Fierce ride-hailing market: The loss of 4,300 billion VND after just over 1 year – with Grab in 6 years – be and Go-Viet is still small compared to the competition

Tram Ho

When the race to “burn money” of Vietnamese e-commerce sites somewhat cooled down due to the clearly shaped market, the focus of attention as well as investment inflows has shifted to the segments. Others are in fierce competition such as ride calls, food delivery and payment / e-wallets.

Originally a ride-hailing service, Grab has now grown into a super-app with a range of integrated services such as ride-hailing, ordering food, shipping, and paying bills …

 Khốc liệt thị trường gọi xe: Lỗ 4.300 tỷ chỉ sau hơn 1 năm – bằng Grab lỗ trong 6 năm – be và Go-Viet vẫn nhỏ bé so với đối thủ - Ảnh 1.

With the addition of three heavyweights from the end of 2018, Go-Viet, be Group and Baemin (only participating in food delivery), Grab’s loss in 2019 has doubled to approximately 1,700 billion VND. .

However, it is worth mentioning that Grab’s loss is only equivalent to the 1,682 billion loss of Go-Viet (now renamed Gojek Vietnam) and not much higher than the loss of 1,500 billion of be Group.

 Khốc liệt thị trường gọi xe: Lỗ 4.300 tỷ chỉ sau hơn 1 năm – bằng Grab lỗ trong 6 năm – be và Go-Viet vẫn nhỏ bé so với đối thủ - Ảnh 2.

The fact that all 3 have equal losses while the two competitors are more modest in scale, providing less service (Go-Viet has not ordered a car, begged no food) shows overwhelming. by Grab. The revenue figure partly proves this: Grab’s 2019 revenue reached 3,382 billion while Go-Viet reached only 22 billion and be reached 456 billion.

More than 1,300 billion of gross profit from business activities has helped Grab significantly offset the promotion costs launched continuously to attract users.

For the whole year of 2019, the trio of Grab, Go-Viet and be made a loss of approximately 4,900 billion VND – 3 times higher than in 2018; Part of the reason is that Go-Viet has only been active since the fourth quarter and still operating from December 2018.

After just over 1 year of entering the market, the accumulated loss of Go-Viet and be reached 4,350 billion VND – bigger than Grab’s loss after 6 years of presence in Vietnam.

Officially entering the market in 2019, the Baemin food delivery service from Korea also saw a loss of 570 billion dong, no less compared to Foody’s 650 billion / Now loss.

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Source : Genk