Ride-hailing or ridesharing has significantly changed the mobility market globally over the past decade. Typically, when using a ride-hailing service, a passenger can find and select drivers’ offers through mobile apps or websites, thanks to GPS tracking technology. These services often save both costs and time compared to using a traditional taxi. With its growing population and fast digitalization rate, Southeast Asia has seen a fast-developing online ride-hailing segment, which has a
of 42 billion U.S. dollars by 2025. Within this region, Vietnam has recorded one of the highest
in recent years. The country’s economic development and expanding internet economy have created a premise for its currently booming ride-hailing segment.
Ride-hailing landscape in Vietnam
Similar to many markets in the Asia Pacific, Asian companies dominate the ride-hailing segment in Vietnam. After the ridesharing giant Uber exited the Southeast Asia region, including Vietnam,
Grab – a Singaporean Super App took over Uber’s business and became the leading ride-hailing platform in the country, holding over 70 percent of the market share. Besides Grab, Indonesian Gojek, formerly known as GoViet, and Vietnamese newcomer be Group accounted for the rest of the
ride-hailing market share. While Grab and be Group have been offering both car and bike ridesharing options, Gojek just recently introduced car ride-hailing in their portfolio in 2021. Apart from providing car and bike ridesharing services, these companies have included delivery and courier services in their offerings, such as GrabFood by Grab and GoFood by Gojek for food delivery. In addition, Grab and be Group have partnered up with fintech companies and banks to provide digital payment and e-wallet options for both their riders and users.
Impact of the COVID-19 pandemic on the ride-hailing market in Vietnam
The unprecedented COVID-19 pandemic has negatively impacted the global mobility industry, and Vietnam was not spared. During the second outbreak in July 2020, the
spending intention on transportation among consumers in the country took a nosedive compared to pre-pandemic levels. As Vietnam has gone through several lockdowns since its first COVID-19 cases in 2020, the demand for mobility during these periods has reduced significantly. For example, the
number of Grab rides in the country went down by around 80 percent in the first half of 2020 compared to the previous year’s figure. On the other hand, forecasts have shown that the
annual revenue growth of the ride-hailing market in Vietnam will recover in the future thanks to the growing adoption of these platforms at the expense of traditional taxis and vehicle ownership.
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