Grab invested an additional US $ 500 million in Vietnam to develop fintech, mobile technology and logistics

On August 28, Grab Holdings Inc. announced that it will invest US $ 500 million in Vietnam over the next 5 years to develop new financial technology, mobile technology and logistics solutions.

Grab will also prioritize the implementation of areas in line with Vietnam’s Socio-Economic Development Plan, while promoting public-private partnerships to support the implementation of socio-economic goals. Association and the environment until 2020 and beyond.

Since its operation in Vietnam in 2014, Grab has become the leading super app in the market and is the first choice of people for food delivery services and connectivity. Meanwhile, Moca – Grab’s strategic partner – is one of the market leaders in electronic payment.

Grab said that the total value of payments via e-wallet Moca on Grab app reached a growth rate of 150% in the first half of 2019, with the number of monthly user interaction increasing to more than 70%. GrabFood, Vietnam’s leading food delivery platform, achieved a total transaction value of up to 400% in the first half of 2019, with an average daily number of orders reaching 300,000 orders. Also during this period, GrabFood signed a cooperation agreement with leading business partners such as Lotteria and several other brands.

To date, Grab has a team of hundreds of thousands of driver partners with a cumulative income of nearly $ 1 billion. According to Grab, the net income of GrabFood business partners increased to about 300% after only 2-3 months of joining the platform.

The US $ 500 million investment will be used to launch new services in Vietnam and expand the network of mobility, food delivery and e-payment services, as well as developing solutions. new in mobile technology, financial technology and logistics.

In addition to announcing that it will invest an additional US $ 500 million in Vietnam, Grab also announced a roadmap for implementing the Tech For Good mission, with goals aligned with the policy priorities of ” Socio-economic development plan 2020 “of the Government. Three main areas that will be emphasized are: Contributing to poverty reduction for communities; contribute to building a skilled workforce and contribute to creating a sustainable environment for the future.