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Hi readers,
You can spot Grab drivers donning their jersey on nearly every single street in Hanoi or Ho Chi Minh City. The company’s dominant position in Vietnam is not questionable.
But these days the super app is riding rough waters. At the regional level, its revenue and stock prices have both plummeted.
The resignation of its top leader in Vietnam comes as a surprise, but it further shows the enormous challenges of being in the hot seat. Grab has always considered Vietnam its “next growth market” but severe mobility restrictions in 2021 due to the pandemic had stalled much of its operations.
Meanwhile, its competitor Gojek has been revitalized in the country. Earlier this week, it announced a partnership with fintech unicorn MoMo, integrating the latter’s e-wallet with the former’s app. Last November, the Indonesia-based firm finally rolled out its car-hailing services in Vietnam after several failed attempts.
For all of us here at Tech in Asia, both Grab and Gojek are always on our must-watch list. Amid market uncertainties, one thing we can be certain of is that it’s not the time to grow at all costs.
– Thu Huong Le, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Grab Vietnam country head to resign
Nguyen Thai Hai Van joined Grab Vietnam in November 2019 after spending 17 years at Unilever Vietnam.
2. Inside Carsome’s and Carro’s all-out war in Malaysia
Carro is making an aggressive play in Malaysia. Carsome isn’t backing down on its home turf.
3.GoTo Group’s financial health in 4 charts
We analyze the financial figures reported by GoTo Group, Indonesia’s most valuable tech company.
4. The tech mogul backing Binance’s Malaysia breakthrough
The tight network of Malaysian industry veterans pushing to collaborate with one of the world’s largest crypto exchanges is linked to a govtech tycoon.
5. Exclusive: Webuy acquires Indonesian social commerce rival, starts offering travel deals
The Singapore-based group-buying platform has also set its sights on travel bookings and plans to launch an advertising business in the long term.
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