Tag: Vietnam

  • Vietnam to end plastic scrap imports from 2025

    Vietnam to end plastic scrap imports from 2025

    Vietnam will not import plastic scrap from 2025 and will deal with the scrap consignments stuck at ports, the government has said. It has ordered the Ministry of Natural Resources and Environment to work with other government bodies to eliminate unnecessary procedures which are delaying their delivery.

    Customs data shows almost 21,600 containers of scrap remain uncleared at ports as of February 22, 44 percent of them for more than three months.

    The government instructed the environment ministry to issue environmental safety certificates to eligible containers so that their importers could use them to manufacture products. All imports of plastic scrap as feedstock would cease on December 31, 2024, it said.

    Prime Minister Nguyen Xuan Phuc ordered to scrap imports temporarily last July, saying Vietnam must not become a dumping ground for other countries’ scrap, leaving thousands of containers stuck at ports for months.

    His orders followed a surge in imports in the first six months after China banned imports of certain wastes.

    But steel, paper and plastic industries have expressed concern since they need to import metal, paper and plastic scrap as feedstock.

    Vietnam imported 9.2 million tons of scrap last year, up 14 percent from 2017, according to Vietnam Customs.

  • FPT, Grab team up to develop 4.0 tech solutions

    FPT, Grab team up to develop 4.0 tech solutions

    Vietnamese tech giant FPT and Singaporean ride-hailing firm Grab will work together on smart city solutions, AI and smart payments. The two companies signed a strategic partnership agreement to this effect Friday. Specifically, they will cooperate on piloting a traffic signal monitoring system in Ho Chi Minh City. FPT will provide the traffic light monitoring software, while Grab will provide data and traffic analysis from its ecosystem. Based on data transferred from GrabCar and GrabBike vehicles, the two sides will jointly develop a real-time traffic monitoring portal to be used in several major cities.

    Grab and FPT also plan to develop electric vehicle charging stations in Vietnam and explore multimodal transport solutions that can integrate FPT’s digital public transport schedule with Grab’s network.

    “We hope the application of 4.0 technology by the partnership will bring new experiences and conveniences to the Vietnamese people. The two sides will share data and solutions to solve traffic challenges in big cities,” said Le Hong Viet, technology director of FPT.

    Jerry Lim, Grab Vietnam director, said that with available traffic data, analysis capacity and experience of public transport in Vietnam and Southeast Asian countries, Grab will work closely with FPT to develop smart city solutions, thereby making commuting easier, more convenient and safer for Vietnamese people.

    FPT has also committed to integrate the GrabPay by Moca e-wallet platform into its e-payment ecosystem in 2019, while Grab will cooperate with its international financial partners to provide suitable financial services to Vietnamese users.

    Grab’s loyalty programme, called GrabRewards, will also be available across FPT’s network. Users will be able to accumulate points by purchasing FPT products.

    Grab and FPT will also develop AI technologies in areas such as facial recognition, authentication and real-time communication in order to increase safety and security for drivers, passengers and business partners.

    FPT is currently the first and only enterprise in Vietnam to own a comprehensive artificial intelligence platform – FPT.AI.

    This platform allows programmers to create interactive language interfaces, such as chatbots, which help with customer engagement; voice recognition used in automatic switchboards; and image recognition used for processing ID documents along with face recognition.

    FPT is the largest information technology service group in Vietnam with its core business focusing on the provision of IT-related services.

    Grab, a Singaporean transport network company, provides ride-hailing services in Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Myanmar, and Cambodia. It is Southeast Asia’s first “decacorn”, a startup with a valuation of over $10 billion.

  • GTN Foods rejects Vinamilk acquisition bid

    GTN Foods rejects Vinamilk acquisition bid

    Vinamilk’s bid to acquire a 49 percent stake in GTN Foods, which owns 51 percent of Moc Chau Milk, has been rejected. The board of GTN Foods passed a resolution turning down the public offer made by Vinamilk, Vietnam’s largest dairy company. It would have increased Vinamilk’s stake in GTNFoods from 2.32 percent to 49 percent.

    The offer was for 116.7 million shares at VND13,000 (56 cents) per share for a total value of VND1.5 trillion ($64.5 million).

    At the meeting March 23, the board was evenly split with three directors each supporting and opposing the Vinamilk bid. But the chairman Ta Van Quyen had the casting vote and he voted against the offer.

