Is Sendo still operating in 2026?

No. Sendo shut down its main marketplace on 15 April 2025, then its grocery pivot Sendo Farm ceased operations entirely on 10 July 2026, ending FPT's roughly 14 year run in B2C e-commerce in Vietnam.

Why did Sendo fail against Shopee?

Sendo could not match subsidy-funded scale: by 2024 Shopee held 64% and TikTok Shop 29% of Vietnam's $12.6B e-commerce market versus roughly 1% combined for Sendo and Tiki, per The Investor, 3 Feb 2025.

Sendo was majority owned by FPT Corporation, which held about 72.7% pre-dilution in 2014; SBI Holdings, Econtext Asia and BEENOS then bought roughly 33% for about $18M in December 2014, cutting FPT's stake to about 48.5%.

How much money did Sendo raise before shutting down?

Sendo raised over $130M cumulatively, including a $51M Series B in August 2018 led by SBI Group and a $61M Series C in November 2019, per a 5 July 2026 retrospective by The Runway Ventures.

Could AI have saved Sendo?

Unlikely. Sendo only used AI as an outsourced FPT.AI chatbot for customer service with no proprietary data moat, while rivals Shopee, TikTok Shop and Lazada used AI and video to entrench dominance, per an April 2026 Momentum Works report cited by KrAsia.

Is joining Sendo a safe career move in 2026?

No, Sendo has ceased operating: the original marketplace shut in April 2025 and its Sendo Farm grocery pivot ended 10 July 2026, marking parent FPT's full exit from B2C e-commerce, per The Runway Ventures, 5 July 2026.

E-commerce and marketplaces · absorbed · Vietnam

Sendo

sendo.vn ↗

Defunct Vietnamese online marketplace that shut down after losing to Shopee and TikTok Shop.

Little protection left

Assessed 22 July 2026 · Evidence as of 22 July 2026

Not much stands between this business and its pressures.

On the recordSince 22 July 2026 · Checkable from unannounced · Every call on the record Checkpoint: FPT decision on formal dissolution or redeployment of the Sen Đỏ brand and SenPay license

The call

Sendo spent over $130 million trying to out-market Shopee and TikTok Shop, lost the subsidy war, and ceased operating entirely by mid-2026.

Sendo ran an online shopping platform in Vietnam where people could buy and sell goods, similar to eBay or Amazon. It could not survive because Shopee, TikTok Shop, and Lazada are much larger companies with far more money to spend on discounts and advertising, and Sendo had no special advantage that competitors could not copy. The company lost money on every sale, while the giant rivals could afford to lose money longer. What might have changed the picture: if Sendo had found a completely different business to move into, like lending or shipping services, instead of competing head-to-head with companies that simply had deeper pockets and bigger customer bases.

Why

AI pressure: Shopee and TikTok Shop's AI-driven recommendation and ad-targeting systems. Rivals used AI recommendation engines to lock in buyers and sellers while Sendo only bought a vendor chatbot from FPT.AI. Could AI do the core job? Yes, likely.

Bigger players: Shopee (Sea/Tencent), TikTok Shop (ByteDance), Lazada (Alibaba). These three took 99% of Vietnam's e-commerce market by 2024, leaving Sendo and Tiki combined near 1%. Could a giant copy it? Yes, easily.

What protects it. None; Sendo had no proprietary data or model, no regulatory wedge, and no capital to out-subsidize the giants.

What would change this call

FPT files formal dissolution or liquidation for Sen Do JSC. Confirms Sendo's closure is permanent with no revival attempt.
FPT announces redeployment of Sendo brand or SenPay license into fintech or B2B services. Would show FPT salvaging assets into a new, different business, not reviving Sendo.
Shopee, TikTok Shop, or Lazada report further Vietnam market share gains in 2026 filings. Confirms continued consolidation among the incumbents that displaced Sendo.

