Ride-hailing firm Grab to invest $694m in Vietnam
Ride-hailing giant Grab said yesterday it will invest US$500 million (S$694 million) over five years in Vietnam, the company's latest expansion in a key South-east Asian market.
The Singapore-based firm has grown rapidly since it ended a bruising battle with Uber last year by buying its US rival's ride-hailing and food operations in the region.
Grab, which operates in eight South-east Asian countries, has already invested more than US$200 million in Vietnam since entering the market in 2014.
The fresh investment will be used for new services in areas such as financial technology and logistics, as well as expanding existing transport, food and payment offerings.
With a population of around 100 million, Vietnam is among the fastest-growing economies in South-east Asia.
Last month, Grab said it would invest US$2 billion in Indonesia over the next five years, as it seeks to take on local ride-hailing giant GoJek, with some of the money coming from Japan's SoftBank Group.
Grab has received investments of more than US$4.5 billion over the past year, with Toyota, Hyundai and Microsoft among the other firms providing support.