Uber rival Bolt to make foray into Vietnam's ride-hailing market

January 08, 2025 | 15:38

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Estonian ride-hailing and food delivery startup Bolt is hiring management staff and drivers in Ho Chi Minh City as part of its effort to penetrate the Vietnamese market, with the company's app and website now offering Vietnamese as a language option.

Uber rival Bolt to foray into Vietnam's ride-hailing market

Users can download Bolt on the App Store and Google Play, but are as yet unable to register for the service.

These moves indicate Bolt's upcoming expansion into the Vietnamese market is imminent, making Vietnam the third Southeast Asian country where the startup operates after Thailand and Malaysia.

Bolt, launched in 2013 and headquartered in Tallinn, Estonia, has grown rapidly and now operates in over 600 cities across 50 countries. After more than 10 years of development, Bolt is one of the fastest-growing tech companies in Europe and Africa.

In Southeast Asia, Bolt began operation in Thailand in 2020 with main operations in Bangkok, Phuket, and Chiang Mai. Bolt plans to invest $11.5 million this year to fund its expansion plans.

Bolt entered the Malaysian market last year, with a presence in the fast-growing Klang Valley and Kuala Lumpur regions.

According toReuters, Bolt reported over $2.1 billion in annual revenue in 2024 while growing its global presence in preparation to go public. It is the No.1 operator of its kind in more than 20 countries, having widened its offering to ride-hailing, scooter and e-bike rental, food and grocery delivery, and car sharing.

Competition is fierce in Vietnam's ride-hailing market as several players have already withdrawn from the race, like Gojek, Baemin, and Uber.

According to market research firm Statista, Vietnam is expected to see significant growth in revenue in the ride-hailing market, with a projected revenue of $1.88 billion in 2025. This is expected to grow at a compound annual growth rate of 6.95 per cent between now and 2029, resulting in a projected market volume of $2.46 billion by 2029.

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