An economic expert has said e-wallet firms are breaking out promotions to try and win large chunks of the high potential market in Vietnam.
Traditional taxi firms attributed unfair tax obligation between them and ride-hailing firms to such a decision.
The finding that Grab’s acquisition of Uber’s Vietnam operations did not violate antitrust laws has bucked the general trend.
Vietnam’s Ministry of Transport has approved ride-hailing firm Grab to run taxi services in three more provinces.
After Grab bought up Uber’s ride-sharing business, some new businesses have appeared in the ride-hailing app market and are operating vibrantly, promising cutthroat competition in the future.
Vietnamese authorities are set to further investigate the merger between Grab and Uber last year for possible violation of antitrust regulations.
Vietnamese ride-hailing company FastGo plans to enter the U.S. and Brazil this year as it seeks to quickly expand overseas.
The Ministry of Industry and Trade (MoIT) has set up a council to scrutinise alleged violations of competition regulations in ride-hailing services firm Grab’s acquisition of Uber’s business in Vietnam.
Ride-hailing firm Grab has asserted that it did not breach Vietnam’s competition laws, contesting authorities’ definitions and interpretations.
The investigation into Grab's acquisition of Uber in Southeast Asia, including the Vietnamese market, ended on November 18, said the Department of Competition and Consumer Protection (DCCP) under the Ministry of Industry and Trade (MoIT).
Fresh problems emerging from the digital economy, such as conflicts of interests between conventional businesses and digital-based businesses—Uber and Grab are the case in point—necessitates the regulatory institution.
The new competition law will create a legal framework to better manage economic concentration, experts said.
Big moves by some players are exerting severe pressure on many e wallet service providers in Vietnam.
The Netherlands-based Uber BV Company has completed its remaining tax arrears payment of VND53 billion (US$2.26 million), immediately after the firm withdrew its petition against the Ho Chi Minh City’s Department of Tax department.
Three major taxi firms in Hanoi have recently joined forces to have their 3,000 vehicles operating under a single brand starting in October.
Go-Viet’s attractive perks for drivers are motivating many to shift from Grab, and the market leader is responding.
The ride-hailing application FastGo will debut in Ho Chi Minh City this month, giving another choice of travel and payment methods for customers of the city.
Besides big freight and forwarding companies, numerous startups with technology apps have joined the fast delivery market.
Uber’s recent exit from Vietnam has prompted many local and regional companies to eye a larger slice of the ride-hailing market in the country.
Vietnamese ride-hailing businesses are still struggling to grab market share even after the departure of Uber from Southeast Asia and complaints about the top ride-hailing app Grab.