Grab to invest $694.4m in Vietnam

It eyes extending services to 63 cities and provinces nationwide.

Grab will invest $694.4m (US$500m) into Vietnam over a period of five years to tap into opportunities in fintech, new mobility solutions and logistics, an announcement revealed.

The firm also eyes leveraging public-private partnerships to contribute to the country’s economic, social and environmental targets by 2020 and beyond.

Grab aims to extend its services to micro-entrepreneurs across 63 cities and provinces nationwide. Grab will aim to partner with financial institutions to provide financial services to small businesses.

The firm also aims to grow its R&D headcounts in Vietnam and invest in tech talents especially those skilled in artificial intelligence, big data, and machine learning.

Jerry Lim, country head of Grab Vietnam said, “By the end of 2019, we will have invested more than $277.76m (US$200m) into the country to better the livelihoods of users and partners of our ride-hailing, food delivery, logistics and cashless payments services.”

Grab will look to establish public-private partnerships with central and city government authorities and contribute to national programmes such as the Smart City project initiated by the Ho Chi Minh City government.

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