    In a report filed to the State Securities Commission, the company explained that Vinamilk is a direct competitor of Moc Chau Milk, one of its main subsidiaries.

    The acquisition and resulting 49 percent stake would have made Vinamilk a principal shareholder. GTN indirectly owns 51 percent of Moc Chau Milk through its subsidiary the Vietnam Livestock Corporation (Vilico).

    Besides, Vinamilk had only registered its public offer but had not written to GTNFoods about the plan, direction or strategy to contribute to the development of the company, it said. “They have not given us sufficient grounds to agree to the public offer.”

    Moc Chau has the biggest dairy farm in the north, and in recent years has been a major revenue earner for GTN.

    Vinamilk has a 58 percent share of the dairy market and Moc Chau, around 2.7 percent, according to international consumer statistics firm Kantar Worldpanel.

    Vietnam’s dairy industry reported revenues of more than VND100 trillion ($4.4 billion) in 2017, with Vinamilk commanding more than a 50 percent market share.

    According to a report by the EU-Vietnam Business Network, the market is expected to double in size by 2020 as the country’s population, personal incomes and dairy consumption increase.

  • Japanese firm eyes stake in ailing Vietnamese bank

    Japanese firm eyes stake in ailing Vietnamese bank

    Japan’s J Trust has expressed interest in acquiring a stake in Vietnam Construction Bank, one of three weakest state-owned banks in the country. Nobiru Adachi, senior managing director and executive officer of finance firm J Trust, told Deputy Prime Minister Vuong Dinh Hue Friday that he wanted to restructure the Vietnam Construction Bank (CB).

    J Trust will also support CB in terms of technology and financial operations, he added.

    Hue responded that J Trust’s proposal was in line with the government’s wish for local or foreign investors to buy weak banks. The government wants to sell CB to an investor to restructure it, he added.

    J Trust should discuss its proposal with the State Bank of Vietnam so that the deal could be presented to the Prime Minister for consideration, he added.

    Hue said last year that the government would allow foreign investors to fully acquire weak banks that it had bought for zero dong. These banks are CB, Oceanbank and Global Petro Commercial Jsc Bank.

    CB, formerly Trust Bank, was acquired by the government in 2015 and was given the new name. By 2017, it managed to recover over VND5.7 trillion ($245.73 million) of its bad debt.

    J Trust engages in commercial banking services, retail financial services and debt collection services throughout Asia. It has experience in assisting struggling financial institutions and has successfully restructured weak banks in South Korea and Indonesia.

    Vietnam has nine wholly-owned foreign banks, four state-owned banks and 31 joint-stock banks.

  • Two execs quit ride-hailing firm Go-Viet

    Two execs quit ride-hailing firm Go-Viet

    Go-Viet has confirmed that its general director and deputy general director have quit their positions. General director Nguyen Vu Duc and deputy general director Nguyen Bao Linh have resigned from their positions, the Vietnamese ride-sharing firm announced Friday.

    The two would continue to work as advisors for Go-Viet and its Indonesian counterpart Go-Jek from Vietnam, while the management of Go-Viet’s day-to-day work will be handled by the company’s remaining leaders, it said.

    Phung Tuan Duc, Go-Viet’s managing director, said the company would continue working closely with Duc and Linh to help develop the platform.

    According to Deal Street Asia, the news of Duc and another of Go-Viet’s senior directors resigning was already announced internally earlier this week. The news site also claimed the two had demanded large sums of money in compensation upon resigning, but the company did not comment on this.

    Nguyen Vu Duc graduated from Harvard University, the U.S., with a master’s degree in business administration and worked for nearly a decade at a major bank in Vietnam. In 2014, he helped deploy ride-hailing firm Uber’s services in Vietnam and went on to launch a fintech firm in 2015-2018.

    Duc eventually returned to the ride-sharing market as co-founder and CEO of Go-Viet, which began operations last August. At press meetings, he has said that Go-Viet was a Vietnamese startup with funding and technology support from Go-Jek.

    Duc and Linh’s resignations have come at a time when Go-Viet has been stagnating in all its services – ride-sharing, food delivery and package delivery. Since the start of this month, the company has cut its drivers’ revenue to 20 percent, prompting many drivers to consider switching to another ride-sharing service.

