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Grab to invest hundreds of millions in Vietnam

Released at: 16:12, 27/08/2019

Grab to invest hundreds of millions in Vietnam

Photo: Grab Vietnam

Ride-hailing firm sees Vietnam as next major growth market.

by Ngoc Lan

Singapore-based ride-hailing firm Grab has revealed it is set to invest several hundred million dollars in Vietnam, which the company sees as its next major growth market, after unveiling a $2 billion plan in Indonesia.

Grab President Ming Maa told media that Vietnam ranks third or fourth among Grab’s top markets. “We are very excited about Vietnam,” he added. “We see very similar characteristics to Indonesia.”

It has recently expanded its services on the ride-hailing app, moving to a “super-app” not only in Vietnam but also in Southeast Asia, offering transportation, food delivery, hotel bookings, and financial services.

Grab signed an MoU on comprehensive cooperation with Vietjet Air and Swift 247, a tech startup providing super express air delivery services (Swift247) on August 7. The MoU aims to develop solutions for connecting road and air travel to customers across Southeast Asia and at the same time provide super express delivery services in Vietnam.

Grab officially launched hotel bookings with GrabHotels on May 9 for customers in Vietnam. Customers can now book hotels and other accommodation on Agoda and soon on Booking.com directly via the Grab app, and with special preferential rates. Comparing prices of millions of accommodation providers, from luxury hotels to affordable guesthouses and from short-term rental apartments to resort villas, is now much easier.

In 2018, Grab officially announced a strategic partnership to promote cashless payments on the Grab platform and in Vietnam. It announced the launch of payment solutions from Moca under a brand-new cashless payment method called GrabPay by Moca, to bring a swift, seamless and secure cashless payment experience to Grab users in Vietnam.

Grab is one of the most frequently used O2O mobile platforms in Southeast Asia, providing the everyday services that matter most to consumers: commuting, eating, shopping delivery, and paying via one e-wallet.

It believes that every Southeast Asian should benefit from the digital economy, and provides access to safe and affordable transport, food and package delivery, mobile payments, and financial services. Grab currently offers services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia.

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