Ride-hailing giant Grab said on Wednesday it will invest $500 million over five years in Vietnam, the company's latest expansion in a key Southeast 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 Southeast Asian countries, has already ploughed large sums into 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. "This investment is a reflection of our redoubled commitment to Vietnam," said Russell Cohen, Grab's head of regional operations. "The country's rapidly developing economy and young, mobile-first population makes it ripe for the adoption of digital services."
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