Ridesharing app Grab is pretty much like Shopee and Lazada in Vietnam. Grab is perhaps the most trusted platform of this kind in Southeast Asia, capable of providing you with private car rides, food deliveries, and grocery deliveries.
In Vietnam, Grab is the most-used brand in the ride-hailing market, according to the data from Rakuten. A 55 percent of users in major cities and 54 percent in other regions report using it, underscoring its strong presence and widespread appeal across this Southeast Asian country.
Well, apparently, it might soon say goodbye soon. At least, in theory.
This is because Vietnamese billionaire residing in Vietnam, Pham Nhat Vuong, who happens to be the wealthiest man in the country, too, wants to challenge the smooth-sailing market performance of the ride-hailing sectors across Southeast Asia as his own taxi company, Green & Smart Mobility, or GSM, competes with Grab Holdings to be… the number one ride operator in Vietnam.
Well, he could dream as much as he wants to dream, but hey, he’s got the money, so why couldn’t he?
There hasn’t been a lot of information yet on Green & Smart Mobility, but this company, also referred to as Xanh SM in Vietnam, is also trying to conquer the markets in Indonesia, Philippines, and Laos. It also wants to enter the Indian market.
Plus, GSM might also expand to other Asian countries as part of a “broader strategy,” ridesharing media pinpointed. It will also ply other areas for intercity transport, premium rides, delivery, and corporate services, its global chief executive officer, Nguyen Van Thanh, told Ridesharing Forum.
For critics, they will be a lot of challenges, of course. True enough, all established businesses today started small and without little challenges.
Some of these are the thin-margin industry, dominated by Grab, and the taxi company’s small presence in overseas markets.
The Vietnamese billionaire seeks to resolve these by leveraging his deep pockets, aggressive pricing, and electric vehicles (EVs) from VinFast Auto, which he founded, according to economists.
GSM is also going to enter Indonesia where it is expected to have 10,000 electric taxis, known there are Green SM, on the country’s streets by the end of this year, taking on leaders like Grab, Bluebird Group, and so much more.
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