Vietnam’s Tiki appoints new CEO amid growing competition

Photo credit: Tiki

Vietnamese ecommerce company Tiki has appointed Richard Trieu Pham as its new CEO, according to local media reports. He replaces founder Tran Ngoc Thai Son, who will move to serve as chairman.

Pham initially joined Tiki in 2019 as CFO and president. Currently, he oversees the development of the comapny’s fintech and insurtech segments as well as its Ticketbox platform, which the company acquired in 2019.

DealStreetAsia first reported in July that Tran was stepping down as CEO.

Tran founded Tiki in 2010 originally as an online bookselling platform. Tiki is short for tìm kiếm and tiết kiệm, which means “search and save” in Vietnamese.

A previous analysis by Tech in Asia based on its FY 2022 financials noted that the ecommerce firm recorded a 7% drop in total revenue compared to the previous year. Its operating loss widened by 39% over the same period.

In a recent report, venture builder Momentum Works estimates that Tiki’s market share in the country is about 4%, trailing behind Shopee (63%) and Lazada (23%).

In 2021, Tiki raised US$258 million in a series E round led by insurance major AIA.

See also: Vietnam’s Tiki reports widening FY 2022 loss as revenue drops