Grab to invest $500m in Vietnam to tap into fintech, mobility, logistics opportunities

Southeast Asian ride-hailing giant Grab said it will invest US$500 million in Vietnam over the next five years to tap into fintech, mobility solutions, and logistics opportunities. It also plans to launch new services and expand its transport, food, and payments network in the country.

Grab pilots in downtown Hanoi, Vietnam. / Photo credit: Tech in Asia

“By the end of 2019, we will have invested more than US$200 million into the country to better the livelihoods of users and partners of our ride-hailing, food delivery, logistics, and cashless payments services,” said Jerry Lim, country head of Grab Vietnam.

Since launching in country in 2014, Grab has become the leading food delivery and ride-hailing service provider in Vietnam, according to Kantar’s Q2 2019 research.

Grab looks to align its growth areas with the country’s Socio-Economic Development Plan through its Tech For Good development roadmap and leverage public-private partnerships to help Vietnam reach its economic, social, and environmental targets by 2020 and beyond.

It looks to focus on three main areas:

• Lifting communities from poverty: Grab aims to partner with financial institutions on providing financial services to micro entrepreneurs and small businesses.
• Building tomorrow’s skilled workforce: The company looks to grow its research and development headcount in Vietnam, invest in local tech talent, and support the country’s tech startup ecosystem through its GrabVentures program.
• Creating an environmentally sustainable future: Grab commits to a smart mobility future for the country, including complementing existing public transport options with services such as GrabBus, a marketplace for bus travel. It also seeks to work with city governments to harness data for better urban planning and reduce plastic waste for its GrabFood delivery service.

Today, the company has made an open call for partnerships with public and private sector stakeholders who share the same vision with its Tech For Good roadmap.