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Ride-hailing firm Grasp to invest $500 million to Vietnam over five years

FILE PHOTO: A Suit and motorcycle helmet, will be shown during the taking of the fifth anniversary of the news conference, held in Singapore, 6 in June, 2017. (REUTERS photo/Edgar Su/File Photo

HANOI (Reuters) – Ride-hailing companies to Seize said on Wednesday the investment of $500 million in Vietnam over the next five years to expand its services in the South-east Asian country.

The company is expanding its transportation, food, and payment networks in the country, the Griffins said in a statement.

“This investment reflects our redoubled commitment to south Vietnam,” by Russell Cohen, who is the head of the Pack’s regional operations, was quoted as saying in the statement.

“With the country’s fast-growing economy and a rising middle class of the population, it is ripe for the adoption of digital services,” he said.

Reuters first reported the news of the viet nam-investment earlier in the week. Extract the President from the Ming Si, told Reuters in an interview: “we are very excited about Vietnam. We can see very similar characteristics in Indonesia”.

Last month, the Suit, revealed a plan to invest $2 billion in Indonesia, the region’s most densely populated market, in which the aim is to build a next-generation transport network, and a change in the way in which critical services such as health care services are delivered.

The decision to make additional investments in Vietnam as the tour came to market in the country is made more competitive with the participation of Indonesia’s ” Go-Thee, and Vietnam.

“The competition is in for the ride to come will be more intense,” he said in Ho Chi Minh city-based economist Bui Quang Tin. “The size of the investment to be means to Seize the offer of heavy discounts, so even if there is a risk of loss in the short term,” he added.

Reporting Khanh Vu, and Phuong Nguyen; Editing with the ipad, Himani

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