    Meanwhile, its main competitor Grab has been expanding its food delivery service and its cashless payment service GrabPay by Moca, which now has new features allowing users to pay electricity, water and phone bills.

    The Be Group, the latest ride-sharing market entrant in Vietnam, has announced it has recruited over 15,000 drivers in just three months and is planning to expand its presence to 22 provinces and municipalities this year.

  • Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s Q1 coffee exports down 15.3 percent on-year

    Vietnam’s coffee exports in Q1 are expected to fall 15.3 percent from a year earlier to 477,000 tonnes, government data showed Friday.

    Coffee

    Coffee exports from Vietnam will likely fall an estimated 15.3 percent in the first quarter of this year from a year earlier to 477,000 tonnes, equal to 7.95 million 60-kg bags, the General Statistics Office said in a report on Friday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will likely decline 23.8 percent to $830 million in the three-month period, the report said.

    The country’s coffee shipments in March are estimated at 160,000 tonnes valued at $278 million, it said.

    Rice

    Rice exports in the first quarter from Vietnam were forecast to fall 11.5 percent from a year earlier to 1.31 million tonnes.

    Revenue from rice exports in the period was expected to drop 23.6 percent to $567 million.

    March rice exports from Vietnam, the world’s third-largest shipper of the grain, totalled 600,000 tonnes, worth $256 million.

    Energy

    Vietnam’s first-quarter crude oil exports were seen rising 7.7 percent from the same period last year to an estimated 1.07 million tonnes.

    Crude oil export revenue in January to March is expected to fall 3.5 percent to $507 million.

    Oil product imports in the first quarter were estimated at 2.0 million tonnes, falling 42.6 percent from the same period last year, while the value of product imports fell 47.6 percent to $1.17 billion.

    Vietnam’s January to March liquefied petroleum gas imports were seen falling 7.9 percent from a year earlier to 349,000 tonnes.

  • Visa launches payments security roadmap for Vietnam

    Visa launches payments security roadmap for Vietnam

    It was one of four initiatives the company outlined in the “Future of Security” roadmap it launched. Visa said the roadmap focuses on a number of key initiatives that would enable security to evolve at the same pace as the technologies changing the way of paying.

    Dang Tuyet Dung, Visa’s country manager for Viet Nam and Laos, said: “Securing the commerce eco-system is our highest priority and one we view as a shared responsibility between payment networks, consumers, banks, and the Government.

    “Technology has enabled new innovative ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we do the innovations driving new e-commerce experiences.”

    The other three initiatives are devaluing data by removing sensitive data from the eco-system, thus making stolen account details useless; protecting data by implementing safeguards to protect personal data as well as account details and harnessing data by identifying potential fraud before it occurs and increase confidence in approving good transactions.

    The release of Visa’s roadmap comes at a time of rapid change for payments in Viet Nam with innovations such as mobile payments set to enhance the payment experience for consumers.

    According to Visa’s study titled Consumer Payment Attitude, security remains a key consideration for consumers across Southeast Asia with 67 per cent concerned about the safety of their personal information when using their mobile phones to make payments.

    Asked specifically about what their top three concerns were, consumers in Viet Nam said losing their phone or having their phone stolen, the phone getting hacked or someone intercepting data and malware or viruses being installed on the phone.

    Visa works with industry stakeholders including financial institutions, merchants, policy makers, law enforcement, and accountholders to secure payments.

    The Visa Future of Security Roadmap is a product of comprehensive consultations and collaboration, making it an authoritative document on Vietnam payments security.

    Visa is delivering roadmaps around the world to ensure the security of the global commerce eco-system and in Viet Nam also working with industry bodies to align security initiatives.

  • Singaporean firm’s taxi joint venture in Vietnam suffers losses

    Singaporean firm’s taxi joint venture in Vietnam suffers losses

    ComfortDelgro Savico Taxi, a joint venture between a Singaporean transport corporation and Vietnamese motor vehicle dealer, lost $103,000 last year. This figure is mentioned in the latest financial statement published this month by local retail, motor vehicle and parts dealer Savico, the Vietnamese joint venture partner. ComfortDelgro Savico Taxi has been in constant trouble in the last few years. After nearly ten years of operation, the joint venture had to restructure and upgrade its fleet to maintain an exploitation rate of 90 percent, which meant heavy investments.

