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Ride-hailing giant Grab to invest $500 million in Vietnam over next 5 years

Key Points
  • Southeast Asian ride-hailing giant Grab said Wednesday it will invest $500 million in Vietnam over the next five years to expand its services in the country.
Anthony Tan, group chief executive officer and co-founder of Grab Holdings., speaks during the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019.
Akio Kon | Bloomberg | Getty Images

Ride-hailing firm Grab announced on Wednesday it will invest $500 million in Vietnam over the next five years to expand its services in the Southeast Asian country.

The company will expand its transport, food and payments networks in the country, Grab said in a statement.

"This investment is a reflection of our redoubled commitment to Vietnam," said Russell Cohen, Head of Regional Operations of Grab.

"The country's rapidly developing economy and emerging middle class population makes it ripe for the adoption of digital services," he said.