Singapore-based ride-hailing firm Grab is set to invest “several hundred million dollars” in Vietnam (Photo: Reuters)Hanoi (VNA) – Singapore-basedride-hailing firm Grab is set to invest “several hundred million dollars” inVietnam where the company sees its next major growth market, just weeks afterit unveiled a 2 billion USD plan in Indonesia.
The proposed investment is the latestexample of a top-notch regional brand deepening its commitment to Vietnam, oneof Asia’s fastest growing economies. It also shows the eagerness of Grab, whichhas raised billions of dollars from investors, to put its cash to work.
Grab President Ming Maa said the company ispaying attention to the Vietnamese market. Like Indonesia, many middle-classand young consumers in Vietnam are using apps and websites to access services,Maa said.
He added that Grab plans to invest overseveral hundred million dollars into growing its Vietnam business. However, hedid not reveal specific details on the investment.
Grab and rival Indonesia-based Go-Jek areevolving from ride-hailing app operators to become one-stop shops for servicesas varied as payments, food delivery, logistics and hotel bookings in SoutheastAsia.
Grab, with its app on more than 160 millionmobile devices across eight countries, has said its Indonesia investment aimsto build a next-generation transport network and transform how criticalservices such as healthcare are delivered.
Vietnam ranks third or fourth among Grab’stop markets, said Maa. In 2018, Grab partnered with Vietnamese fintech firmMoca in 2018 to launch a digital wallet.
The same year, Grab formed a joint venturewith Credit Saison, a Japanese credit card company, to offer loans and creditanalysis to consumers and micro-entrepreneurs across Southeast Asia.
The company, which has over 4.5 milliondrivers in the region, aims to double its revenue to 2 billion USD this year.Grab was Vietnam’s most downloaded ride-sharing app from January to July thisyear, according to market data and analytics firm App Annie. -VNA
VNA