    However, just when it was becoming profitable enough to offset cumulative losses of the previous years, the joint venture met fierce competition from ride-hailing start-ups Grab and Uber.

    Savico decided to close the taxi firm’s operations last March to preserve its capital. At closure time it had 352 cars but only 140 drivers.

    Following the joint venture’s closure, ComfortDelGro’s revenue in Vietnam fell to $3.3 million in 2018 compared to $6.8 million the previous year, down by more than half.

    ComfortDelGro’s Vietnam earnings now account for less than 1 percent of its total revenue. The firm also has business in Singapore, the U.K., Australia, China and Malaysia.

    According to financial statements, ComforDelGro’s non-current asset value in Vietnam has also fallen from $12.8 million in January 2017 to only $4.8 million in 2018.

    Although the Singaporean transport firm’s management did not give a reason for the fall, experts have not ruled out the possibility that it has already liquidated all its long-term assets in the joint venture and is waiting to complete dissolution procedures.

    ComfortDelgro Savico Taxi, formerly known as Tourism Taxi Savico Enterprise, was established in March 2005 as a joint venture between Savico (40 percent) and ComfortDelGro (60 percent) – a leading public passenger transport operator in Singapore.

    ComfortDelGro still owns a 70 percent stake in another local taxi firm called VinaTaxi, which takes up the third largest market share in the HCMC taxi market.

    However, last November, its Vietnamese partner, the Transport and Industry Development Investment Corporation (Tracodi), withdrew its 30 percent stake from the joint venture, citing poor business performance.

  • Vietnam’s fashion enters the world market

    Vietnam’s fashion enters the world market

    The aim of both My and Tri was to open shops that sell high-end made-in-Vietnam fashion products in the US.

    “What I am concerned about is whether we can approach a new market after the event. I attended fashion week not just to polish the brand name, which can help boost sales in Vietnam,” My said.

    He has been working with leading music stars to popularize his design brand. In 2017, Rhihana chose a design of Tri in his Em Hoa Collection introduced at Tokyo Fashion Week for a shoot to advertise a shoe brand. Meanwhile, Katy Perry ordered Tri three outfits for her world tour Witness.

    Phuong My, a graduate of the Academy of Art University in California, has appeared in prestigious catwalks and fashion journals. She has stated that her designs target the one percent of ultra-wealthy people.

    My’s products are available in 30 shops in 20 countries, mostly in the Middle East and Asia. Lydia Hearst appeared on Genlux’s cover with My’s design in 2014. Elizabeth DiPrinzio chose My as her designer and Coco Rocha chose My’s products for her working days in Vietnam in March 2017.

    Another Vietnamese designer, Tom Trandt, has gained big success despite his young age.

    Graduating from Parsons The New School for Design and spending five years in New York, he is one of very few young designers who want to ‘tell their own stories’.

    In 2016, Moi-Dien, a clothing brand created by Tom Trandt, debuted and immediately caught attention. Each product sells at VND600,000-2 million.

    Trandt is the only Vietnamese representative out of 16 designers  chosen for the International Fashion Showcase 2019 (IFS) in London.

    Hai Minh, who lived and worked in France, has returned to Vietnam to build the Leinne brand, specializing in bags and hat accessories, with a family-run workshop which has been operating for 20 years. Minh is making hectic preparations to participate in Paris Fashion Week later this year.

    Meanwhile, foreign designers can see bright future for Vietnam’s fashion. Luis Antonio Torres, one of the top luxury designers in Vietnam, said in an interview to the local press that the country could become Southeast Asia’s biggest fashion hub.

  • Unitel introduces eSIMs to Laos market

    Unitel introduces eSIMs to Laos market

    Vietnamese military-owned operator Viettel has announced that its subsidiary in Laos Unitel has become the first mobile operator in the market to launch eSIM technology.

    The Unitel eSIM service was introduced at the beginning of March, and Unitel is aiming to encourage at least 10,000 customers to exchange their physical SIMs for eSIMs by the end of 2020.

    With the launch, Laos became the seventh of the 10 ASEAN member states to introduce eSIM technology.

    It is also the fourth market in Southeast Asia that Viettel has introduced eSIMs to. The company and its subsidiaries were the first mobile operators to offer the technology in Myanmar, Vietnam and Cambodia.

