Grab to invest US$500 million more into Vietnam to spur development of digital economy
- Grab will invest US$500 million more over 5 years to tap opportunities in fintech, new mobility solutions and logistics. Investment follows strong H1 growth in Vietnam in transport, food delivery and payments
- Grab announces ‘Tech For Good’ development roadmap that will help lift local communities from poverty, build a highly-skilled Vietnamese workforce and create an environmentally sustainable future
Grab announced today it will invest US$500 million into Vietnam over a period of five years to tap opportunities in fintech, new mobility solutions and logistics, in order to spur development of the country’s digital economy and create millions of income-opportunities that will elevate the quality of life for all Vietnamese. Grab will also align its growth areas with Vietnam’s “Socio-Economic Development Plan” and leverage public-private partnerships to contribute to the government’s economic, social and environmental targets by 2020 and beyond.
Since its entry into Vietnam in 2014, Grab has become the leading multi-service super app in the country, having established pole position in food delivery and ride-hailing amongst consumers while Moca, Grab’s strategic partner in payments, is amongst the top leaders in digital payments. Moca’s total payments volume on the Grab app grew 150 percent in the first half of the year with monthly mobile active users growing more than 70 percent.
GrabFood, Vietnam’s top food delivery platform, saw gross merchandise value in the first half of the year grow 400 percent, with average daily orders hitting 300,000. In that period, GrabFood also signed agreements with toptier restaurants such as Lotteria and others.
To date, Grab has accumulated earnings of nearly US$1 billion and encouraged millions in the country to adopt cashless payments via a strategic partnership with Moca. GrabFood merchants have also seen their incremental business revenue grow by 300% within 2-3 months joining on the platform. The US$500 million investment will be used to launch new services in Vietnam and expand Grab’s transport, food and payments network in the country while looking for new opportunities in new mobility solutions, fintech and the wider logistics industry. The investment is reflective of Grab’s commitment to create greater social and economic benefits for Vietnam through technology.
To solidify Grab’s long-term commitment to Vietnam and its people, Grab announced its ‘Tech For Good’ development roadmap, which is aligned to the government’s key national policy priorities under Vietnam’s “Socio-Economic Development Plan 2020”.