International

Grab To Invest $500M To Grow Vietnam Jobs And Economy

Grab To Invest $500M In Vietnam Economy

Grab recently announced that it will invest $500 million into Vietnam, and are now revealing details about what they have planned for the country, according to a report.

Part of Grab’s mission is to modernize the country’s infrastructure for transportation, and it has partnered with the government to accomplish that. The company’s new initiative, called “Tech for Good,” serves as a roadmap to help improve the country’s economy.

Grab aims to lower the unemployment rate in Vietnam by providing employment opportunities to merchants, delivery persons and drivers in 63 cities. The potential Grab workers will get such perks as insurance and access to credit. The company also plans to start programs in the country to help provide Vietnamese people with digital and financial knowledge.

Grab is also launching an initiative called GrabVentures that will invest in local startups, and the company said it would share its information with local governments to help with problems like pollution and road congestion.

The company already has a large presence in the country, with about 300,000 deliveries made each day via GrabFood. The drivers have made almost $1 billion in revenue for the company.

“We’re very excited about Vietnam. We see very similar characteristics to Indonesia,” said Grab President Ming Maa. Maa joined Grab from a major investor, Japan’s SoftBank Group. Before that, he was at Goldman Sachs.

In 2018, Grab teamed up with Vietnam FinTech company Moka to introduce a digital wallet. The company also partnered with Japanese credit card outfit Credit Saison to offer loans and credit insight to small entrepreneurs in SE Asia.

From the months of January to July, Grab was the most downloaded ride-hailing app in Vietnam, according to data from a marketing firm.

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