Key numbers

Marketplace shut down 15 April 2025 after 9 years (2025-04-15)
Sendo Farm wound down 10 July 2026, ending FPT's B2C exit (2026-07-10)
Peak loss ~1,586B VND vs revenue 547B VND (n/a)

Named risks

Company has fully ceased consumer operations as of July 2026, no ongoing business remains. Severity: high
No structural moat, out-subsidized by Shopee, TikTok Shop and Lazada with same customer access. Severity: high
Parent FPT Corporation facing stock decline of 35.7% and $4.3B market cap loss by mid-2026. Severity: medium
AI-driven recommendation and video commerce used by incumbents further entrenches their dominance. Severity: medium
No proprietary data moat; AI use was limited to a vendor-supplied chatbot with no differentiation. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Shopee	losing to	Held 64% of Vietnam e-commerce market in 2024 vs ~1% for Sendo and Tiki combined
TikTok Shop	losing to	Held 29% Vietnam market share in 2024, leveraging AI and video per April 2026 report
Lazada	losing to	Held 6% Vietnam market share in 2024, part of Alibaba backed consolidation
Bach Hoa Xanh	losing to	Controlled cold-chain grocery infrastructure that Sendo Farm's asset-light model could not match
WinMart	losing to	Competed directly against Sendo Farm's fresh grocery pivot before its July 2026 shutdown
Tiki	contesting	Attempted merger in June 2020 that collapsed by late 2020, both later reduced to marginal share

Questions people ask

Is Sendo still operating in 2026?: No. Sendo shut down its main marketplace on 15 April 2025, then its grocery pivot Sendo Farm ceased operations entirely on 10 July 2026, ending FPT's roughly 14 year run in B2C e-commerce in Vietnam.
Why did Sendo fail against Shopee?: Sendo could not match subsidy-funded scale: by 2024 Shopee held 64% and TikTok Shop 29% of Vietnam's $12.6B e-commerce market versus roughly 1% combined for Sendo and Tiki, per The Investor, 3 Feb 2025.
Who owned Sendo?: Sendo was majority owned by FPT Corporation, which held about 72.7% pre-dilution in 2014; SBI Holdings, Econtext Asia and BEENOS then bought roughly 33% for about $18M in December 2014, cutting FPT's stake to about 48.5%.
How much money did Sendo raise before shutting down?: Sendo raised over $130M cumulatively, including a $51M Series B in August 2018 led by SBI Group and a $61M Series C in November 2019, per a 5 July 2026 retrospective by The Runway Ventures.
Could AI have saved Sendo?: Unlikely. Sendo only used AI as an outsourced FPT.AI chatbot for customer service with no proprietary data moat, while rivals Shopee, TikTok Shop and Lazada used AI and video to entrench dominance, per an April 2026 Momentum Works report cited by KrAsia.
Is joining Sendo a safe career move in 2026?: No, Sendo has ceased operating: the original marketplace shut in April 2025 and its Sendo Farm grocery pivot ended 10 July 2026, marking parent FPT's full exit from B2C e-commerce, per The Runway Ventures, 5 July 2026.

Timeline

2026-07-10Sendo Farm ceases operations, completing FPT's full exit from B2C e-commerce
2026-07-01Sen Do notifies customers Sendo Farm will wind down, final promotions through July 9
2025-04-15Sendo shuts down main multicategory marketplace after nine years
2024-11Sendo Farm hits peak scale, 8,000 sqm fulfilment, 5,000 SKUs, 50 tons per day
2023-08Sendo Farm TikTok Shop partnership sells 180 tons of produce in one week
2021-07Sendo Farm launches during HCMC COVID lockdown using group-buy model
2020-06Tiki-Sendo merger formally notified to Vietnam's regulator
2019-11Sendo closes $61M Series C, cumulative funding tops $130M
2018-08Sendo raises $51M Series B led by SBI Group
2014-12SBI Holdings, Econtext Asia, BEENOS acquire ~33% of Sendo for ~$18M

Revision history

22 July 2026

First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.

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