New player to join Vietnam's competitive ride-hailing market

The information was shared at a meeting between Prime Minister Pham Minh Chinh and Jevgeni Kabanov, Bolt’s global head of public policy, in Estonia on June 6.

Bolt is operating across 55 countries globally and serving 200 million customers. In Asia, Bolt began operations in Thailand in 2021 and has since created employment for more than 50,000 drivers. The startup offers a range of services, including motorcycle- and car-hailing services, scooter rentals, and delivery of food and goods.

Kabanov shared Bolt's intention to do business in Vietnam, proposing the regulatory body expedite approval for its entrance.

Prime Minister Chinh lauded Bolt's efforts to accelerate digital transformation in the transportation and delivery sector, thereby making a contribution to the sharing economy.

"This sector has high potential in Vietnam, with a population of 100 million people and rapidly growing demand amid booming e-commerce. Vietnam is striving to achieve GDP growth of above 8 per cent in 2025 and register double-digit growth from 2026-2030, which requires strong business growth," the prime minister said.

Supporting the trends of green transportation, green services, and the sharing economy, the prime minister pledged to facilitate Bolt's entrance to the Vietnamese market, as has been done for other foreign startups in transport and delivery. Hopefully, Bolt will participate in fair competition and generate jobs for people's benefit.

Besides Bolt, Hong Kong's Lalamove is also expanding into Vietnam’s ride-hailing market after eight years of operating in the country’s delivery market. The entrance of Bolt and Lalamove is expected to heat up the competition with existing players like Grab, Be, and Xanh SM, alongside a series of traditional taxi companies.

According to Statista, Vietnam is expected to see significant growth in the ride-hailing market, with a projected revenue of $1.88 billion by the end of 2025.

Vietnam’s ride-hailing market attracts global and local competition As European unicorn Bolt explores a potential entry into Vietnam’s ride-hailing sector, the market is undergoing significant shifts, with local players Be and Xanh SM steadily gaining ground against Grab.

Lalamove shifting gears to enter ride-hailing market Lalamove, the Hong Kong-based logistics platform renowned for its on-demand 24/7 delivery services, is expanding into Vietnam’s competitive ride-hailing sector. The move comes after eight years of operating in the country’s delivery market.

New names push ride-hailing offerings The ride-hailing sector is witnessing stronger competition, with players new and old offering improved services.