Grab to Pump $500 Million Into Vietnam as More Rivals Enter After Uber’s Exit
Skift Take
After Indonesia, Grab’s next biggest battleground is Vietnam. No surprise there, it's a rapidly growing economy with all the ingredients for a ridehailing explosion. Naturally Grab is not alone — rivals are aplenty.
Southeast Asia’s ridehailing firm Grab will invest $500 million in Vietnam over the next five years to expand its transport, food delivery, and payments network in the country, the company said Wednesday.
It is also seeking new opportunities in the wider mobility and logistics industry, signing a “comprehensive strategic partnership” with Sovico Holdings, a Vietnam conglomerate with more than 20 subsidiaries across aviation, finance, and banking, real estate, and hospitality. Further details of the partnership were not available at press time.
Grab first entered Vietnam in 2014 and, by the end of this year, will already have invested more than $200 million in the country, according to its Vietnam country head Jerry Lim.
One reason for investing a lot more is the strong growth it is seeing in Vietnam in the first half of the year, it said.
