Singapore-based ride-hailing startup Grab plans major investment in Vietnam



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Singapore-based ride-hailing startup Grab plans major investment in Vietnam

A top official of Singapore-based transportation network, Grab Holdings Inc., centring its focus on ride-haling services, peer-to-peer ride sharing alongside food deliveries, with an annual revenue of $1 billion as of December 2018, said on Monday, the 26th of August 2019, that the much-smaller Asian rival of ride-hailing moguls likes of Uber Technologies alongside Lyft Inc., Grab Holdings Inc.

had been seeking to invest as much as ‘several hundreds of thousands of dollars’ in the South-east Asia’s Vietnam, as the company seemed convinced enough to roll out the dices on the 45th-largest economy in the world by nominal GDP and 33rd-largest by purchasing power parity.

Aside from that, latest Grab move follows a $2 billion investment in Indonesia just a few weeks earlier, while analysts had been quoted saying following Grab’s latest statement to launch its ride-sharing service in Vietnam, that, the nation’s GDP outlook seemed to stable with a greater purchasing power of its citizens, but the nation still lacked personal rides which in effect could assist the Singapore-based ride-sharing company to find itself as an overwhelming favourite in Vietnamese ride-sharing market.

Expressing a sheer optimism over Grab’s ride-sharing business in Singapore and Malaysia, President of Grab Holding Inc., Ming Maa said in an interview with a press agency reporter shortly after Monday’s (August 26th) announcement, “We’re very excited about Vietnam. We see very similar characteristics to Indonesia. ”