    Meanwhile another Viettel mobile brand in Laos, Metfone, has become the first operator in the market to launch mobile credit top ups using QR code scanning rather than scratch cards.

    Viettel deputy general director Tao Duc Thang said the introduction of eSIM technology marks the beginning stages of Viettel’s goal of digitally transforming the global telecommunications landscape, and becoming a pioneer in IoT technologies.

    “Viettel has well-prepared platforms and infrastructure and has made digital transformations in its fields such as telecommunications and information technology,” he said.

    “This includes application of the latest technologies in the world for a more convenient life.”

  • Vietnamese Coffee farmers can reduce carbon emissions by diversifyingproduction

    Vietnamese Coffee farmers can reduce carbon emissions by diversifyingproduction

    Coffee farmers in Vietnam, the second biggest producer of coffee in the world, can reduce their carbon (CO2) footprint by growing different plant species alongside coffee. These are the findings of a new report titled Source or sink? The carbon footprint of Vietnam robusta coffee from the Initiative for Sustainable Landscapes (ISLA) program by IDH, The Sustainable Trade Initiative, compiled by Agri-Logic, and based on the work of coffee traders JDE Coffee, Lavazza, Olam and Acom.

    Together with improved fertilizer and water use, this diversification could significantly reduce the impact of coffee production on climate change. Farmers can also broaden the range of income sources available to them, increasing their climate resilience.

    The findings come amidst reports that severe droughts in Vietnam could considerably reduce this year’s coffee output.

    Daan Wensing, Director of Global Landscapes at IDH, said:

    “Climate change is a threat that requires urgently rethinking the farming systems in which coffee is produced. This research brings hope that communities and coffee farmers can become more climate-resilient, and our coffee more sustainable. Together with more efficient fertilizer and water use, diversification can be at the forefront of efforts to make coffee production carbon positive.”

    Coffee production has a huge economic benefit for the Central Highlands region of Vietnam, where 95% of its coffee is produced. At the same time, it is a source of carbon emissions through significant use of fertilizer, water and energy.

    The report found that monocrop coffee farms are net sources of carbon, releasing 0.37 metric tons of CO2 from the atmosphere per year per metric ton of coffee produced.

    Conversely, diversified coffee farms are carbon sinks, removing 0.16 metric tons of CO2 from the atmosphere per year per metric ton of coffee produced. Growing pepper, durian, avocado and other crops alongside coffee creates more biomass, sequestering more CO2 than is generated through production.

    Of the small number of monocrop farms that did sequester CO2, more efficient use of fertilizer (the leading driver of carbon emissions in coffee farming) was found to be the reason.

    The research spanned two years and analysed the carbon footprint of robusta coffee production on 300 farms in the Central Highlands provinces of Lam Dong and Dak Lak.

    Through the Initiative Sustainable Landscapes (ISLA) in Vietnam, IDH works with local and national governments, private companies and smallholder farmers to support coffee producers in the Central Highlands in reducing their carbon footprint, maximize water and fertilizer use and to adapt to climate change. Daan Wensing concluded:

    “Diversification is a growing concept in Vietnam. As more farmers adopt this and other agroforestry methods, the number of farms that serve as carbon sinks will grow, becoming crucial drivers of both climate mitigation and resilience.”

  • Gido launches cross-border express delivery services

    Gido launches cross-border express delivery services

    Gido has launched an express cross-border delivery service from China to Vietnam, promising three working day turnaround.

    All parcels shipped by Gido are offered at the price US$1.95, including customs clearance.

    Customers can submit information about the parcels and recipients via an Excel file or integrate their API with Gido system.

    Parcels will be delivered from Gido’s hub in Shenzhen to end recipients in Hanoi and Ho Chi Minh City within three days, and a maximum of five days for other provinces.

    As a branch of Vietnamese e-commerce delivery service GHN, Gido has a modern IT system connecting multiple delivery partners in different countries along cross-border routes on a single platform to increase handling capacity, reduce transit time, tracking transparently in order to scale things up with the lowest cost.

    “We are inspired by asset-light business model of Cainiao, 4PX, Janio to connect multiple delivery partners along cross-border routes on one single platform,” said Hai Vo, Gido CEO.

    “This enables us to combine partners’ operation capacity with our own infrastructure more than 1000 stations, 30,000 drivers nationwide to provide a comprehensive cross-border e-commerce delivery solution with minimal setup time and cost in comparison to other asset-heavy companies.”

