Layoffs in Vietnam

Vietnam's proptech startup Propzy, which had been backed by investors like SoftBank Ventures, has shut down its operations as of September 2022. This closure resulted in all employees being laid off, effectively a 100% reduction of its workforce. The shutdown follows earlier restructuring efforts, including laying off over 50% of staff, as the company struggled with business challenges in the competitive real estate technology sector. The exact total number of employees at the time of closure was not specified, but the startup had scaled significantly with notable funding before its demise.

Propzy, a Vietnamese real estate technology startup, laid off approximately 50% of its workforce in June 2022, affecting around 300 employees. This significant reduction was part of a restructuring effort amid challenging market conditions and a strategic shift to focus on core, profitable business segments. The company, which operates in the competitive proptech industry, had scaled rapidly but faced pressures common to the startup ecosystem, leading to this difficult downsizing decision to ensure long-term sustainability.

Vietnamese fitness startup WeFit, operated by parent company WeWow, has filed for bankruptcy and ceased all services as of May 2020. The company, which had previously raised $1 million in funding, was forced to shut down after completely depleting its working capital due to the severe financial impact of the COVID-19 pandemic. Before the crisis, WeFit's platform was processing around 150,000 monthly bookings, but the downturn ultimately left the business unsustainable.