In 2019, Grab was the leading ride-sharing platform in Vietnam with 73 percent of the market share. Founded in Singapore in 2012, Grab offers transportation, food delivery, and digital payment services via its mobile app.
Ride-hailing market in Vietnam
Alongside its economic development and the growing internet economy, Vietnam has one of the highest ride-hailing market values within the Southeast Asia region. While Grab has consistently held a prominent part of the market share, other brands have been expanding their portfolios to compete with the market leader. For instance, the Indonesian platform Gojek has expanded its ride-hailing service to include a car-sharing option in addition to bike hailing in early 2021. In the meantime, Vietnamese brand be Group recently partnered up with local taxi brands across the country to launch its beTaxi service.
Impact of the COVID-19 pandemic on the ride-hailing market
The COVID-19 pandemic has negatively impacted the global mobility market, including in Vietnam. The spending intention on transportation among Vietnamese consumers decreased drastically during the major outbreak in July 2020 compared to pre-pandemic levels. During lockdowns imposed by the government, the demand for mobility reduced significantly, and ride-hailing services were not spared. For instance, the number of Grab rides went down by over 80 percent in the first half of 2020. On the other hand, the revenue of the ride-hailing segment was forecasted to recover together with Vietnam’s economic recovery.
Market share of leading ride-hailing platforms in Vietnam in 2019
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VnExpress. (October 13, 2020). Market share of leading ride-hailing platforms in Vietnam in 2019 [Graph]. In Statista. Retrieved November 27, 2022, from https://www.statista.com/statistics/1242455/vietnam-leading-ride-hailing-services-based-on-market-share/
VnExpress. "Market share of leading ride-hailing platforms in Vietnam in 2019." Chart. October 13, 2020. Statista. Accessed November 27, 2022. https://www.statista.com/statistics/1242455/vietnam-leading-ride-hailing-services-based-on-market-share/
VnExpress. (2020). Market share of leading ride-hailing platforms in Vietnam in 2019. Statista. Statista Inc.. Accessed: November 27, 2022. https://www.statista.com/statistics/1242455/vietnam-leading-ride-hailing-services-based-on-market-share/
VnExpress. "Market Share of Leading Ride-hailing Platforms in Vietnam in 2019." Statista, Statista Inc., 13 Oct 2020, https://www.statista.com/statistics/1242455/vietnam-leading-ride-hailing-services-based-on-market-share/
VnExpress, Market share of leading ride-hailing platforms in Vietnam in 2019 Statista, https://www.statista.com/statistics/1242455/vietnam-leading-ride-hailing-services-based-on-market-share/ (last visited November 27, 2022)