Uber's exit prompts flurry of new entrants in Vietnam's ride-hailing market

Uber's exit prompts flurry of new entrants in Vietnam's ride-hailing market

Traffic in Hanoi, Vietnam. Photo: Ian/Unsplash

The exit of Uber from Vietnam has prompted many local and regional firms to eye a larger slice of the ride-hailing market. At least 10 local businesses are reported to be in the process of launching or expanding their businesses to take on Grab, which acquired Uber’s Southeast Asian operations in a major consolidation move in the ride-hailing space.

While Indonesian unicorn Go-Jek plans to invest $500 million in its expansion into the four Southeast Asian markets including Vietnam following the exit of Uber, a new local ride-hailing company FastGo under tech group NextTech claims to have officially entered the market this month.

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