Grab recently released its Annual Report 2024, revealing its revenue in the Vietnamese market for the first time, recording impressive growth momentum for 3 consecutive years.

Accordingly, Grab’s revenue in Vietnam increased from $108 million in 2022 to $185 million in 2023, and then to $228 million in 2024. Thus, Grab’s 2023 revenue in Vietnam increased by more than 70 per cent as compared to 2022, and 2024 by nearly 23 per cent against 2023. This is a significant growth rate in the context of increasingly fierce competition in the ride-hailing and technology delivery market.

Grab’s revenue in Vietnam currently contributes more than 8 per cent of its total regional revenue, only above its small markets such as Cambodia or Myanmar, but lower than its larger markets, such as Malaysia ($816 million), Indonesia ($643 million), Singapore ($578 million), the Philippines ($265 million) and Thailand ($252 million). However, Grab always identifies Vietnam as one of the key markets in Southeast Asia. Accordingly, development strategies here will always be associated with the Group's general operating philosophy.

As one of the leading businesses in the field of ride-hailing and delivery in Southeast Asia, Grab’s philosophy in building technology solutions is to think from the perspective of solving user problems. In particular, developing AI technology is applied in most activities to support users and partners in markets, including Vietnam.

In April, Grab officially introduced a series of new AI-powered solutions at the GrabX product showcase held in Singapore. Several features are already been available in Vietnam or are expected to launch in the near future. At the event, Mr. Anthony Tan, Group CEO and Co-founder of Grab, affirmed that GrabX demonstrates the company’s commitment to harnessing the latest technologies to build solutions that address real problems and serve real needs, for everyday people. “We apply the philosophy of “AI-First with Heart” – that puts AI at the core of how we work and what we build, without ever losing sight of who we’re building for,” said Mr. Tan.

Grab has integrated AI into its products and services since 2018. Currently, the company operates more than 1,000 AI models, applied across most of its functions to support users and partners. However, according to Mr. Suthen Thomas, Grab’s CTO, each Southeast Asian country is vastly different - not only in terms of language and culture but also in regulations and socio-economic contexts. Therefore, Grab consistently focuses on developing localized solutions tailored to each country and even specific localities.

Three years after entering the Vietnamese market in 2017, Grab established a Research and Development (R&D) center in Ho Chi Minh City to gain deeper market insights and drive growth opportunities. This center serves as a hub where Vietnamese engineers collaborate with colleagues from Grab’s other global R&D centers to develop technology solutions aligned with local market needs.

In Vietnam, where two-wheel vehicles dominate, Grab’s mobility services must optimize for road routing, traffic signals, and signage specifically for motorbikes rather than solely for cars.

For driver-partners, Grab has integrated AI ride-guidance. For merchant-partners, most businesses on the Grab platform are small businesses. For users, AI is also integrated across Grab’s offerings to enhance ride safety. 

“In every market, we start by identifying the challenges users face - what they need to solve, where they need help - and then apply technology to address those needs,” said Mr. Thomas. “Grab’s new products and technology solutions are all guided by the philosophy of “AI First with Heart” - our commitment to solving real-world problems for the community, with AI placed at the center of how we work and build products across all markets in which Grab operates, including Vietnam.”

Vietnam is recognized as one of the fastest-growing countries in Southeast Asia. Particularly, under its National Digital Transformation Program to 2025 with a vision to 2030, the digital economy is targeted to contribute 30 per cent of GDP, with each sector expected to achieve a minimum 20 per cent share from digital contributions.

In 2024, the government implemented several key strategies, notably the issuance of Decision No. 1437/QD-TTg on November 20, 2024, by the Prime Minister, approving the National Action Plan for Digital Economy Development for the 2024–2025 period. The plan sets a goal for the digital economy to contribute 20.5 per cent to GDP by 2025. Revenue from the platform-based digital economy is projected to reach $52 billion, a 30 per cent increase compared to the estimated $40 billion in 2024.

According to experts, both the overall digital economy and the platform economy in particular will continue to play a key role in achieving the 8 per cent or more GDP growth target in 2025, with the potential to maintain double-digit growth in the following years.

Among major of Platform-based business model in the Vietnamese market, these are favorable conditions for Grab to continuously expand its portfolio of digital services, creating more value for both partners and users.

Mr. Thomas noted that Vietnam has a distinct advantage in its technology talent pool. This reflects the soundness and effectiveness of the government’s investments in education. This is also why Grab has made a long-term commitment to expanding its technological capabilities in Vietnam - focusing on training and upskilling engineers to help build a high-quality workforce for the future and contribute to the overall growth of the country’s tech ecosystem.

In early May, Grab announced leadership appointments in Vietnam. Mr. Ma Tuan Trong, presently the Country Commercial Head in Vietnam, will assume the role of Managing Director of Grab Vietnam, effective from July 1, 2025. With his expertise in launching new business ventures and driving sustainable growth, Trong is regarded as a suitable leader to further expand Grab’s operations in Vietnam. His leadership is expected to foster greater economic empowerment for locals and support the government’s key national priorities.