    Gido’s consolidation center boasts a capacity of more than 100,000 parcels per month.

  • 5G crucial to Vietnam’s development

    5G crucial to Vietnam’s development

    Vietnam’s deputy prime minister Vu Duc Dam has thrown his support behind the adoption of 5G in the nation, stating that 5G will be crucial to Vietnam’s development.

    During the recent ASEAN Conference on 5G, the deputy prime minister acknowledged that the government will need to proactively support businesses to ensure they are more confident in investing in 5G, the official newsletter of the Communist Party of Vietnam.

    During the conference, Dam said the technology will not only provide major speeds improvements but involve changes in global production methods. He suggested that participants use the Vietnam-organized conference to discuss the pathway to 5G development in the ASEAN region.

    Vietnam aims to become one of the world’s early adopters of 5G. Several Vietnamese operators have been allocated licenses to trial the technology in Hanoi and Ho Chi Minh City ahead of a commercial launch.

    Also at the event, Vietnam’s ICT minister Nguyen Manh Hung also stated that 5G will be the most vital part of the infrastructure required for the future digital economy.

  • 200 Mr Bean stores Set To Open for Vietnam

    200 Mr Bean stores Set To Open for Vietnam

    Soy-milk retailer Mr Bean has entered into a franchise agreement with EGroup to launch 200 stores in Vietnam.

    Mr Bean VN

    The stores will be rolled out gradually over the next decade, following the first five locations in Hanoi and Ho Chi Minh City, which opened yesterday.

    Mr Bean VN 1

    “Markets overseas are bigger than Singapore and chuan zong jie dai (carrying on the family line) has always been my dream,” said founder and CEO Loh Jwee Poh.

    Mr Bean VN 2

    “What sets [Mr Bean] apart is the fact that [Loh] works with contract farmers in North America to ensure a consistent supply of non-genetically modified soybeans used for their products,” said EGroup’s president and founder Nguyen Ngoc Thuy.

    Poh has taken the brand to several overseas locations. Only Japan, South Korea and Singapore have met with success. He launched Mr Bean as a hawker stall in Singapore’s Chinatown in 1995.

  • Vietnam ride-hailing app FastGo to hit Singapore streets

    Vietnam ride-hailing app FastGo to hit Singapore streets

    Vietnamese ride-hailing firm FastGo is set to launch Singapore operations in April as part of its regional expansion plans. The nine-month old Vietnamese start-up has announced that drivers will be able to register on its ride hailing application from April 1, and customers can use the service from April 30. Diep Nguyen, country manager for FastGo Singapore, said the company’s fleet size will be at least 3,000 cars.

    Singapore is the third country in which FastGo will operate, after Vietnam and Myanmar. The firm is expected to face fierce competition from market incumbents including  Singapore’s Grab, Indonesia’s Go-Jek, as well as local startups Ryde and TADA.

    FastGo, which is part of Vietnamese technology startup NextTech Group, has plans to launch in five other countries in the region, including Indonesia and the Philippines, by the end of 2019.

    While FastGo has not yet publicised fares, but the ride-hailing app will not charge peak period surcharges, and customers can tip drivers. FastGo aims to undercut competitors like Grab and Go-Jek, who collect 20 percent of ride fares from drivers, by charging them a fixed daily subscription fee of $5 if a driver’s income exceeds $30 a day.

    However, an associate professor at the Singapore University of Social Sciences, as saying “another small entrant” will not make a difference to the local ride-hailing market, unless the new player is financially backed by a strong sponsor or a well-known Singaporean firm.

    “Other than GoJek and Grab, the other (existing) players have very small market share and have difficulty making much impact locally. The market is easy to enter but it’s very hard to get a substantial market share,” he said.

    Founded in April 2018, FastGo Vietnam JSC launched its service after Uber’s exit from Southeast Asia last June. With almost 60,000 drivers onboard, the company claims to be the second most popular ride-hailing firm in Vietnam, following Grab. After receiving an undisclosed sum in a Series A investment from venture capital platform VinaCapital Ventures in August last year, FastGo is aiming to raise another $50 million in its Series B investment round over the next few months.

    According to the company’s statements, FastGo will diversify its services to include food delivery and financial services.