Grab first announced the amount of money poured into Vietnam after 5 years

By Olala Updated: 06 Mar, 2019
Grab said that since entering Vietnam in 2014, it has invested more than 100 million USD. However, the company did not announce revenue and profit in Vietnam.
Recently, Grab Co., Ltd has sent a letter to Prime Minister Nguyen Xuan Phucto propose an approach to car booking service via online application. In this letter, Grab revealed for the first time the total investment in Vietnam. Accordingly, the company said that since entering Vietnam in 2014, it has invested more than USD 100 million (equivalent to more than VND 2,300 billion ).
However, the company did not announce revenue and profit. Grab first announced the total investment but Grab had never publicly stated the revenue and profit earned in Vietnam.
Spread the curve to the Viet Nam after 5 male models 1
Grab proposed that the Government not consider itself a transportation business. Photo: Torque.
Many consecutive years Grab announced losses in Vietnam, or not yet profitable. Specifically in 3 years 2014-2016, Grab reported a loss of 938 billion dong . The Ministry of Finance then directed the tax authorities to conduct Grab inspections. Results of inspection, handling, collection of taxes and administrative penalties with a total amount of nearly VND 3 billion , reducing losses of VND 56.6 billion .
Meanwhile, at the trial of Vinasun's lawsuit to Grab in 2018, Vinasun's lawyer leads Grab's report on losses from 2014 - 2017 of about VND 1,700 billion .
It has long been rumored that Grab has "burned" a large amount of money in Vietnam in the race to market technology vehicles. So far the company has only publicly disclosed the total cost, and the amount of "burning" real damage has not been determined.
In the market, Grab's rival Go-Viet also did not announce the specific amount of investment in Vietnam. Go-Jek, Go-Viet's parent company, only announced plans to join four new markets in Southeast Asia with a budget of $ 500 million .
The markets that Go-Jek targets are Thailand, Vietnam, Philippines and Malaysia.
In the latest draft of the new Decree 86, the Ministry of Transport once again proposed to select an application for management application, which stipulates that all transportation business vehicles under contracts of under 9 seats apply electronic contracts as taxis. That means Grab will be considered a taxi.
The MOT considers that it will create fairer, more equal conditions for transport business and solve the proposed issues proposed by Taxi Associations.
However, regulations on new taxis (including Grab, FastGo, VATO, traditional taxis ...) have also been different before, towards simplifying procedures, creating fairness.
Accordingly, taxi businesses do not need to register paint colors with authorities; not regulated for driving uniforms; not regulated on the scale of transport business units (before the minimum regulation of 50 vehicles).
The Ministry of Transport also has a taxi plan with a light box with the word "TAXI" fixed on the roof of the car "and attaches the" TAXI CAR "badge fixed on the right side of the front glass of the vehicle. In addition, the full listing of information on vehicles continues to be maintained.