<article>Vietnam’s on-demand mobile platform <a href="https://www.dealstreetasia.com/?s=FastGo" target="_blank" rel="noopener">FastGo</a>&#8216;s joint venture in Myanmar is looking to invest $3 million in rolling out ride-hailing services in the frontier market this year, a top executive told DEALSTREETASIA.</article>

Vietnam’s on-demand mobile platform <a href="https://www.dealstreetasia.com/?s=FastGo" target="_blank" rel="noopener">FastGo</a>&#8216;s joint venture in Myanmar is looking to invest $3 million in rolling out ride-hailing services in the frontier market this year, a top executive told DEALSTREETASIA.
For its Myanmar entry, its first stop outside Vietnam, FastGo has formed a joint venture with local business house Asian Sun Group which is engaged in manufacturing and trading activities.
After Myanmar, the ride-hailing service will tap Indoneisa, Singapore and Thailand for further expansion in the region.
In Myanmar, Yangon will be the first city to implement the ride-hailing service of FastGo. Other cities on the drawing board include Mandalay, Bagan, and Mrauk-U.
“In 2019, we will focus on developing FastCar service (taxi and private cars) to meet the needs of residents and tourists. Two-wheel and three-wheel bike service can be deployed in other cities and provinces outside Yangon, where two-wheel vehicles are prohibited, to provide Fast-Delivery services,” said Nguyen Huu Tuat, founder and CEO of FastGo during an interaction with DEALSTREETASIA.
FastGo is hoping to register 50,000 drivers and 1 million customers from Myanmar in the near future.
As a first step, FastGo is working on driver recruitment, training and integration of services with partners. By February, it is targeting to open the application to all users. FastGo is looking at a soft launch to evaluate services and policy procedures that would better suit the market.
In Myanmar, FastGo will compete with regional leader Grab which runs its app-based taxi service in Yangon and three-wheeler bike service, ‘GrabThoneBane’ in other major cities like Mandalay and Bagan.
The country also has local player Get. which runs Get Ride, a community-based ride hailing network operating in Yangon and other major cities  through bikes, tuk-tuks and taxis. The startup has secured an eight-digit dollar sum so far.
Unlike its competitors, FastGo does not collect percentage commission on the driver&#8217;s revenue but charges a software usage fee of no more than $2 per day, said Tuat.
“The service prices are transparent and unchanged, but customers can opt for TIPs function when booking a car during peak hours while other apps increase prices. We play the connecting role and ensure a balance between customers and drivers,” he elaborates.
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Vietnam’s mobile platform FastGo‘s joint venture in Myanmar is looking to invest $3 million in rolling out ride-hailing services in the frontier market this year.

Vietnamese ride-hailing app FastGo’s JV in Myanmar targets to invest $3m in 2019

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Vietnamese ride-hailing app FastGo’s JV in Myanmar targets to invest $3m in 2019

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