The Ride-hailing giant Grab announced that they are going to invest over US$500 million in Vietnam over the next 5 years for more opportunities.
Grab, being one of the leading Mingride-hailing company in Southeast Asia, is willing to invest a massive amount of $500 million in Vietnam for digital economy development. The said investment will create fintech, new mobility solutions and logistics opportunities over the next 5 years. According to Grab, these opportunities “will elevate the quality of life” for all Vietnamese.
Recently, Grab also invested $2 billion in Indonesia. “We’re very excited about Vietnam. We see very similar characteristics to Indonesia,” said Ming Maa, President at Grab. “I would expect us to invest several hundred million dollars into growing our Vietnam business,” Maa added.
Grab has been dominant since it entered the Vietnam market in the year 2014. Grab had helped hundreds of thousands of drivers in the country. The ride-hailing company also said that they will align its growth areas with Vietnam’s “Socio-Economic Development Plan” and influence public-private collaborations to support the government’s economic, social and environmental targets by the year 2020.
Grab plans on using the $500 million investment to launch new services in Vietnam and also broaden the platform’s transport, food and payments network in the country. The investment shows how committed to creating a greater social and economic benefits for Vietnam.
The ride-hailing giant also announced its ‘Tech For Good’ development roadmap to strengthen its long-term commitment to both Vietnam and its people. Tech For Good is mainly focused on three areas including ‘Lifting communities from poverty’, ‘Building tomorrow’s skilled workforce today’, and Creating an environmentally sustainable future’.
“This investment is a reflection of our redoubled commitment to Vietnam. The country’s rapidly developing economy and young, mobile-first population makes it ripe for the adoption of digital services. As we scale our food, parcel delivery, transport and payments business across the country, we hope to tap and invest in new opportunities emerging in the fintech, mobility and logistics space, in order to bring about greater value and innovation for our customers and partners,” said Russell Cohen, Head of Regional Operations of Grab.
Jerry Lim, Country Head of Grab Vietnam also commented saying, “Grab is one of the largest tech investors in Vietnam. By the end of 2019, we will have invested more than US$200 million into the country to better the livelihoods of users and partners of our ride-hailing, food delivery, logistics and cashless payments services. Today’s investment of US$500 million will accelerate our efforts to elevate the quality of life for millions of Vietnamese people beyond the end-users of our super app ecosystem. By aligning our business with the government’s socio-economic development plan, we want to make a significant and meaningful contribution to Vietnam’s long-term socio-economic growth, and support the country’s Industry 4.0 ambitions.”