The amount will be spent over the next five years to help the multi-service super app tap opportunities in fintech, mobility solutions and logistics in Vietnam.
Vietjet, Swift 247 and Grab have signed a comprehensive cooperation to develop solutions for connecting road and air travel for customers across Southeast Asia while providing super express delivery services in the local market.
Grab Vietnam is subject to further investigation as the local competition watchdog has insisted on Grab violating the competition law when it took over Uber.
Grab customers in Vietnam can now book hotels from Agoda and later Booking.com, directly on their Grab app platform.
"Vietnam Taxi Alliance", a gathering of 17 domestic taxi companies nationwide, has just made its debut and operated on EMDDI platform, a ride-hailing application developed by programmers from Hanoi National University.
Apart from being under the financial pressure of unprofitable business in Vietnam, Grab is also facing fierce competition from the domestic emerging ride-hailing apps such as Go-Viet, Fastgo.
Under overheated competition from newcomer of ride-hailing app Go-Viet and other traditional taxi firms, Grab has rolled out counter-measures to gain market shares.
At the recent semi-annual meeting of the taxation sector, Tran Ngoc Tam, Head of the Taxation Department of Ho Chi Minh City admitted that they are coping with difficulties in Uber's tax collection as the company had sold all of its business operation in Vietnam to Grab.
It is undeniable that domestic ride-hailing applications are making a lot of efforts to improve its service quality as well as its technology and technique but still it does not seem to be enough to catch up with Grab.
According to the latest announcement of Indonesian ride-hailing firm Go-Jek, also known as Grab's biggest rival in the Southeast Asia, Go-Jek will launch its business in Vietnam under the name GO-VIET next month by teaming up with the Vietnamese founding team.
FastGo Vietnam Co., Ltd. has launched its ride-hailing application called “FastGo”, the first ever application in the current market to protects customers on each trip using Fast Protection insurance with a value up to $8,700.
The Competition and Consumer Protection Department (CCPD) under the Ministry of Industry and Trade considers launching a formal investigation into the acquisition of Uber in Southeast Asia including Vietnam by Grab, after announcing the preliminary results are presenting the sign of breaching antitrust law on May 16.
Days after Singapore began a probe into the deal between Grab and Uber under anti-competition scrutiny, the Philippines and Malaysia said that they will look into it on similar concerns.
Due to the wave of technology that Uber and Grab brought into Vietnam, FUTA Bus Lines – Phuong Trang Inc (FUTA) decided to pour VND2.2 trillion (roughly $100 million) in a future ecosystem.
