

Sendo's market share among Vietnam's top five e-commerce platforms fell below 1% by 2024, according to Metric.vn. The onslaught from Shopee, Lazada, TikTok Shop and Tiki — all backed by much deeper pockets — had turned Sendo into an also-ran. FPT was a software and IT services company, not an e-commerce specialist, and could not match the investment levels of dedicated platforms. In April 2025, Sen Do shut down the general Sendo marketplace and pivoted entirely to Sendo Farm, an online grocery platform using a group-buying model with pickup points.

Sendo Farm launched in late 2021 and had grown to over 1 million customers by 2024. The model was inspired by Chinese group-buying giants Meituan Select and Pinduoduo: customers ordered through the app and picked up at Farm Hub points during fixed time windows. But Vietnamese consumers preferred traditional markets, convenience stores, and on-demand delivery like GrabMart and ShopeeFood. The pickup-point model was inconvenient and food quality suffered from poor storage. After just over a year, on July 10, 2026, Sendo Farm also shut down. FPT had completely exited e-commerce.