Giao Hang Nhanh (GHN)
Vietnamese last-mile delivery operator moving 20M+ parcels a month for e-commerce sellers.
On the record
Checkpoint: Viettel Post, DHL, and Yusen hubs open in Hung Yen province, testing GHN's new facility on price
The call
GHN still moves huge volume through Vietnam's e-commerce pipes, but it hasn't raised capital in seven years while Viettel Post, J&T, and Shopee's SPX all build capacity around it.
GHN moves packages across Vietnam and Southeast Asia, handling 20 million deliveries a month through over 1,000 pickup points. It is not the cheapest or most connected option compared to rivals like J&T and Viettel Post, which are spending tens of millions of dollars on new warehouses and sorting machines in the exact same areas where GHN just expanded, and Shopee (GHN's biggest customer) is pushing its own delivery service instead. The key question is whether GHN can keep its prices high enough to make money while four different companies build competing warehouses in the same province over the next year, and whether Shopee will quietly send more packages to its own delivery company.
Why
01
AI pressure: None apparent. No AI-native delivery challenger is named yet, but rivals' automated sorting could erode GHN's cost position over time. Could AI do the core job? Only partly.
02
Bigger players: Viettel Post, J&T Express, and Shopee's in-house SPX carrier. State-backed Viettel Post, regional giant J&T, and Shopee's own SPX carrier are all adding capacity in the same corridor GHN just entered. Could a giant copy it? Yes, easily.
03
What protects it. Deep integration with Shopee, TikTok Shop, Lazada, and Tiki plus 1,000+ local stations give it reach that newer entrants still have to build.
What would change this call
Viettel Post, DHL, or Yusen hubs in Hung Yen go live and undercut GHN pricing within 6-12 months. Would show GHN losing the capacity and price race in its own growth corridor.
Shopee publishes or leaks data showing rising SPX Express share of its own parcel volume. Would confirm GHN's largest demand source is shifting to Shopee's in-house carrier.
GHN or Scommerce announces a new funding round or IPO filing within 12 months. Would show GHN can match rivals' capital spending instead of falling behind.
Shopee publishes or leaks data showing rising SPX Express share of its own parcel volume. Would confirm GHN's largest demand source is shifting to Shopee's in-house carrier.
GHN or Scommerce announces a new funding round or IPO filing within 12 months. Would show GHN can match rivals' capital spending instead of falling behind.
Key numbers
- Last disclosed funding: $100M from Temasek
- Delivers 20M+ orders per month
- New Hung Yen hub rated at 86,000 parcels/day
Named risks
- No disclosed external funding since 2019 while rivals like J&T and DHL invest heavily in new capacity.
- Four competing logistics hubs now operating in Hung Yen province within a six month window, signaling a price war.
- Shopee's ownership of rival carrier SPX Express creates channel conflict for GHN's largest platform demand source.
- Vietnam's 2025 road safety regulations raised long haul logistics costs by up to 20%, squeezing margins.
- Revenue figures across data vendors range from about 5 million to 409.9 million USD, indicating no reliable financial transparency.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| J&T Express | gaining on | SE Asia volume up 63.2% YoY in Q2 2026 with 75 automated sorting lines vs GHN's flat capacity |
| Viettel Post | contesting | Announced $57M Hung Yen hub Jun 2026, same corridor GHN entered Jan 2026 |
| DHL Supply Chain | contesting | Broke ground on $71-72M Hung Yen campus Jul 2026, days after Yusen opened nearby |
| Shopee SPX Express | losing to | Shopee owns competing in-house carrier while also listing GHN, creating volume routing risk |
| GHTK (Giao Hang Tiet Kiem) | contesting | Comparable domestic scale rival in same Vietnamese last mile market as of 2026 |
Questions people ask
- Is Giao Hang Nhanh (GHN) profitable?
- No audited revenue or profit figures for GHN have been disclosed. Third party data vendors give wildly conflicting revenue estimates from about $5M to $409.9M as of July 2026, none confirmed by a primary filing, so profitability cannot be verified from public sources.
- Has GHN raised new funding recently?
- The last disclosed financing event is Scommerce, GHN's parent, raising about $100 million from Temasek Holdings in October 2019. No new funding round, valuation update, or ownership change has been reported since then as of July 2026.
- Who owns Giao Hang Nhanh?
- GHN is privately held, operating as the last mile courier brand within Scommerce group, which also owns AhaMove and Gido. Founder and CEO is Luong Duy Hoai, with early seed investment from Seedcom and a 2019 investment from Temasek Holdings.
- Could AI replace Giao Hang Nhanh's delivery riders?
- Not directly. GHN's physical network of 1,000+ stations and riders who collect cash on delivery, a default payment method in Vietnam, resists pure AI replacement as of mid 2025, though automated sorting and route optimization at rivals like J&T and DHL are eroding its labor cost edge.
- Who is GHN's biggest competitor?
- J&T Express poses the sharpest threat, reporting Southeast Asia parcel volume growth of 63.2% year over year in Q2 2026 with 75 automated sorting lines in the region. Viettel Post, GHTK, and Shopee's in-house SPX Express are also direct rivals in Vietnam.
- Does Shopee compete with GHN?
- Yes, Shopee owns an in-house last mile carrier, SPX Express, which competes directly with GHN even though GHN is also listed as a carrier option on Shopee's platform, creating a channel conflict risk for GHN's order volume as of mid 2026.
Timeline
- 2026-07-28J&T Express reports Q2 2026 Southeast Asia parcel volume up 63.2% year over year
- 2026-07-24DHL Supply Chain breaks ground on $71-72M logistics campus in Hung Yen, near GHN's new hub
- 2026-07-24Yusen Logistics opens new Hung Yen logistics centre
- 2026-06-22Viettel Post announces $57M logistics hub investment in Hung Yen
- 2026-03GHN estimated at 2,219 employees globally per Revelio Labs, up from 1,986 in 2023
- 2026-01GHN opens approximately 85,000 sqm transfer center in Hung Yen province
- 2025Vietnam road safety regulations raise long haul logistics costs by up to 20%
- 2019-10-29Scommerce, GHN's parent, raises about $100M from Temasek Holdings
- 2012Giao Hang Nhanh founded in Ho Chi Minh City
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Track your international package
- Logistics firm Scommerce raises $100 mln from Singapore's Temasek (2019-10-29)
- Products, Competitors, Financials... (2020-10-05)
- Giao Hàng Nhanh Tracking (2025-06-30)
- Vietnam Urban Logistics and On-Demand Delivery Market Poised... (2026-07-28)
- Giaohangnhanh Number of Employees 2026 (2026-07)
- J&T Express Hits Record with Daily Parcel Volume Surpassing 100 Million in Q2 of 2026 (2026-07-28)
- Viettel Post plans $57 mln logistics hub in northern Vietnam (2026-06-22)
- DHL begins work on USD 71 million logistics campus in Hung Yen (2026-07-24)
- Yusen Logistics opens Hung Yen Logistics Centre (2026-07-24)
- Asia Pacific Courier & Parcel Market Size & Share, 2034
- Vietnam E-Commerce Sector Outlook (2025-11-19)