First announced during an exclusive interview with Reuters, Southeast Asian ride-hailing giant Grab today revealed more details of its investment plan in Vietnam, one of its top market.
The company said that it will invest US$500 million into Vietnam over a period of five years to tap opportunities in fintech, new mobility solutions, and logistics. It will launch new services and expand existing transport, food, and payments network in the country.
Grab also announced its “Tech For Good” development roadmap which the company described as being aligned to the Vietnam government’s key national policy priorities under Vietnam’s “Socio-Economic Development Plan 2020”.
It will work in three main areas: Poverty alleviation (by partnering with financial institutions to provide financial services to micro-entrepreneurs and small businesses), skilled workforce building (by growing the company’s R&D headcounts in the country), and environmental sustainability (by complementing existing public transportation facility in the country).
“Grab is one of the largest tech investors in Vietnam. 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.
“Today’s investment of US$500 million will accelerate our efforts to elevate the quality of life for millions of Vietnamese people beyond the end-users of our super app ecosystem. By aligning our business with the government’s socio-economic development plan, we want to make a significant and meaningful contribution to Vietnam’s long-term socio-economic growth, and support the country’s Industry 4.0 ambitions,” he continued.
Grab had previously announced a similar plan for Indonesia, also one of its top market. Through the company, Grab’s investor SoftBank plans to invest US$2 billion to help build the country’s digital infrastructure.