Grab Eyes Substantial Investment In Vietnam
Aug 27, 2019

Singapore-based ride-hailing service provider Grab is set to invest “several hundred million dollars” in Vietnam, where the company sees its next major growth market.

The news come just weeks after Grab unveiled a $2-billion investment plan for Indonesia, Reuters reported.

“We’re very excited about Vietnam. We see very similar characteristics to Indonesia,” Grab President Ming Maa told the agency, adding that a growing number of middle-class and young consumers were using apps and websites for a variety of services.

“I would expect us to invest several hundred million dollars into growing our Vietnam business,” he said without giving specific details on the investment.

Vietnam ranks third or fourth among Grab’s top markets, according to Maa, who joined the company three years ago from Grab’s major investor, SoftBank. Overall, Grab, has its app on more than 160 million mobile devices across eight countries.

Since its inception in 2012, Grab has grown to Southeast Asia’s biggest start-up with an estimated valuation of about $14 billion. In addition, the company has developed a digital payment business and also provides food delivery, logistics and hotel bookings across Southeast Asia. In Indonesia, the company aims to build a “next-generation transport network” and transform how critical services such as healthcare are delivered.